In this regard, the Financial Planning Association of Australia (FPA) needs to take a bow.

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1 Financial Advice Reform - The Innate Wealth View We trust that our correspondence finds you well. Recent events have resulted in the financial planning industry as a whole being in the media spotlight, and the purpose of this correspondence is to put forth Innate Wealth s view on what we believe is the current state of play. Commonwealth Bank Financial Planning Fiasco - Unscrupulous Behaviour The unscrupulous behaviour by a select few Commonwealth Bank Financial Planning advisers has once again tested the confidence and patience of Australian investors. How on earth could a trusted organisation such as the Commonwealth Bank allow a select few to act in a manner which compromised the life savings of innocent Australians is not only deplorable but an indictment on the very values that the Commonwealth Bank says it lives by. What is even more disappointing is that Commonwealth Bank s initial response to this breach lacked credence and substance. Fortunately, both consumer and media outrage has since resulted in a change of approach with the Commonwealth Bank now offering a formal apology to those affected and a path way for them to seek appropriate damages. In this regard, the Financial Planning Association of Australia (FPA) needs to take a bow. When news of this situation broke, the FPA was on the front foot demanding that the Commonwealth Bank undertake a review of its own internal operations and that it establish a path way so that affected investors could be appropriately compensated. We have no doubt that the FPA s active involvement was critical in finding the solution for those affected by this breach of trust. For what it is worth, we at Innate Wealth, were shocked and angered by the actions of a select few. There is simply no place for greed and self-interest. That said, we acknowledge that these actions were by a select few and that there are some good Commonwealth Bank financial planners out there. It is just a shame that the actions of a few have spoiled it for so many. Fingers crossed that the Commonwealth Bank will address this serious breach of trust and put in place mechanisms to ensure that situations such as this can never occur again.

2 Financial Advice Reform - Yes better but still a disappointing outcome overall Let us be frank here. The fact that the Federal Government was compelled to introduce legislation that seeks to protect the interests of Australian consumers is shocking and the financial planning industry as a whole should be deeply ashamed that it has come to this. In our view, the Australian financial planning industry is a conflicted one Why so? According to industry statistics, 87% of all industry participants are aligned to one of the big four banks or life insurance companies and it is here where the problem lies. With these companies manufacturing their own financial products and then relying on their employed workforce (essentially salespeople) to distribute these products, their primary focus ends up being selling financial product as opposed to providing tailored financial advice. Yes these organisations would counter this by saying that their aligned staff are free to provide advice on products, external to their own, but this is hard to believe when their planners are rewarded and remunerated for selling products which are owned by the institution which employs them. If this isn t a blatant conflict, then we don t know what would be. For what it is worth, we here at Innate Wealth, sit in the 13% category; that is independently owned and not aligned to any major institution, be it a bank or life insurance company. We are staunchly independent and will always remain so because: 1. We love what we do and providing financial advice is something that we are very humbled by, in that, you as our client, place your trust and financial position in our hands to direct and provide you with the confidence that your dreams and aspirations can become a reality. 2. For us the equation is simple. We operate exclusively with a client-first conviction. We win when our clients win and that s what makes it innately valuable. 3. We fundamentally believe that providing independent advice is the only way that a consumer can have complete faith that the advice they are receiving is in fact in their best interests and not in the interests of their adviser. 4. Our negotiated fee structures are built based on the value we provide, both initially and ongoing. Hence investment commissions are irrelevant. Separating Fact from Fiction - FOFA Reforms As reported in the press, the Federal Government has finally managed to push through its proposed financial advice reforms, albeit in a watered down fashion.

3 Given what has been reported, it is difficult for consumers to differentiate between fact and fiction so the purpose of the following section is to put into context what all these reforms actually mean to you. The Future of Financial Advice Reforms (FOFA) were initially introduced by the now former Gillard Government and from our perspective the intention of these reforms were in fact correct as they were designed to increase consumer protection. In short, the key aspects of these reforms were: 1) The introduction of the best interest duty into legislation. Essentially, this means that a financial planner must act in the best interest of their client rather than their own. While we would argue that this is fact common sense, given the frequency of scandals, it is better to have this legislated rather than simply implied. 2) The introduction of opt-in The opt-in provision meant that, you as the client, would need to re-engage your service package with a financial planner every second year. This in our view, made sense, however it really didn t go far enough as it only applied to clients who engaged a financial planner from July 1, 2013 and wasn t applied retrospectively. 3) Annual Fee Disclosure Statements Each year, your financial planner, would need to provide you with a fee disclosure statement that outlined the service they agreed to provide you, the details of the actual service they provided and the underlying fee they received as a result. Again, the underlying concept here makes sense, as increased transparency for consumers can only be a positive thing. 4) Ban on investment and superannuation commissions A complete ban on commission based fees for both general and personal financial advice with respect to investments and superannuation. Again this was, in our view, a positive initiative because once you removed commission fees, advisers would have no choice but to act in the best interests of their clients. What has since changed in Parliament? It has been well publicised that the Abbott Government has been watering down some of the FOFA reforms and these were passed through the Senate earlier this week. To explain, the main amendments to the FOFA reforms are as follows: 1) Best interest duty is to remain as law; an excellent outcome for consumers as a whole. 2) The opt-in requirement has been removed entirely. Whilst on the surface we don t believe that this is a good for consumers we must concede that this decision will at least help to remove the compliance burden and cost that this measure would have caused.

4 3) The Annual Fee Disclosure Statement are to remain, however, the requirement to provide these retrospectively has been removed. While we are happy with this reform, our preference would have been to make it mandatory for all clients because all clients have a right to know. 4) Commission based fees for both investment and superannuation products will remain banned. A great result for consumers in our view. In addition to the above, The Palmer United Party (PUP) has successfully negotiated additional changes which on the surface appear to be a win for consumers (the devil is always in the detail). These changes include: 1) The financial planner at the time of providing advice must provide an explicit statement that he or she genuinely believes that the advice provided is in their clients best interests, given the clients stated circumstances; 2) The establishment of an enhanced public register of financial planners, which includes a record of their credentials and status within the industry; and 3) That consumers can change their financial planning instructions should their stated circumstances change. We assume that this relates to providing consumers with a 14 day cooling off period post the provision and subsequent implementation of advice. The Innate Wealth View - why we will continue to challenge the status quo Our guiding principal is that our clients, be they small or large, must always win. We continue to believe that despite better regulatory reform for all financial planners our industry is still conflicted and it will remain so as long as the banks and large insurance companies remain such dominant players. The Government for all its efforts has failed in its duty in this regard. For us at Innate Wealth it is business as usual. Our business, being owned by its working directors, will remain fiercely independent because this is how it should be. The provision of the right advice, tailored to your actual circumstances, is way too important for this to be compromised. We will continue to maintain and have our own Australian Financial Services Licence. The benefit here is that we are free to recommend whatever we believe to be the most appropriate solution for you, our client. We call this acting in your best interests. Contrast this to the banks and life insurance companies who purposefully place restrictions on their people, often only allowing them to sell their internally owned product. Our team of financial planners hold the highest educational standards available. Whereas many of our competitors are happy to have a planner who has sat through an eight day training course provide advice we in turn require our client facing planners to be tertiary qualified, carry the Certified Financial Planner (CFP) designation and have a minimum of 5 plus years experience before they are allowed to direct a client s financial situation.

5 We actively participate in committees of the Financial Planning Association so that the voice of the independent financial planner is heard, which helps shape the direction of the industry in its pursuit to become a recognised profession. Finally and most importantly, we will always put your interests first! Concluding Remarks Whilst we are disappointed that the financial planning industry has copped its fair share of bad press, we have no one else to blame but ourselves. The facts as we see it are simple. It starts and ends with the client. There is simply no room for greed or self-interest. This is how Innate Wealth operates and we expect our competitors to do the same. Yes the Federal Government has sought to address these problems by introducing reform, which are better than having nothing, but again they could have done more if they were serious about protecting consumers as a whole. For what it is worth, there is a positive lining in all this. The conversation currently taking place around the country will see to it that a happy medium is found and from this a noble profession will be born. We live in hope for this day but in the interim you can be rest assured that we, at Innate Wealth, will be working with your best interest in mind at all times. If you would like to discuss our views on the current changes within the industry please feel free to contact our office or make an appointment to see your adviser as we would happily spend the time with you to talk you through the changing landscape. Until we speak again take care. Yours Sincerely, Luke Eres CFP SSA Chief Executive Officer Authorised Representative Innate Wealth Pty Ltd

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