Claire Mackay interview

Claire Mackay has been interviewed recently in The Sydney Morning Herald (https://www.smh.com.au). Claire Mackay, a financial planner and director of Quantum Financial, says businesses that are predicated on commissions and the selling of financial products have diminished the value of advice. "Consumers are not seeking product sales. They are seeking strategies and recommendations that help them put their family finances in a more secure position," she said. "Studies have shown that consumers who have a quality adviser, who is working with them on a strategy, are financially better off than they would be otherwise." The long article full of comments from some top financial advisors shows that a combination of higher educational standards, an end of grandfathered commissions and decreasing viability of financial planning businesses could see thousands of advisers head for the exits. In a way, the industry is struggling, but at the same time, the need for qualified and well trained financial advisors has never been that high.