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Financial advice game changer

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14 October 2014 by Paul Ryan, Kudos2

Article link: http://www.kudos2.biz/2014/october/financial-advice-game-changer/

The storm surrounding Financial Planners and the legitimacy of their advice has received significant publicity and attention of late. 

As we all look to secure our financial future we rely heavily on financial planners to provide quality advice and results. Put simply, if we are going to invest, we want every opportunity to experience a positive outcome. 

The recent drama surrounding the Commonwealth Bank Financial Planning has highlighted the dangers and reopened many wounds for investors who have lost significant amounts of money due to poor advice. 

An area of real concern is not just the quality of the advice but the qualifications of the financial planner giving the advice. 

For many, given the complex nature of investment opportunities the barrier of entry for a financial adviser seems far too easy. 

It begs the questions of how do we find the right financial adviser? 

How can we find out their qualifications, their levels of experience and how their investments tend to perform? All great questions and we all should feel comfortable in putting them to any financial adviser who is seeking to win our business. 

The problem with the question is generally the answer. 

Financial Advisers are still sales people and very rarely will offer up any information that could be perceived as a negative. 

Don’t get me wrong there are some great financial advisers working closely with their clients and achieving positive results. Unfortunately, like any industry, there are some who are not so competent. 

There is news today of what has been described as a Game Changer with the launch of www.adviserratings.com.au 

From their website , Adviser Ratings is Australia’s first transparent and independent service to help consumers find, rate and review qualified financial advisers. 

They have 16,000 advisers listed on the website so that we can find, rate and watch an adviser. The FAQS on the site could make for interesting reading for investors and financial advisers. 

It sounds like a game changer and kudos2 to Adviser Ratings for being an advocate for consumers and challenging the financial planning industry.

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