24 Feb episode 62- The Royal Commission
The Royal Commission Report finally came out, and as expected it had a lot of points I think are worthy of an extensive discussion. Joining me today to do just that is my friend James Williamson of Millhaven Financial Services. James and I analyse the Royal Commission Report’s take on financial advice and what it means for those of us in the financial sector. We exchange our interpretations on some of the more critical parts, particularly on personal and business relationships with banks. We also discuss some of the risks and regulations business owners will have to revisit as a response to the report.
Don’t miss this week’s segment of Reuben’s Rant where I share my thoughts on the government’s response to the report and why I believe it is unprecedented and way too politically charged.
“We have to be careful of not letting the compliance allow our fees to be pushed too high.”- James Williamson
This week on The Finance Hour Podcast:
- James’ overview of the Royal Commission report.
- Some of the more noticeable changes in the report regarding financial advice.
- The effect of the report on people’s relationships with their banks.
- The questions the report raised and what the people should expect.
- Businesses that should be worried about what the report states.
- Why this report might trigger a decrease in competition in the mortgage industry.
- Why the report plays into the upcoming elections.
- The significance and concerns in reducing commissions to zero.
- The risks and regulations businesses need to revisit after reading the report.
- Disclosing the lack of independence for financial planners.
- Government’s Response to Royal Commission
- Mortgage Brokers and the Royal Commission
- Royal Commission Report
Connect with James Williamson:
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About Reuben Zelwer
Reuben Zelwer established Adapt Wealth Management in 2011 to help time poor clients achieve financial freedom. For over 15 years, Reuben has helped professionals, executives, business owner and those approaching retirement make the most of their circumstances by making good financial decisions. Reuben’s professional practice is complemented by substantial voluntary work, which has included setting up financial literacy and savings programs in the local community.