Financial planners have an opportunity to extend their businesses into the area of financial contract advice if the Australian Government acts on recommendations of a recent inquiry into small business loans.
Atle Crowe-Maxwell, the director of Omniwealth Business Advisory, says planners can help their business clients take advantage of the changes, if they proceed.
The key finding of the Australian Small Business and Family Enterprise Ombudsman's review of small business finance arrangements was that there was "almost
complete asymmetry of power in the relationship between banks and small business borrowers."
The Ombudsman's report, which was released in February, says: "This manifests itself in extremely complex, one-sided contracts that yield maximum power to the banks to make unilateral changes whenever they like and without the agreement of the borrowers."
Read more from Alte Crowe-Maxwell in this article from Shed Social