Business books stop you from getting ripped off
Business books offer education
Many (if not all) business books offer education, ideas and advice. Leadership books, marketing guides and property books – they all offer useful information. If you learn just one new thing that you didn’t know before, then that new knowledge is worth the price of the book. And if you learn how to avoid getting ripped off, then that book has proved even more valuable.
Being informed is very relevant right now
The recent Financial Services Royal Commission (often referred to as the Banking Royal Commission) has been a shocking insight into the way many professionals in the banking and financial services treated their clients. It was obvious that these people held the financial well-being of their clients way down their list of priorities. They followed the advisers meeting their KPIs to earn their commissions or bonuses, or selling their products and other services.
There is no defending this behaviour, but it does make you think about who is ultimately responsible for your finances. The answer undoubtedly has to be YOU!
“You must educate yourself. Investing is simple to understand. It can be explained with logic, common sense and simple math. Basic financial education is your best defence against getting ripped off.”
Conflicts of interest
If a financial adviser, or property investment adviser or self-managed superannuation adviser works for an organisation that sells financial products, or is paid commissions for selling particular products, then you have to expect a conflict of interest.
The conflicts of interest in the financial services industry are something that Stuart Wemyss has been aware of for many years. It is one of the reasons he wrote Investopoly. In the chapter on ‘Selecting a Financial Adviser You Can Trust’, he writes:
“Nothing pisses me off more than hearing about poor unsuspecting people getting ripped off by a greedy financial adviser!”
(We usually edit out bad language in Major Street books but we left this in because it conveys the anger the author feels.)
Stuart’s advice is:
“If you’re going to seek advice from a financial adviser, choose someone who is devoid of conflicts of interest and completely independent.”
Better still, read up on the subject before you seek advice. The business books we publish cannot replace financial advice. Valuable advice has to be tailored to the individual’s circumstances. But if you read a useful business book at least you will have enough knowledge for alarm bells to sound.
Learn more about Investopoly
If you'd like to learn more about Stuart Wemyss' new book, you can download the first chapter free.