Adviser salaries set to soar as industry contracts

Average salaries for advisers are expected to jump from the $90k to $130k band up to between $120k and $150k in 2021 as the adviser cohort shrinks further. But income is only the fourth most important consideration for advisers in the pandemic era. 

‘It’s just too hard to stay in the insurance advice business’

As the planner exodus continues, Professional Planner talks to Jeremy Wright, a 59-year old insurance adviser set to abandon his ASIC registration on January 1, 2021. “This is like a bloody communist state,” he says.

Cardena’s Kilborn trades travel for more time in the business

After tearing up a full travel itinerary last year, Jonathan Kilborn has had a chance to spend more time with clients and reflect on Cardena’s internal processes while his team has worked from home more, Nina Hendy writes.

AFA requests ‘cross government and industry’ panel

The AFA has proposed a working group be established containing representatives from Treasury, the regulator and industry to keep abreast of regulatory developments in its submission to ASIC's consultation on advice access.
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Licensees self-interested, more concerned with revenue: SMSF Association

CEO John Maroney conveyed the association's dim view of AFSLs in a submission to ASIC's consultation on access to affordable advice, as well as some suggestions for ASIC about its image in the industry.

Advisers question FASEA’s professional year set-up

Without institutional support, advisers question whether FASEA’s professional year is really fit for purpose and if tweaks to the way it’s structured are required to fill the industry’s much-needed pipeline for new talent.

AMP provides external coaching for 80 advice practices

AMP Australia’s managing director of business partnerships, David Akers, tells Professional Planner the institution’s wealth division is making external consultants available to help advisers adapt to the new market landscape.
Top Comments

“Here we go again, more unnecessary regulation. Claims advocacy does not necessarily need to be done by a financial adviser when no financial advice as a result of the claim process is required.”

Chris Todd

Chris Todd Financial Services in Mount Barker, SA

Exam pass rate slips to 79 pc

25 May 2020

“It’s very simple. Either intrafund advisers must seek signed bi-ennial (or annual) opt-in fee notices from fund members to receive their salaries (& bonuses) OR the alternative is to remove opt-ins for all retail advisers, once informed consent to charge a set ongoing fee has been put in place with the client. ”

Steve Blizard

Roxburgh Securities in Guildford, WA

Industry funds’ advice plans have not progressed

29 May 2020

“I think the FPA is on the money here. This is an essential move for financial planning to become a legally recognised profession under professional standards legislation.”

Tom Reddacliff

Encore Advisory Group in Sydney, NSW

Code monitoring to be superseded by bigger plan

3 June 2020

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Still on the fringe: Researchers weigh in on crypto

There's nothing to suggest crypto currencies will be a mainstay on approved product lists or make their way into model portfolios any time soon, with most researchers still uncertain about many features of the asset including its value.

The great reset: An industry emerges from crisis

Unprecedented quickly became the description de jure for what was happening all around between March and May this year as superannuation was drawn on, funds were tested and central banks through everything including the kitchen sink at the problem - Professional Planner reflects on the year that was.

The 17 standards reshaping investment

It’s in measuring and understanding the sustainability trade-offs companies are making where the sophistication comes in from investors, experts on a panel at Professional Planner's recent Researcher Forum agreed.
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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.

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.

Harry Baker, the professional year pioneer

As the first to make it through FASEA’s 1600-hour training mandate for new advisers, Harry Baker represents a glimmer of hope for an industry that is desperate to attract a new generation of participants.
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