Quantum pens client letter post-CBA scandal
Boutique SMSF specialist Quantum Financial has written to its clients asking them to maintain faith in financial advice following the CBA financial planning scandal.
In an open letter to his clients, Quantum Financial chief executive Bill Mackay said he is aware that the CBA scandal – and others – may discourage customers from trusting advisers, but asks that clients continue to trust his company, given its non-institutional nature.
“What has been uncovered should highlight to all consumers the importance of seeking independent advice from financial planners who are not beholden to any financial institution,” Mr Mackay said.
“We have long argued for increased professionalism and better protection of consumers in financial planning.”
The letter also contains a number of testimonials from media outlets – including a quote from a previous SMSF Adviser article as well as from a range of Fairfax and News Corp Australia business writers.
Mr Mackay indicated that Quantum has made numerous attempts to reform the industry for the sake of its customer base.
“We continue to support FOFA reforms and other professional developments in financial planning," he said.
“We stood before the joint parliamentary inquiry (‘Ripoll Inquiry’) pleading for financial planners to be given an explicit statutory fiduciary duty."
Mr Mackay concluded the letter by expressing his intention to keep Quantum Financial free of any ties to “financial institutions” and to remain completely independent of product manufacturers.
“I wanted clients to know that we absolutely serve only their best interests at all times,” Mr Mackay said.
“Over 20 years this decision has been vindicated time and time again.”