Money Matters

Credit Advice & Financial Planning in the 1 Practice

On so many occasions,  I’m asked as to how I manage to deliver both credit advice and financial planning in the one practice. My attention was yet again drawn to this matter after reading an article in The Adviser this morning.

I’ve noticed that since Credit Licensing has been implemented, many mortgage brokers have become sensitive to the dual qualified or dual service offering practice. Their nervousness appears to be born from their lesser service offering in comparison to the multiple service offering practice. I am of the strong belief that it is irresponsible to not provide Credit Advice together with Financial Planning services. On a professional front, the two should remain permanently married for the sake of industry professionalism. More importantly, the best interest of our clients needs both service offerings to be readily available. Every Finance Professional has a Duty of Care to make every effort to meet the goals and objectives of our clients, alerting them to the risks involved in order for the client to make an informed decision.

For many clients, their decisions are based on affordability alone. By providing professional advice to every client, then the client focused on affordability alone is aware of the better options as their affordability improves. For many, this is a very important part of their financial plan towards financial independence.

It is a shame that so many young Australians venturing into the home loan market for the very first time, actually miss out on constructive financial planning by only having the home loan service provided and not being exposed to essential financial planning. In an ideal world, every Australian should be able to readily access a Financial Planner without fearing the cost to access these finance professionals.

If you feel you would benefit from financial planning, please make contact with our office. Where possible, we are able to charge the cost of financial planning to your finance product, instead of having to wait until you have sufficient savings to cover the cost prior to requesting advice. At the time of writing this, we are still able to provide our professional home loan services to our clients for no fee.

History has shown me that we really do make a positive difference towards our clients financial and emotional welfare.

I’ve included the link to the article in The Adviser for those of you who are interested.

My comments in response to the writer of the article are included below:

Marion Kilsby 2013-01-24 10:13

Financial Planners are already working very successfully in this arena. I believe it is important for every finance professional to have the skill level to truly meet our Duty of Care obligations towards our clients.ASIC & Licensees have ensured the Financial Planners are well positioned to enter the world of Credit Advice, as the Financial Planning industry has been working under extreme levels of compliance and “Basis for Advice” requirements for so much longer than the newly exposed world of Credit Advice.

I have personally been successfully providing Credit Advice and Financial Planning for over a decade now, insisting my consulting staff are either dual qualified or undertaking education in both areas of financial advice. I take my clients needs and my business very seriously.

Education, experience, attention to compliance and sound business and time management is essential. Quite frankly, cross ownership works.


Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *