Opinion

Advice short-cuts may not be a bad thing

The onus on advisers to prove best interest, as opposed to simply meet best interest, is driving up the cost of advice. The repercussions are in no-one’s best interest, Neil Younger writes.
Industry

IOOF clears final hurdle on MLC acquisition

APRA's approval of IOOF's bid to take hold of the trustee responsible for MLC's superannuation assets essentially gives the final green light for the wealth giant's plan to build the nation's biggest wealth management network.
Profiles

Bert van Manen: The advice industry’s inside man

As an ex-adviser, the member for Forde is one of the rare pollies with a reasonably informed view on the industry. Whether he’s holding ASIC to account or defending insurance commissions, van Manen has morphed into one of the industry’s most important voices. So what does he have to say?
Industry

AMP calls out platform rate cards, won’t play ‘opaque game’

Platforms might be breaching legal obligations to treat members fairly by offering bespoke rate card discounts to advisers, AMP believes. The wealth giants says it is rolling out a series of discounts in order to counteract the issue.
Industry
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Industry

ASIC sends mixed signals on industry funding

Not long after ASIC chair James Shipton blamed the exorbitant adviser levy on a "mechanical" industry funding model, the corporate regulator said it has discretion in the allocation of resources and the option to waive levies.
Industry

‘200 advisers is our aim’: Islamic advice group set for rapid expansion

The Muslim community is crying out for Islamic advice to be provided at-scale according to Hejaz Financial Services CEO Hakan Ozyon, whose firm has just set up its own advice AFSL and wants to bring a significant slice of the adviser workforce into its fold.  
Industry

Drained advisers need their mojo back: Barrett

Despite the enduring value of advice, parts of the traditional proposition have become stale. Advisers need to continuously expand their capacity to not only survive and earn a profit but to keep things interesting and have some fun. Paul Barrett writes.
Top Comments

“I’m not arguing against unconflicted advice models – but whether a client pays a fixed or asset based fee has nothing to do with why the cost of providing advice has risen sharply and made it less accessible for those who need it most.”

Daniel Budreika

Planning for Prosperity in Fullarton, SA

Fix conflicts before making advice more accessible: Consumer group

4 February 2021

“I am sick to death of being told financial advisers are crook. ALL the people I call friends in this industry do the right thing and have done so for years. They have always put the clients interest first, been ethical not only in business but in their personal lives as well.”

Steven Pugh

Professional Investment Services in Osborne Park, WA

FASEA’s demise: Be careful what you wish for

3 February 2021

“If AFSLs are still holding onto traditional business models then they will end up redundant and without a business. Fortunately, not all AFSLs and advisers have been blind and apathetic in responding to - albeit not so perfect - FASEA’s standards and ethics.”

Angelique McInnes

Central Queensland University in QLD

FASEA’s demise: Be careful what you wish for

3 February 2021

Investment
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Investment

Into the light: Tech enabled accountants take the next step in client relationships

Automating tasks and employing cognitive thinking over mechanical data input has opened up a whole new relationship opportunity for accountants and their financial advice partners to give clients advice at critical times.
Investment

HNW market holds steady during pandemic

The amount of high-net-worth investors in the Australian market remained steady during 2020 despite the financial hardship associated with the Covid-19 pandemic according to researcher Investment Trends.
Investment

Managed account FUM nears $100B

Funds under management in managed accounts reached $95.2 billion by December 2020 according to the latest figures from IMAP, and are likely to cross the $100 billion dollar mark at any time depending on the performance of markets.
Education
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Education

FASEA’s demise: Be careful what you wish for

Industry leaders should endorse the spirit and substance of the Code of Ethics and accept that there will be inconvenient commercial consequences for some of the industry’s participants, argues Robert MC Brown.
Education

Kaplan doles out free FASEA exam prep tools

Education provider Kaplan has announced free examination support for advisers who are yet to successfully complete the FASEA exam requirement, which all advisers must do before January 1, 2022.
Education

FASEA’s Glenfield: 10,000 qualified advisers a ‘strong’ story

Past the halfway point in its exam transition program, the authority’s CEO says its time to acknowledge what the uplift in professionalism means to consumers. “I had faith in the outcome of this,” Stephen Glenfield tells Professional Planner.
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