What’s wrong with the Future of Financial Advice (FoFA) reforms is that they have been hijacked. That’s right FoFA has been hijacked! I feel like a load has been lifted just saying those words. The reforms have turned into a battle that is being waged by the industry superannuation funds and banks, driven by ideology, vested interests and a desire for a greater share of the superannuation pie. They are not alone in this now very public “debate” as a range of respected commentators and journalists have sided with one of the two sides.
A fellow advice professional I met recently said he avoids the term ‘budget’ when meeting with clients as they see it as a dirty word. He went on to explain that if clients think that you are going to make them do a budget, they will think that their lifestyle will suffer … they won’t be able to buy the kids the Christmas presents they want, have their annual family holiday and baked beans will be a regular at meal time.
We are excited to announce that Evalesco Financial Services has been named the Professional Investment Services (PIS) Financial Planning Practice of the Year. The Practice of the Year award allows businesses to be recognised for their team work and commitment to delivering quality advice.
I’m always talking about what a great job I have and how much I love what I do. I’m a lucky man. Last month my wife, Leah, nominated me to put my money where my mouth is by explaining to our son’s kindergarten class what a Financial Planner does and why it’s such a great job. The class has been learning about things they can be when they grow up, and previous presentations came from an Architect, a Doctor, a Chef, and a woodwork teacher. Some tough acts to follow when it comes to the subject of financial planning for six year olds!
Following on from my recent post about “the fog of the sharemarket” I took some time out to consider some of the lessons from that short but fateful walk along George Street or soon to be called George Street Index.
Like much of Sydney this morning, my commute was interrupted by the beautiful fog that descended on our city, and it’s allowed me to coin the phrase “the fog of the sharemarket.” This phrase came to me this morning whilst walking to work from the Queen Victoria Building, as the fog was all around me but all I could see was the sharemarket!
That’s right, banking on procrastination is good business, at least for the banks!
Here’s some thoughts courtesy of our good friend and mortgage broking guru Wayne Dive, from Smartline Personal Mortgage Advisers.
The RBA Governor confirmed last week that our banks are now able to raise funds at far “more favourable” rates. These savings should see our banks passing on interest rate cuts in the near future.