Good financial advice should be the right of plenty - not of the wealthy.
With life expectancy increasing, investment returns declining and the ever increasing
complexity of the Australian financial system the need for good financial advice is at an all-time high.
These needs are not being met for three related reasons.
1. Good advice is hard to find
It is well-known that the majority of advisers are licensed by a big
institution. This means that finding an adviser who will provide conflict free advice is
(literally) like finding a needle in a haystack.
2. Advice is very expensive
Even if you do find a good adviser, chances are they will charge you
around $6,000 in the first year, and $3,000 in subsequent years, for their advice (the bad
ones will charge you the same if not more).
3. Good & bad advice is indistinguishable
A study by ASIC, the regulator of financial services in Australia, has
shown that just 3% of financial advice is good yet 86% of people think they are getting good
advice. The outcome - people are getting bad advice and they don't even know it.
We built Plenty because we believe that good financial advice should be
the right of the plenty not just the wealthy.