The QAR (Quality of Advice Review) is proposing that “good” financial advice be “good enough”, rather than following the current “best interests” rule. If the advice is reasonably likely to benefit the client, based on their circumstances at the time the advice is given, then it will pass the test. Following the banking royal commission,…
In the future, every company will become an IT company. Those who don’t will fumble on with a “Frankestein tech stack” giving them little or no advantage. According to Chad Brooks of Business.com, “The most successful and highest performing companies have little separation between their business strategy and their technology strategy. In short, they have technology as…
Mirror, mirror on the wall, what is the best product of all? APIs (Application Programming Interfaces) are the new “magic mirror”, opening up a wealth of information curated by someone else who maintains and updates the data. We use them regularly, “Hey Google, give me directions to Martin Place”. Financial services have been invited to…
I work 24/7, 365 days a year without a salary. I communicate with natural voice and can do any financial planning calculation on request, as well as gathering client information and doing product research. I can even implement insurance applications. I remember everything and am not intrusive, only responding to verbal requests directed at me….
Conventional wisdom suggests we delegate to a financial adviser because they have the time and expertise to help us achieve our financial goals. The truth may be a little “darker”. It seems “Delegators” just need someone to blame if things go wrong. Michael Kitces, Head of Planning Strategy at Buckingham Wealth Partners had a good look…
