Editor's Choice

Tuesday, 31 Jul 2018
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Should You Be Running A Self Managed Super Fund

There are two basic requirements of a licensed adviser giving personal financial advice. The first is to have a reasonable basis for your recommendation and the second is to ensure your advice is suited to the client’s personal financial circumstances.

In a post Financial Services Reform Act environment this responsibility became a colossal pain in the butt for both advisers and clients. Everyone’s personal financial circumstances have to be assessed and documented and every bit of personal advice noted and often repeated in a formal ‘Statement of Advice’ (average length 8 pages) that is then sent to the client, and more often than not he then rings up about, a little confused, asking why you’ve sent him something that tells him what he’s already

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