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Update from Invest Blue regarding the Royal Commission

May 3, 2018  |  #Government Policy

What you need to know regarding the Royal Commission and our relationship with AMP.

We would like to keep you informed and provide context around media reports emerging from the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry.

A few people have already contacted our office to express concerns and we too are deeply disappointed by the conduct shown not just by AMP, but by all the major financial institutions. We are frustrated by the impact that this has on the Industry, our Profession and the stress or worry this may have caused our clients.

Whilst Invest Blue is licensed through AMP Financial Planning, and we do use some AMP products, the following are important for you to note:

  • Invest Blue is a privately owned firm. We operate under strict legal obligations, including the requirement to act in the best interests of our clients at all times.
  • The main issue attracting media attention occurred years ago when a number of clients directly owned by AMP were charged fees for service they did not receive.
  • AMP has publicly stated that all of the affected clients have since been reimbursed fully and, no further incidences of this nature have occurred.
On Tuesday 17th of April, we sent out an email to provide you with information regarding the Royal Commission into Banking and give notice of what was likely to come. To review that information, read here.

We would like to reiterate that we welcome and fully support the aims of the Royal Commission. Invest Blue wants to help improve the community’s trust and confidence in our Industry as a strong, stable, trusted financial system which is critical to our economy and the prosperity of all Australians.

As a Financial Advice business, our focus is helping people realise their goals and dreams. Invest Blue is passionate about creating financial plans for people that help them to live their best possible life. We have been heartened to hear from our clients over the last few weeks and know that our approach connects with people and makes a difference. When asked, “What do you value most about our relationship and service to you?”, some of the feedback we have received in the last two weeks includes:

  • “Personal relationships and quality of the service and expertise provided.” – Michael & Kari, Brisbane QLD
  • “The honest and professional service that is provided to me.” – Greg & Michele, Armidale NSW
  • “I have always found all of the staff and our financial advisor at Invest Blue in Penrith pleasant and so easy to deal with and without hesitation recommend them to others” – Sam & Karen, Penrith NSW
  • “Kent Paroz is always very helpful and understands my situation extremely. I have already recommended him to several clients.” – Edwin, Toowoomba QLD
  • “Julian and Leisl are always extremely responsive and very easy to deal with. Julian talks to us in a language we understand, and we feel very comfortable in all our interactions. I feel he is genuinely invested in seeing us accomplish our financial goals.” – Peter & Hilary, Brisbane QLD
  • “Theo is very accessible and always provides the information quickly with an easily understandable explanation which is relevant to our circumstances.” – Michelle & Stephen, Central Coast NSW

Given the nature of events over the last fortnight, understandably some of our clients have been concerned. If you are in that boat, we encourage you to reach out to your adviser.

The most common question we have been receiving is “are my investments and superannuation affected by this?” Generally speaking, the answer is no. Investments in any superannuation fund or any managed fund are only affected if they own direct shares in AMP.  AMP shares represent less than 2% of most managed funds, so any volatility in this stock is going to have a minimum impact on returns for the year. For more Q&A please see our recent Royal Commission Frequently Asked Questions post.

Our Role

The financial system in Australia is complex. There are so many choices and misinformation is present. When it comes to managing our own money it is near impossible to keep personal emotions at bay and disciplined action consistent.

As a Financial Adviser, our role is to be here for you and to ensure that your financial plans and products serve you and your situation well. Not just when we sit down for the first time, but year in and year out. When we get the chance to work with a family as they move through their stages of life, we have the opportunity to play a meaningful role in giving them every opportunity to make the most of their situation, prioritise their goals and live their best life. It is an honour for us to play this part and a role we take very seriously.

If it has been more than a year since you last saw an adviser, we strongly encourage you to get in touch. As your life changes, so too does the recommended financial strategies and products. We want to ensure that your current situation and goals are catered for and that you have the best plans or products to meet your needs.
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While we are going through a much-needed phase of professionalisation of our Industry, we remain focused on helping our clients live their best possible life and acting in our clients’ best interest.

 

Warm regards,

 

David Stephen
Managing Director, Invest Blue