Comments for riskinfo » News

Comment on Financial Advisers Still Poorly Perceived by BillB

BillB — Wed, 16 May 2012 05:12:39 +0000

Yep-mud sticks if thrown often enough, courtesy of the ISN & the Govt.

However, the fact that the big banks/insurers have in house “advisers” who only recommend one brand is also a factor.

The public are not dills-they know an upsell ( ” lets have insurance with your loan, Mr Smith, or we will find a way NOT to approve your loan” )when they see one, having been
” educated ” by the fast-food industry. It also helps when the relevant regulator refuses to act on adviser complaints re third line forcing, and the client can’t be bothered

As a result the public view all bank advisers as just product floggers who they never see again after the sale, or at claim time, and that attitude un-fortuneatly flows on to IFA advisers running their own businesses, particularly when we recommend an insurance product with a bank badge.

( Can’t help but notice that most advisers banned recently were “employed ” by bank owned licencees )

If the banks were not such distribution control freaks they would realise it would be easier and cheaper to enter into referrer arrangements common in the USA, where bankassurance is not as strong.

Comment on Financial Advisers Still Poorly Perceived by MARK LONGHURST

MARK LONGHURST — Wed, 16 May 2012 04:39:37 +0000

part of the issue is the lack of gov support from the top, they only support the banks and the union super funds, we should be lobbying gov every day to get better representation , who else is going to train the public in financial management, not the gov or the super funds or the egt rich at all costs banks

Comment on Financial Advisers Still Poorly Perceived by Mark

Mark — Wed, 16 May 2012 04:22:42 +0000

Who is Roy Morgan??
Probably a union official in disguise.
agree with Dave though that strategy is the advice people require not product, tell the industry fund movement that please
cheerio

Comment on Financial Advisers Still Poorly Perceived by JW

JW — Wed, 16 May 2012 04:07:06 +0000

Doesn’t help when industry funds get away scott free in openly bagging financial advisers then forget to mention that they get paid as well.
What manipulators they are!

Comment on Financial Advisers Still Poorly Perceived by Dave

Dave — Wed, 16 May 2012 04:04:39 +0000

At least we are better than used car sales people,
perhaps the profession needs to be a bit more harsh on those that drag us backwards, afterall there is a strong move from within to improve the image. Better still- educate planners more in strategy rather than being product floggers — no apologies here- it the statement hurts then it applies to you.

Comment on AFSL Fees to Skyrocket by patrick

patrick — Thu, 10 May 2012 02:59:49 +0000

Everyones costs will rocket,there are no winners at all in this,the Industry is already way to over regulated as it is,they just keep fiddling like a nervious school kid about to face the headmaster,the bulk of FOFA is nothing but total overkill and crap,maybe i am new to change,I only came into this Industry in August 1977.

Cheers all and good Luck!

Comment on Selling Skills Fundamental to Adviser Success by Mike Dunn

Mike Dunn — Thu, 03 May 2012 13:43:32 +0000

Selling is a psychological process; it is the transfer of emotions. It requires the adviser to become effective at building relationships. It means connecting with the prospect or client on an emotional level. Relationships are the result of broad, complex strategies filled with specific skills and knowledge.

We are all really selling trust, reassurance and the vision of what someone gets when they buy. But at the end of the day, if the prospect doesn’t have confidence in both You and themselves, they won’t buy, won’t believe or do anything.

Nothing comes about without a whole lot of selling involved. No hospital, no school, no museum or theatre funded, no orphan fed or clothed, no dog rescued, nothing.

Nothing you see or touch, nothing you own or benefit from, nothing standing in your community comes about without money - that came about by sales and marketing people just like you and me - selling. That’s where all the funding comes from!

In addition, pretty much everything exists because somebody sold others on the idea, the plan and either investing in it or donating to it. We who sell are it. Without us, everybody else’ll quietly be sitting on the ground, naked, shivering.

Confusion sets in when you’re not sure if your product or service is bought or sold, or worse, if you are a salesperson just waiting for people to buy.

My odd idea: knowledge should precede opinion.

The above comments support the ‘Yes’ case.

Comment on Selling Skills Fundamental to Adviser Success by Paul Herring

Paul Herring — Thu, 03 May 2012 07:18:57 +0000

I’m surprised at Len Whittaker’s comments. Len has been in his role with M3 for many years and still says what he does here.

It’s like this in nearly all cases: ‘people don’t buy life-risk insurance, they have to be sold’ - Anonymous. Yes, people realise they need it, but don’t rush out and buy insurance.

If that’s true, and I believe it to be, then how it is that people carry life-risk insurance? They didn’t go out and buy it themselves, someone must’ve sold it to them - with their consent though.

Michael Harrison’s remarks are closer to the mark than Leonard’s here.

Comment on ASIC Reveals Code of Conduct Process by Joe Bloggs

Joe Bloggs — Wed, 02 May 2012 04:32:25 +0000

I think it’s about time that regulators leave the financial planning industry alone…let us get on with helping Australian families. Too much regulation will cause good quality financial planners to leave the industry. Who then pays for that? Clients.

Comment on ‘Robo-Planners’ Will Provide Advice in Future - Actuaries by Tony R

Tony R — Wed, 02 May 2012 04:29:46 +0000

Hold on a minute. If these acturies are right, humans are rational thinkers and have always been able to make smart choices as far as their finances are concerned. Boy oh boy, i must be the only planner that comes across people who prefer to consume now and put their head in the sand. Individuals already know that if the spend their money on something today, then it will impact thyeir retirement. They would just rather not be told.