Yesterday the Australian regulator ASIC advised they have taken action to close down some fake financial advice websites as well as closing the companies behind them. Fakers tend to try to make themselves look as legitimate as possible so as to trick the unsuspecting user. For example one of the websites ASIC closed down quoted … Continue reading Beware of fake financial advice websites
Two days before Christmas the Australian Securities and Investments Commission (ASIC) released an interesting report into the financial advice industry titled "Access to financial advice in Australia". There are many interesting insights in the report - the one I will highlight today is the cost of delivering financial advice. In conducting the research ASIC "surveyed … Continue reading What price for financial advice?
"About 19 per cent of investors say their preferred model for paying an adviser is performance-based fee,” according to Mark Johnston, principal of research firm Investment Trends. (Reported here today). Performance based fees will not work for most types of financial advice. Performance based fees for finance advice may only be appropriate when: The advice … Continue reading Why performance based fees for advice won’t work