Adviser (commission) payments Financial planners be paid Financial planners can no from investment and a commission by product longer be paid a commission by superannuation products. providers which meant that product providers. their advice to you could have been biased. Client Financial planners are not Financial planners are by (Best Interest) by law to act in your best law to offer advice in your best interests. interests. You have additional grounds to lodge a complaint if you believe that this is not happening. Ongoing service Your financial planner did not Your financial planner must have to tell you the fees you send you an annual fee pay on an ongoing basis. statement every year. You may be asked if you want to continue your relationship with your financial planner every two years. If you say no or don’t reply, your access to that financial planner will stop. Not all financial planners are the same Genuine professionals go above and beyond the law. Financial planners have a professional obligation to look after clients in the following ways: Explain any limitations in the advice they can give, either in product types (eg insurance or investments) or in product providers (eg products from a limited range of companies) Not to misrepresent their skills, competency, experience, expertise, capacity or benefits they might receive Clearly explain their professional services and document the professional relationship agreed on by a client (including the specific services they will provide)
Adviser (commission) payments from investment and superannuation products. Financial planners be paid a commission by product providers which meant that their advice to you could have been biased. Financial planners can no longer be paid a commission by product providers. Client (Best Interest) Financial planners are not by law to act in your best interests. Financial planners are by law to offer advice in your best interests. You have additional grounds to lodge a complaint if you believe that this is not happening. Ongoing service Your financial planner did not have to tell you the fees you pay on an ongoing basis. Your financial planner must send you an annual fee statement every year. You may be asked if you want to continue your relationship with your financial planner every two years. If you say no or don’t reply, your access to that financial planner will stop. Not all financial planners are the same Genuine professionals go above and beyond the law. Financial planners have a professional obligation to look after clients in the following ways: Explain any limitations in the advice they can give, either in product types (eg insurance or investments) or in product providers (eg products from a limited range of companies) Not to misrepresent their skills, competency, experience, expertise, capacity or benefits they might receive Clearly explain their professional services and document the professional relationship agreed on by a client (including the specific services they will provide)