Think Twice Before Getting Financial Advice From Your Bankby Paul Peligerno
This startling figure comes from a recent review of the financial advice offered from the big four banks by the Australian Securities and Investment Commission (ASIC). Even more startling: 10% of advice was found to leave investors in an even worse financial position. Through a "vertically integrated business model", Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer 'in house' financial advice, and collectively, control more than half of Australia's financial planners.
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