Cryotherapy – the cutting edge of health
26/04/2018
Federal Budget 2018
09/05/2018

 

It is not only politicians who are now questioning their initial reticence to the Banking Royal Commission. At Affinity, we were sceptical that with the number of recent inquiries into the financial system and increased regulation since 2013, the Royal Commission would add any substantive value.

However, with over 50 years of advice experience between Affinity’s advisers, we have been shocked by the revelations emanating from the Royal Commission about some parts of the advice industry. The media has revelled in tales of advice fees charged to dead people’s accounts, sacrificing client outcomes to favour in-house products, excessive risk taking with client’s money and knowing misleading the regulator.

Economists are fond of stating that incentives drive behaviour, which is why Affinity Private was built on a commitment to closely aligning our interests with our clients’ and avoiding all possible structural conflicts. We have eschewed all commissions since our inception, have chosen a flat dollar fee for service approach rather than the conflicted percentage of assets under management and have opted for a transparent fee collection mechanism.

We have always believed that our own interests can only be served when we are completely, authentically and unreservedly serving our clients’ best interests. We have never settled for the minimum legislative requirements, but rather sought to deliver to the highest standards which benefit our clients.

We applaud the work of the Royal Commission in bringing these egregious breaches to light and expect the result to be more effective regulation and structural reform of the industry.

If you have family and friends who are concerned and would like a second opinion on their financial affairs as a result of the Royal Commission, we are always delighted to assist.