Why don't you Financial Advisors just answer my damn question

Because of FOFA (Future of Financial Advice).

There exists in the relevant legislation a duty for financial advisers to act in the best interests of their clients, subject to a 'reasonable steps' qualification, and place the best interests of their clients ahead of their own when providing personal advice to retail clients. There is a safe harbour which advice providers can rely on to show they have met the best interests duty.

It is straight up impossible to show that you have met the 'best interests' test if the advice you provided was verbal, or in a reply to a post on a popular social media site, for example.

One of the elements of best interest is that the advice should leave the client in a better position if they follow the advice. In administering this element, ASIC will not assess the investment performance in hindsight or expect that the adviser will provide ‘perfect advice’. Instead ASIC will consider whether a reasonable adviser would believe that the client is likely to be in a better position as a result of the advice ‘at the time the advice is provided’.

Advisers need to use their judgement rather than rely on a set process when satisfying the ‘safe harbour’ for the best interest duties. This includes making judgements about the following matters:

• the scope of the advice

• the extent of the inquiries they make into the client’s relevant circumstances

• the strategies, and types of financial product and specific financial products they investigate

• the strategies, types of financial product and specific financial products

• whether the client should invest in products directly or through a platform

The safe harbour requires an adviser to:

• identify the objectives, financial situation and needs of the client

• determine the subject matter of the advice sought by the client

• make reasonable inquiries to obtain complete and accurate information on the client’s objectives and circumstances

• assess whether the adviser has the expertise required to provide the client with advice on the subject matter sought

• conduct a reasonable investigation into the financial products (see below for further details)

• base all judgements in advising the client on the client’s relevant circumstances

• take any other step that, at the time the advice is provided, would reasonably be regarded as being in the best interests of the client

Financial Advice must always be in writing.

Again, it is impossible to show that you have met the 'best interests' test if the advice you provided was verbal, or in a reply to a post on a popular social media site.

Financial Advisors take their responsibilities very seriously. Part of the reason for that is the implications of not providing the above:

slatergordon.com.au

mauriceblackburn.com.au

Financial services civil penalties:

      **(1B)  The relevant maximum amount is: 
                 (a)  $200,000 for an individual; or 
                 (b)  $1 million for a body corporate. **

edit: tonne of formatting