I have two close friends that are in the financial advise business and their comment is that, since the royal commission, the Govt, in having to be seen to be doing something has put so much red tape in the way of advise, my friends, to keep their head above water, have had to increase their fees substantially. What this has done, it to put advise out of the reach of a lot of people, the very people the Govt was trying to protect with the legislation. Also, as the article indicated, the number of advisors is now less, which has decreased competition to keep fees low. IMO, there will be no t/o of IFL until the structural changes in the industry have occurred and the Govt removes some of the impediments (read red tape and box ticking) from the industry so that they can do their job and actually help people with navigating the labyrinth legislation that the Govt has already passed that makes getting financial advise so important.
HT1
IFL Price at posting:
$3.60 Sentiment: Hold Disclosure: Held
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