Financial advisers finally told to get smart
Malcolm Maiden SMH Columnist
The standard of financial advice should increase industry wide. It has taken far too long, but the Australian financial planning industry may have crossed a Rubicon this week with AMP, NAB, Westpac and Macquarie indicating that they are moving to impose much tougher education standards on financial advisers. My colleague Adele Ferguson has done more than anyone to uncover conflicts, incompetence and dishonest behaviour in the planning industry, and as she noted on Thursday, raising educational standards for planners is only part of the long-term fix.
There are still important unanswered questions about how to ensure that people who need advice get it at a price they will pay.
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