Comments on: ASIC told clients still struggle with general vs personal advice https://financialnewswire.com.au/financial-planning/asic-told-clients-still-struggle-with-general-vs-personal-advice/ A specialist news site for financial advisers, fund managers, superannuation executives and suppliers. Wed, 18 Jun 2025 22:10:14 +0000 hourly 1 https://wordpress.org/?v=6.9 By: Anon https://financialnewswire.com.au/financial-planning/asic-told-clients-still-struggle-with-general-vs-personal-advice/#comment-7460 Wed, 18 Jun 2025 22:10:14 +0000 https://cea.demo-sites.me/?p=159284#comment-7460 In reply to Fred.

Agreed. If any advice is given in a specific client situation, the client will nearly always perceive that it’s personal advice, which effectively makes it personal advice. The only options that should be allowed with specific clents (rather than groups) are factual information only, or personal advice. General advice in that situation is nearly always just an attempt to avoid the consumer protection overheads of personal advice. Sure, those overheads are excessive, which is why they need to be reformed. But hiding behnd “general advice” is not the answer.

]]> By: Fred https://financialnewswire.com.au/financial-planning/asic-told-clients-still-struggle-with-general-vs-personal-advice/#comment-7459 Wed, 18 Jun 2025 21:26:14 +0000 https://cea.demo-sites.me/?p=159284#comment-7459 General advice to a specific client is an absolute joke. Firstly it can’t realistically be advice if it isn’t personalised and if it is personalised it can’t meet the definition of general advice. The amount of insurance being written on a general advice basis where the client wears all the risk will in my view end badly. If ASIC are happy for people claiming to be financial planners to get client’s information, tailor a specific outcome for the client and then provide insurance advice on the back of a beer coaster I really wonder why they make personal advice so difficult.

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