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In light of recent findings, I felt it was important to contact you to provide our views and reassurance that you are in competent hands.
The Royal Commission
The Royal Commission has primarily been investigating the practices of the four big banks and AMP as well as a small number of financial advice businesses.
The alleged failings have been reported widely in the media and a significant amount of testimony has been quite damning in respect to the larger institutions, in particular.
It is quite disturbing the number of the allegations and matters raised. In fact, in some areas it is quite surprising the extent that some of the larger institutions have poorly dealt with issues which are core to providing quality financial advice.
The core issue is one of integrity. The commission has revealed that these institutions standard business practices involve recommending clients buy in-house products regardless… even if it’s not in the client’s best interests. Why would they do this? Simply because they make more profit on these products. Examples of this practice would be switching from an existing low-cost super fund into a bank/retail super fund or an-in-house managed fund.
As you would expect, such revelations have had substantial impact with these large institutions share price and future outlook. I would encourage you to contact me to discuss how this may affect your investment portfolio and personal situation.
Why King and Whittle is Different
Our first priority is, and has always been, helping you achieve your financial goals. To achieve this, this is how we operate:
1. Fees: King and Whittle operates purely on a fee for service basis. We receive no financial incentive in recommending one option over another.
2. No Sales Incentives: King and Whittle is not required to meet any sales quotas and is not required to sell any particular products. No fees are received from any of our referral partners.
3. Transparency: everything is clearly communicated, documented and explicitly authorised by you. All costs are detailed and there are no hidden fees or costs.
4. Integrity: King and Whittle has a long history and pedigree of providing professional advice that you trust and value. Our wealth management service is no different.
King and Whittle Portfolio Update
A number of our wealth management clients use our active portfolio service for part of their overall investment strategy. Investments in this portfolio are actively managed and may be bought and sold depending on market conditions.
The portfolio has returned:
+5.8% above the benchmark over the last 3 months (after all fees).
+14.6% above the benchmark over the last 6 months (after all fees).
King & Whittle believe that our services offer you excellent value and provides a path for you to help achieve your financial goals.
Please do not hesitate to contact me on either our office number (03) 9602 4466 or my mobile number 0408 996 000 if you would like more information.
Thank you for your ongoing support.
Yours sincerely,
Bruce Dyason
Senior Wealth Manager
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