This morning's breaking news from SMH is that about one third of financial planners are expected to exit the industry - read more here.  Its' not surprising considering the increased (and constantly increasing!) regulation around this area.  

Here at PFS we are both licensed accountants and wealth advisers - our licensing details are listed here.  This might lead you to think that things are easier for us - not so! In fact, we have more legislation to comply with and need to be very clear what services we are offering and are engaged for in each and every instance.  This can often be confusing for the layman or for clients whom we have worked with in only one area, and especially for a long time. We understand this and will try our best to clarify and explain this to you, however ultimately, we must and will stick to our licensing and will be diligent in doing so.

The recent Royal Commission interim findings have just reminded the whole industry again how important it is to be super careful to be transparent and stay within the regulations.  We have also been called to testify against other financial planners in the Supreme Court and it has made us resolute to continue our policy in being very clear in documenting everything we do so that it is absolutely clear and transparent.

We have chosen our financial advisory professions as we know and understand the complexity and requirements.  Furthermore, we are committed to the compliance required, to us it's just part of what we do.  One of the reasons why we hold ISO 9001:2015 accreditation is that we want to be fully accountable and be seen to be so. Yep that's the old 5 ticks folks - read more about our last audit here.

So yes, we're in the industry to stay, so contact us if you want advice suited to your personal circumstances.