After the royal commission’s damning report card, a big question has to be, “Where to now for retail superannuation?”
“I sort of trust algorithms more than financial planners who are linked to the products of their institutions,” says mathematician and robo adviser client Lara Jordan.
Matt Campbell estimates that for the same price as two beers at the football he pays for $10,000 to be managed by robo adviser Six Park for five months.
Robo advisers are set to rise in the wake of the Hayne royal commission exposing the financial planning industry’s high fees and conflicts of interest.
Not only were customers misled, overcharged and paid millions of dollars for services they never received but AMP made at least 20 false statements to ASIC.
Next time friendly bank staff want to help you with your money, consider this: 75% of advice given to customers wasn’t in the client’s best interests, according to an ASIC review of the big four banks and AMP.
With Halloween upon us, it’s the perfect time to think about the money matters that spook us the most.
It’s tough to distinguish between an “honest and good”, “honest yet incompetent” and “downright rogue” financial planner. Here’s a checklist to help you.