FiftyUps Support Royal Commission into Financial Planning

I agree. 

I lack confidence in financial advisor for these reasons 1. when concerned with investment value, advice from the retained financial advisor prwas I dont know I dont have a crystal ball. 2. Several years later this advisor transferred my account onto another Company without informing me. This was only identified from a letter of introduction. 3. I have had no further correspondence with this company - but they collect manangement fees. 4. I gathered the confidence to try another advisor who made no contact after our initial interview. 5. Another advisor said my small amount for investment was not worth it as there was too much work involved with very little return for advisors and thats why advisors havent been interested in taking me as a client. He then advised me to lie to a government organisation with the advice of you never know. I have no faith in financial advisors but I need help. 

Like anyone performing a SERVICE, they should be paid on performance after they have performed, like a tradesman who at least has a qualification. Financial Planners should have to display their indemnity insurance so investors have some recourse if they fail to perform. 

I too have been given poor advice after my husband was made redundant from his job of 34 years. We didn't loose money as such. However the financial planner was annoyed when I asked... Why would we pull our money out of Telstra super when it was doing so well ? What can you offer that's better than them ? And aren't their fee's a lot less than your's ? Perhaps it's my age but I do hear "your so cynical"... This is one time it paid off $$ Ha Ha 

It is disgusting that "trusted banks" in particular allows people to be ill-advised/ripped off by their financial advisers and then refuse full compensation of their savings when (found out). It is even more disgusting that financial advisers receive only 6 weeks training! All companies that cheat people out of their superannuation/retirement fund should be taken to law and made to pay, too easy to declare bankruptcy. Good onya John for your actions against this. 

We were a member of storm financial for 12 months we were assured that we would not loose our superannuation that they had insurance, well like a lot of people in Australia that was not true, we lost it all, while the owners took a very big Christmas present and left. This has also been the case with other Financial Planning Companies. We need new laws on this and a watch dog for these Companies. I very much support a Royal Commission. 

I work in the banking industry - I've seen good AND bad financial advisors and I definitely believe we need a royal commission into the industry. It is criminal that no one ever seems to be held to account and be punished when thousands of hard working ordinary people lose millions in savings. 

Good man - totally agree! 

every financial planner I have met is a Crook, they should only be paid a small retainer and then paid on performance, who else gets paid for doing nothing 

After years of working, my super is not enough to retire on. That means I will have to work until Im nearly 70. The government must make a stand to ensure that people have enough super to retire on and not require the pension. I think that Super companies should be contributing by giving people advice and regularly supporting people to review their position. Its way too late for me to get support that I should have had much earlier. I had to leave work to have my children.. No such thing as maternity leave then! Its time to change and support working women NOW!