Findings of the Royal Commission and Client’s reply

This is what James Walker-Powell sent to all MLFS clients…

Findings of the Royal Commission

The findings and subsequent media battering of the financial planning industry is both disturbing, uncomfortable and unfortunately predictable. While there have always been campaigns by certain sectors of the media to discredit financial advisers, what is different now is the focus on the leadership roles, rather than the individual adviser. This new focus is quite frankly overdue.

Interestingly, one of the many scalps of the Royal commission is the CEO of AMP. I wonder what payout he will receive or not receive on his departure?

Contrary to the findings of the Royal Commission, the financial planning industry is far from broken, but can always be improved upon. Sadly, all this media hype takes away the great work firms like More4life do, that incidentally have absolutely nothing to do with the banks and AMP.

Sometimes it is difficult to articulate what we actually do. In the 29 years I have been an adviser the most accurate description of what we do for our clients is that we are change agents. By meeting with you and working with you we move clients like you from a relative state of financial chaos to financial certainty.

We are not alone at More4Life, in fact about 10 years ago a piece of work was done through Core data in which they interviewed 100 people asking them about the good decisions that their financial planner had helped them make. The stories were completely inspiring. The company that commissioned it, AXA, no longer exists in Australia, but I’m sure most of the planners, and the peoples whose lives are better, do.

We don’t hold ourselves out as the Masters of the Investment Universe. The investment portfolio isn’t magic. As I have always maintained we have no control over the investment market returns but can certainly reduce the risks in getting these returns. What we aim to do is act like a coach. We teach people to invest their money, not spend it; we keep costs down; choose good insurance; keep the records together; and hopefully inspire confidence in your future self.

We see ourselves as the catalysts of small changes. We don’t make people suddenly wealthy, we make sure that they do the best they can with what they have.

So, it’s not the investing that is magic. No one can outplay the market. It’s the discipline that’s magic. It’s knowing that thousands of small changes make a real difference. It’s about having a plan and sticking to it.

I do hope we get some positive change in our industry. In my opinion this should not include additional regulation and red tape, as it is the onerous regulation and red tape that drives the cost of doing business up, preventing a large portion of the population from getting good quality advice. This will only lead to a poorer society now and into the future.

If you have any questions you would like to raise with me or would like to recommend a friend or family member that would do well to have some impartial financial planning advice, please don’t hesitate to call.

Thank you for your continued support and I look forward to speaking with you shortly.

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Kind regards

James Walker-Powell
More4Life Financial Services Pty Ltd 

And this came back from Mike Esposito…

Hi James

What a fantastic summary on the current financial situation, and in particular how your businessMore4Life has managed to stand out from the industry in a positive light, helping your clients make good financial decisions for so many years.

May I say that when Jenny and I, and our two young children met you after arriving in Sydney from South Africa in 1993, we were very vulnerable being new to the country with no support at any level at all, but you made us feel welcome, and furthermore gave us excellent financial advise which we followed on your instructions. Today, 25 years later we are over the moon with the direction you steered us in with financial advise and investments, resulting in very handsome dividends which we can now use to support our retirement, thanks you James.

Jenny and I have always valued your support and honesty over the years.

Best Regards

Michael & Jenny Esposito
St Ives, NSW

Photo above: MLFS owner James Walker-Powell (right) with MLFS long term client Mike Esposito.

Photo below: Mike Esposito on top of an amazing wave in his younger days.