Was a message I received yesterday.
My theme for you is ‘what would I do if I was in your financial position’?
Or as defined under CORPORATIONS ACT 2001 - SECT 961B
Provider must act in the best interests of the client..
which briefly is
(1) The provider must act in the best interests of the client in relation to the advice.
‘Safe harbour’ (2) The provider satisfies the duty in subsection(1), if the provider proves that the provider has done each of the following:
(a) identified the objectives, financial situation and needs of the client that were disclosed to the provider by the client through instructions;
(b) identified:
(I) the subject matter of the advice that has been sought by the client (whether explicitly or implicitly); and
(ii) the objectives, financial situation and needs of the client that would reasonably be considered as relevant to advice sought on that subject matter (the client's relevant circumstances );
(c) where it was reasonably apparent that information relating to the client's relevant circumstances was incomplete or inaccurate, made reasonable inquiries to obtain complete and accurate information;
(d) assessed whether the provider has the expertise required to provide the client advice on the subject matter sought and, if not, declined to provide the advice;
(e) if, in considering the subject matter of the advice sought, it would be reasonable to consider recommending a financial product:
(i) conducted a reasonable investigation into the financial products that might achieve those of the objectives and meet those of the needs of the client that would reasonably be considered as relevant to advice on that subject matter; and
(ii) assessed the information gathered in the investigation;
(f) based all judgements in advising the client on the client's relevant circumstances;
(g) taken any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client, given the client's relevant circumstances.
……..
And we could go on so it is NOT the back of the envelope or the whiteboard & then with all this we can then model an optimal position & plan.
Yes Doctors send you on an endless round of tests all to find a medical solution & these above steps are to assist in a financial solution.
Also yesterday on the way to tennis a man introduced himself & stated that I had taught him maths many years ago.
WOW & he has just retired after a successful 35 years in the QLD government.
makes it all worthwhile.
PM now.
John
