24 April 18

Banking Royal Commission & Reassurance About Investments

I know we have been sending a lot of material lately but I wanted to say something about the Banking Royal Commission and some of the terrible stories of actions by the banks and some of their planners.  I also want to reassure you that we are in no way connected to any of the banks and also that if you rmoney is in a bank investment product it is not at risk.  I also have an offer for and friends or family who have dealt with a bank planner and are worried about the advice or costs.
The link to the video on this is just below.  I have also attached a document with the text of the video if you would rather read than watch me on video!
This is the text version for those who want to read it instead.
Banking & Finance Royal Commission
I know we’ve been bombarding you a little bit lately with material but I particularly wanted
to say just a few words about the royal commission into the banks and financial services that
has been gaining so much coverage on the news over the last few days. Like most of you I
am horrified at some of the information that is coming out in relation to the behaviour of
both the banks and also the financial advisers associated with the banks.
Unfortunately I wish I could say I was surprised. As I have said to many of you over the years if you go to a
bank planner then you’re going to end up with products from that bank. And today’s paper
shows examples of that where people who went to an AMP planner almost in invariably
ended up in AMP products even if it was not in the client’s best interests and in a couple of
the cases mentioned there was substantial disadvantage to the client.
In case any of you are concerned I wanted to be clear that our business is in no way
connected with any of the major banks. Our back office or our licensee which we need to
operate is provided by Australian Unity. Australian Unity is a mutual organisation and for
those of you old enough to remember it came from a merging of Manchester Unity and the
Australian Natives Association. So we are not connected to the banks we are not required to
use bank products there are no secret commissions or sales targets. Our advice is always
based on what is best for you. As a result we have clients in a whole range of different
products depending upon what works best for them.
AMP has been in the spotlight over the last few days and I just wanted to wish reassure
those of you who have your superannuation and investments in AMP North that your
investments are not in jeopardy. The problem is with the planners who have been working
for AMP not the products themselves. Likewise with those of you in colonial first wrap and
first state which is owned by the Commonwealth Bank, OnePath which is owned by the ANZ
bank, and BT which is owned by Westpac, and MLC which is owned by NAB the investments
and the investment platform itself are not in danger. If anything like that becomes a concern
you can be sure we will take early and decisive action on your behalf.
Finally if you have any friends or family who have dealt with a bank planner or AMP planner
and are concerned about the advice they were given then we would be happy to review that
advice for them at no cost to see whether they have been taken advantage of or not. If they
received good advice then there is no problem but if it turns out they were overcharged or
given poor advice then they may wish to consider joining one of the group actions and/or
lodging a complaint with the provider.
The reason I got into financial planning was because I got appalling advice form a bank
planner and I was determined that it wouldn’t happen to anyone else that I could possibly
help. So we will continue to act in your very best interests at all times.
Andrew Cooper