Below is an open letter to all of our clients in the wake of the current Royal Commission into banking and financial advice:
To the clients of My Wealth Solutions Pty Ltd,
The Royal Commission has primarily been investigating the practices of the four big banks, AMP as well as a small number of financial advice businesses not connected with the bigger end of town.
The alleged failings have been reported widely both in the newspapers and on TV and a significant amount of testimony has been quite damning in respect to the larger institutions, in particular.
I felt it was important to contact you to answer any questions you may have and to provide our views and reassurance that you are in competent hands when it comes to your financial planning, insurance, superannuation and retirement planning.
Just a reminder as to how we operate and who we are authorised by to provide advice to you:
My company, My Wealth Solutions Pty Ltd, is an authorised representative of GPS Wealth Ltd. GPS Wealth is a subsidiary of a small listed company on the Australian Stock Exchange, Easton investments Limited (EAS) which has a history and pedigree working with the accountancy profession in Australia as one of their close trusted advisors.
There are no institutions which have a material shareholding in EAS and in particular, none which are on any of our approved list of investments or platforms.
My Wealth Solutions Pty Ltd is not required to meet any sales quotas and is not required to sell any particular products. It is free to advise on any of the products in the approved product list in order to meet your requirements and to act in your best interests.
We can, at any time, with 60 days’ notice move to another financial services licensee if we felt that our advice was being compromised by GPS Wealth Ltd or influenced in a way that did not allow us to act in your best interest and with your interest as our first priority.
We have been quite disturbed by a number of the allegations and matters raised during the Royal Commission. In fact, in some areas, we must say we were quite surprised as to the extent that some of the larger institutions have poorly dealt with issues which are core to providing quality financial advice.
I just wanted to reassure you that our first priority is and has always been helping you achieve your financial goals.
To your financial success.
Managing Principal & Senior Financial Advisor