Real financial planning is the continual process of aligning your use of capital with what is really important to you.
About
Resolute Wealth
Back in 1997, Quinton, the founder was fortunate enough to be given the opportunity to join a leading Wealth Management practice, where he got to learn the ins and outs of the financial services industry.
Historically, the industry was dominated by the large life insurance companies, who at that time were largely sales-driven, employing an army of sales representatives, whose main objective was to sell policies (please note this was not all companies and advisors, but unfortunately, a large majority). These salesmen were richly incentivised through the payment of high upfront commissions and incentive trips overseas, etc. This ultimately led to many investors experiencing poor ongoing service and investment/retirement outcomes, as there was no incentive for such salesmen to continue to service their clients optimally.
In 2003, actuary Rob Rusconi spent six months analysing the life and pension fund industry and his findings shocked both the industry and the government. Rusconi’s results showed that some retirement policies’ costs were almost double that of the international average. His findings sparked public debate and parliamentary investigations, which ultimately led to lower costs and greater transparency in the industry.
Following this, FAIS and FICA legislation were introduced which further improved and professionalised the industry.
Fais
The purpose of the Financial Advisory and Intermediary Services Act, is to protect consumers of financial products and services and to regulate the selling and advice-giving activities of FSP’s.
Fica
The Financial Intelligence Centre Act aims to ensure that financial institutions know with whom they are doing business. In terms of FICA, financial institutions are required to present the paper trails of all transactions and are obliged to report any possible money laundering to authorities.
Our
Story
Back in that era, the norm was for advisors to charge both an (upfront) initial commission together with the (ongoing) annual advisory fee.
At the outset, we made the decision to do away with charging initial fees and only charge an annual advisory fee. This went a long way in establishing our business as a practice that was truly aligned with our clients’ best interests and very different to the typical sales/insurance-driven type companies.
The cornerstone of our business success can be attributed to our fierce independence (no incentives, additional fees, or undue influence from any third parties) and consistent, attentive service. We appreciate that the nurturing of our client relationships are paramount in building and maintaining our solid foundation.
Our
Fee Structure
At RWM, we believe that the historical “commission driven” fee structure is both unsuitable and unsustainable in the financial services industry.
This type of fee remuneration encourages businesses to be transaction-based and the objectivity of advice can be questionable. In addition, this type of fee structure does not align itself to long-term personal service.
RWM has structured its business largely on an ongoing fee basis system. Our fees are aligned to the performance of our client’s investment portfolio, thereby aligning our interests with our client’s interests.
Our
CORPORATE PROFILE
Resolute Wealth Management is an authorised Financial Services Provider – FSP No: 13798
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