A number of months ago, Fairfax Media and ABC’s 4 Corners program aired a report about the activities of some financial planners associated with Commonwealth Financial Planning (CFP) and Financial Wisdom (FWL).
The report included content about a Cairns-based financial planner Rollo Sherriff and his company Meridien Wealth.
Menico Tuck Parrish is in no way connected with this turn of events, even though we are Authorised Representatives of Financial Wisdom, as was Meridien Wealth.
Trust – decades to build, moments to lose.
As long term residents of Cairns with over 35 years of dedicated service to Far North Queenslanders from all walks of life, we are often asked “what’s all this about Meridien Wealth and Financial Wisdom?”.
We’d like to clear the air.
It’s the adviser that matters.
Say a local farmer went to a dealership to buy a car. The dealer has a range of cars to show him, but rather than recommending a Toyota Hilux that is more suited to his needs, he shows him a Ferrari.
“Gorgeous, isn’t it?” says the dealer. “It will get you to town and back faster than anything else and think of the looks you’ll get.”
“Wow, that’s expensive” thinks the farmer, but he trusts the dealer who knows more about cars than he does. When he gets to the farm, he tries to cross a creek bed, but the Ferrari gets stuck – it’s clearly not designed for the farmer’s situation. What’s worse, there’s a huge downpour (Global Financial Crisis) and the Ferrari is submerged in a flash flood. It’s now worthless, and the farmer is in debt for the loan he took to purchase the car.
Does it mean Ferraris are bad vehicles? Does it mean everyone should drive a Hilux? No – it means that if someone is trusted to provide advice, then that advice should be based on the client’s best interests and designed to achieve the client’s objectives.
That kind of objective-based advice and a considered approach is what Menico Tuck Parrish has been committed to providing for over 35 years.
What is being done?
Commonwealth Financial Planning and Financial Wisdom have invested over $25 million to transform their business to ensure what happened in the past does not happen again. This includes an overhaul of governance and adviser supervision processes, an appointment of new management and structure, as well as the introduction of new educational standards for all financial planners.
The Commonwealth Bank has also introduced a far-reaching remediation program called the Open Advice Review program for clients of CFP and FWL who may have been affected by poor financial advice between 1 September 2003 and 1 July 2012.
Menico Tuck Parrish has always been focused on providing quality, personalised financial advice that is in the best interests of its clients. Menico Tuck Parrish applies a client-first philosophy to everything we do. Whether its retirement planning, investment, superannuation or any other financial need, Menico Tuck Parrish clients can rely on the integrity and professionalism of our staff.
Committed to Cairns and Far North Queensland.
Cairns is a close community. We know and respect the many prudent, honest and ethical financial professionals in the region.
There are many who understand and listen to their clients, who direct their knowledge and energy into ensuring the best outcomes for the families who trust them with their financial wellbeing. Menico Tuck Parrish has worked this way since it was established 35 years ago, and will continue to do so.
Want to know more about this or have any questions? Contact us or call (07) 4044 7888.