Paul Benson

speaker

378 appearances 1 recordings 1 series first heard Mar 2021 last heard Mar 2021

Paul Benson’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

Australian Finance Podcast · When & where to get financial advice (key questions to ask) · 15 Mar 2021 podcast

Really, what as the consumer you're after is sort of unbiased.

I guess that's really what you're trying to, when you say independent, that's really what you mean, isn't it?

You know, that, hey, I don't want to go into an advisor with a big bank or an institution or something, and then all they're going to tell me about is their particular products.

Now, and that's a valid concern.

And so when you're talking to somebody, they'll be licensed and you want to just have a bit of a look at, well, who's the license that they operate under?

So, and just reflect on whether you're comfortable with that.

Now, it's worth saying that financial advisors legally, their sort of number one legal obligation is that they have to act in the best interest of the client, right?

That's the test.

If as an advisor you ever find yourself in court, that's what you've got to satisfy.

That's what you've got to prove, that I acted in the best interest of the client.

So that being the case, it shouldn't really matter.

Even if you were a licensed advisor with AMP or somebody, you've got to act in the best interest of the client.

And so if the AMP product isn't the best solution for the client, then your legal obligation is to recommend what is the best solution.

So therefore, from the consumer perspective, it shouldn't matter.

It's still not perfect, right?

So I would suggest probably don't – if you try and hunt for financial planners that specifically use the word independent on their website, unless they're sort of doing it when they shouldn't, you're not going to find many because the way that the legislation has defined it is to –

Doesn't work, right?

So you need to dig a little bit deeper.

So you'll find it on their website but particularly if you look for their financial services guide, it's often abbreviated to FSG.

Pretty much every financial planning website will have a link to their financial services guide and that will make it clear who the licensee is and then you have a look at who the licensee is and just check, well, does that seem like they're an unbiased sort of group or is that licensee a product manufacturer and therefore maybe I'm uncomfortable with that, right?

Showing 301–320 of 378 · page 16 of 19