AIOFP board exodus follows white label platform deal
Four directors of the Association of Independently Owned Financial Professionals have departed the board, citing concerns over the launch of a new platform in the wake of the Shield and First Guardian disaster. The white label arrangement with DASH comes in response to InterPrac advisers being blacklisted and is the controversial industry body’s second foray into platform product provision.
Opinion
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Accountants’ exemption a supply-side relief proposal, with baggage
As financial adviser numbers continue to languish, a proposal to resurrect an old idea has emerged. But the politics that led to its demise in the first place might be too much to overcome, even if it could form part of the advice supply-side solution.
HUB24 stands by governance process as APRA adds licence conditions on its trustee
HUB24 anticipated that increased licence conditions were coming for the trustee of its superannuation funds, HTFS Nominees, following regulatory intervention against HTFS stablemate Equity Trustees. HUB24, which is in the process of acquiring HTFS from EQT Holdings, says it stands by its investment governance and monitoring process.
Push for better regulatory enforcement not new laws: JAWG
The Joint Associations Working Group has warned that adding more regulation would have little impact in protecting consumers, arguing the Shield and First Guardian collapse saw existing laws breached. Led by the FAAA, FSC and Licensee Leadership Forum, the working group said effective oversight and enforcement by ASIC and APRA remained critical.
PictureWealth becomes mega-licensee with Capstone takeover
PictureWealth continues to evolve from its fintech heritage with the acquisition of Capstone Financial Planning, turning it into a licensee owner with scale. CEO Allan Maitland tells Professional Planner the group still has the desire for further M&A.
Super funds must adhere to governance standards they demand of others
Director tenure limits are embedded in governance codes across every major capital market. As Australian superannuation funds become retirement institutions, they should be held to the same standards that they expect of the companies they invest in, Jeremy Cooper writes.
The missing role of judgement in financial advice
Financial advisers inhabit a vast world of technical compliance and many believe that if they can just tick every box and satisfy every technical requirement, they will have adequately discharged their obligations. But Templestone CEO Shivi Malik writes the reality is this is never enough.
AFCA halts InterPrac determinations amid court battle
The Australian Financial Complaints Authority has halted its work on completing InterPrac Financial Planning determinations while it manages court proceedings brought on by the licensee, which accused the complaints authority of lacking “fairness” by not apportioning blame across the system.
‘Data war’ a major roadblock to big productivity gains for advisers
A standoff between platforms and advice businesses over who controls client data is holding back productivity gains that could transform the economics of advice. The Professional Planner Licensee Summit heard that platforms are sitting on client data that isn’t theirs to keep and the industry can’t reach its productivity potential until it changes.
Exploring the link between innovation and investment governance
The relationship between governance and performance has been explored in-depth, contributing to the belief that long-term business and investment success requires prioritising ethical, sustainable, and responsible practices alongside financial performance. Investment governance, which refers to the systems, policies and procedures used to inform investment decisions, is an essential part of good corporate governance for all
Researcher Forum
Advice Policy Summit
This event is open to CEOs and senior leaders of financial planning licensees, dealer groups and boutique advice firms, along with C-suite executives in superannuation funds with oversight of advice, education and guidance.
Why advice is critical to delivering member outcomes in retirement
Dissatisfied superannuation fund members are voting with their feet in search of greater flexibility, control and better service. Member movement is high, based on research by The Conexus Institute, but it’s not sinister, despite how it is being framed by some corners. At the Professional Planner roundtable on superannuation, choice and the advice profession, produced in partnership with The Conexus Institute and sponsored by HUB24, advice leaders explored the complex fiduciary decision-making required for superannuation and retirement advice.
Lessons from the middle: Leadership, resilience and the courage of conviction
The principles of high-performance leadership – whether in business or sport – remain remarkably consistent and include the ability to maintain clarity, integrity, and conviction under immense pressure. Former Australian test cricketer Usman Khawaja told the Top1000funds.com Fiduciary Investors Symposium that the only time you really lose is when you stop trying.
Reflecting on nearly half a century in financial advice
After an extensive 47-year career, Paul Harding-Davis says that while every decade has seen a significant step change that has felt like an “Armageddon” it has instead only seen the standard of the industry improve. Reflecting on his long career to Professional Planner, he is still evangelical about recruiting young people to advice.
Industry