Yes the advisor gave the wrong advice and there needs to be accountability on people who brand themselves as financial advisor, but at the end of the day it’s the responsibility of investors to make the financial decision.
What is sad about this story is the fact that so many people are financially illiterate and depend on advice of others. Tells me that much more emphasis needs to be given to education at an early age, particularly given that many people have to wisely look after their superannuation balance when they retire
This is how a nurse and her husband lost their home when they asked Westpac for advice, page-9
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