The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry Interim Report declared ‘greed’ was the primary motivator for bad behaviour in the banking industry.

“Banks and all financial services entities recognised that they sold services and products. Selling became their focus of attention. Too often it became the sole focus of attention. Products and services multiplied. Banks searched for their ‘share of the customer’s wallet’. From the executive suite to the front line, staff were measured and rewarded by reference to profit and sales,” said Commissioner Kenneth Hayne, in his interim report.

Read Business Insider’s story “Too often, the answer seems to be greed” based on the Banking Royal Commission’s Interim Report.

How our financial services differ from the banks…

Hales Douglass has been providing Accounting Services to the Ulladulla / Batemans Bay area since 1983. In that time the firm has established itself as a quality accounting and business firm with unquestioned integrity. Hales Douglass is now one of the largest and most effective accounting firms south of the Illawarra.

In 2001, Hales Douglass recognised the needs of its clients extended to the profession of financial advice. By law, accountants are restricted from giving financial product and investment advice to clients without the necessary education and certification.

With this restriction and with an overriding passion for providing the best possible advice to clients, the partners of Hales Douglass established Hales Douglass Financial Services, under the astute leadership of Adam Passwell.

Adam has extensive industry experience and qualifications that ensure the advice clients receive from Hales Douglass Financial Services is research-based and is tailored to each client’s specific needs, not towards big banks profit and greed.

We’re not owned, licensed or run by financial institutions

In keeping with the integrity of the Hales Douglass group, it was decided in 2005 to obtain a dealers licence, which means that Hales Douglass Financial Services is not owned, licensed or run by any large financial institutions.

Most financial advisers, about 85%, have their licence through a major bank or financial institution, which means they are open to influence with their strategic planning and investment recommendations.

This vertical integration of ownership of products and advisers does not happen in Hales Douglass Financial Services because of the decision to have our own licence.

As there is no ownership of Hales Douglass Financial Services by a large institution, we are genuinely able to offer our clients the best range of products most suited to them.

The only people we serve are our clients

We agree with Felicity Cooper, of Cooper Wealth Management, who states;

“Whenever you have product owned by the company that owns the planner, essentially, there is a conflict, because it’s a distribution network for the banks’ products,” she explains. “And the only people we should serve is the client.”

Read Felicity’s story here – ‘Ethics is the one ball you cannot drop’

Exceptional service at a fair price

We aim to offer exceptional service at a fair price and treat our clients with the utmost care and respect.

Read what our clients think about our services

We are an adviser member of the AIOFP – The Association of Independently Owned Financial Professionals – an Association that represents advisers who are not owned or affiliated with Institutions.

Our fee structure: Hales Douglass Financial Services charges a fee-for-service to clients, with no commissions on investments or super products, but we do accept commissions on risk and past financial products.

For more information about our financial services, please email or call Adam Passwell, Andrew Clegg or Jeanette O’Connor, on 02 – 4455 5333.