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What is Goals Based Advice?
by Jacqui Henderson
Goals based advice is not a new phenomenon. Financial planners have been relating advice back to client’s goals and objectives for many years. There are however, two sides to this story. Consumers see it a little differently. Based on extensive research and outcomes of the Royal Commission, they feel in many cases, goals are linked closely to product sales and that financial planning is largely focused on products, not them.
Whether we like it or not, money is our 'Currency for Life'. People don't learn about money at school, so where do people learn about what to do with their money when there is no formal education around money? And how do they relate money to their life aspirations and goals?