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Lessons about best interests duty

Bruhn, Aaron; Miller, Michael

Description

Financial advice is essentially a credence good, whose value is hard to assess. Yet in the Australian context the need for quality advice is growing, with self-sufficiency a growing trend and individuals facing significant complexity in their financial affairs. Recent regulatory proposals and reforms have been offered as a means to provide some comfort for consumers about the quality advice that they might receive, yet the challenge remains about what is meant by ‘quality’ in this area. By...[Show more]

dc.contributor.authorBruhn, Aaron
dc.contributor.authorMiller, Michael
dc.date.accessioned2015-12-10T23:23:31Z
dc.identifier.issn1834-2000
dc.identifier.urihttp://hdl.handle.net/1885/66988
dc.description.abstractFinancial advice is essentially a credence good, whose value is hard to assess. Yet in the Australian context the need for quality advice is growing, with self-sufficiency a growing trend and individuals facing significant complexity in their financial affairs. Recent regulatory proposals and reforms have been offered as a means to provide some comfort for consumers about the quality advice that they might receive, yet the challenge remains about what is meant by ‘quality’ in this area. By referring to recent high profile collapses, we describe some factors and features that are generally considered as examples of poor quality advice. In this manner, we offer bounds on what quality can be represented by, and outline factors that can be considered by individuals when assessing the quality of any service being offered.
dc.publisherDigital Commons powered by Bepress
dc.rightsAuthor/s retain copyright
dc.sourceAustralasian Accounting Business and Finance Journal
dc.titleLessons about best interests duty
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume8
dc.date.issued2014
local.identifier.absfor150299 - Banking, Finance and Investment not elsewhere classified
local.identifier.ariespublicationa383154xPUB1379
local.type.statusPublished Version
local.contributor.affiliationBruhn, Aaron, College of Business and Economics, ANU
local.contributor.affiliationMiller, Michael, MLC Advice
local.bibliographicCitation.issue4
local.bibliographicCitation.startpage23
local.bibliographicCitation.lastpage44
local.identifier.absseo900101 - Finance Services
dc.date.updated2015-12-10T10:40:26Z
local.identifier.scopusID2-s2.0-84924979719
dcterms.accessRightsOpen Access
CollectionsANU Research Publications

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