Advice on your financial life is critical to the goals you set out. Advisors, financial planners and general insurance specialists are there to help you make important decisions that can have a critical impact on your future. Unfortunately, in this industry, it is common for people in these positions to steer your decisions in a direction that benefits them. These benefits come in the way of products in exchange for the decisions they guide you into making. Naturally such transactions are not in the best interests of the client and can often result in conflict.
When visiting a doctor, you wouldn’t expect them to receive a commission from the pharmaceutical company. Surely, you would be horrified if they did. However, that is exactly what happens at many financial advice firms. The financial services industry is built on many conflicts like this. For you, this means you may just be getting advice that is not in your best interests.
Many clients have been convinced that this is normal and that it doesn’t cost them any more. The reality is that insurance products have higher premiums to cover the commission; loan products have inbuilt fees and extra interest to cover the payments to the broker and your superannuation fund has higher fees to pay.
If you’d like to chat about your specific circumstances, please contact us, or give the team a call on 07 4078 0900.
ClearWay Advice and Financial Management is a Corporate Authorised Representative Representative No.473095 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No.466137.