Financial Planner Cairns
Recently expanding our financial planning business to Cairns, I decided to research the market place i.e. competitors with some interesting results.
Population: 142,000 approx. (2014)
Industries: Tourism, Agriculture, Marine, Retail,
Local Businesses: 13,095 (2014)
Employed Locals: 80,162 (2014)
GDP: $7.62 billion (represents 2.8% of Queensland's GDP)
Known for: The gateway to the Great Barrier Reef & Wet Tropics
However my research lead me more personally to my own industry of financial planning.
Financial Planning Businesses Total in Cairns: 78
Bank/Superannuation/Institutionally Owned: 71
Independent or Independently Owned: 7
Two things surprised me from my findings. Firstly for a working population of just over 80,000 there seemed to be a high number of financial planning businesses servicing the region.
Secondly a little over 90% of these financial planning businesses I found are either bank, superannuation or large institutionally owned.
What concerns me is that with all the media coverage about conflicted remuneration and poor advice acknowledged by the large institutions is standing in the way of consumers receiving best advice "the CBA and the NAB acknowledged that vertical integration creates conflict of interest problems" http://levittrobinson.com/update-financial-institutions-ignore-integration-conflicts/ even more so for consumers in FNQ (Far Noth Queensland) with scandals such as Storm, Financial Wisdom and based on my research up here in Cairns there is currently only a 1/10 chance of consumers receiving potentially conflict free advice. That's frightening!
Thankfully there are a handful of great financial planners up here in Cairns.
A good starting point to find them is to simply ask; How are you paid? and Who do you work for?
This post was written by Peter Horsfield, as such they are his personal views. Peter helps you to focus on what’s most important, the right strategies at the right time. To learn more about How to become Financially Independent visit Peter Horsfield Smart Advice
About Peter Horsfield
Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523