D. W. Richards, E. F. Morton

Conceptualizing financial advice in Australia

Introduction

Conceptualizing financial advice in australia. Explore financial advice in Australia, examining effectiveness and best interests. This research models advice types, stakeholder influence, and business models impacting client outcomes.

Abstract

Many individuals entrust financial advisors to navigate through important financial decisions, yet extant research and persistent scandals bring the effectiveness of advice into question. In examining the Australian financial advice sector, we determine when financial advice can be provided in a cli- ent’s best interest and formulate a model differentiating types of financial advice and their relation- ship to best interest practice. We extend this model to form an integrated framework considering external stakeholders that encourage, and business models which prevent, best interest practice. Our examination reveals some business models prioritize financial institution interests whilst thwarting external stakeholders encouraging best interest practice.

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