Is The Limited License Regime On Its Way Out?
A 65 year old comes to see you. You do their tax return. They have $1 million in super. All concessional…
In 30 seconds you work out they should start a pension. You work this out in your head. But you can’t say anything because it is financial product advice. Well, you can, but you need to go through a long drawn out process and charge them $3,500 to do it.
Oh, and you must be a licensed financial adviser. Ridiculous.
Maybe this will bring some sense to the situation. Also remember that ASIC are currently going through a consultation process regarding giving consumers access to affordable advice.
All they ever seem to do is make it more expensive.
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