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Compliance
‘We had staff in tears’: RI Advice warns against cybersecurity inaction
RI Advice was fined by the Federal Court after a cybersecurity attack stole data which the firm concedes has likely been sold to the black market. The “Australian first” court decision means this will be a test case for other licensees and chief executive Peter Ornsby doesn’t want to see another AFSL make the same mistake.
Chris DastoorMay 17, 2022
Opinion
Australians leaning towards Labor for financial services vote: CoreData
With the race to the federal election heating up, voters have shown a tendency to trust the ALP on issues to do with security, continuity and accountability in the financial services industry according to CoreData.
Simon HoyleMay 13, 2022
Industry
Koda brings in ‘logical choice’ US investor for next growth phase
Koda founders Paul Heath and Steve Tucker courted several potential US backers before Emigrant Partners emerged as the clear front-runner. The tie-up secures capital for the wholesale provider and continues the run of foreign investment in the Australian advice market.
Tahn SharpeMay 12, 2022
Industry1
‘Return to stability’: Q1 sees fewest advisers leave in three years
Some 433 advisers departed the industry in the first quarter of 2022 – a fraction compared to the previous period according to Adviser Ratings. With the major deadline for the adviser exam having passed, the industry is due for some stability but the research firm warns the “promise of change on the horizon looms”.
Chris DastoorMay 12, 2022
Industry
Crossbench help not needed: Jones confident ALP will form government
Shadow financial services minister Stephen Jones is confident of a Labor win at the federal election, so much so he hasn’t held any discussions with independents in case they need to form a minority government. Jones believes existing ministerial and regulatory powers will be sufficient enough to enact changes.
Chris DastoorMay 11, 2022
Opinion3
Advice future hinges on less constrictive regulatory regime
The financial services industry’s bright future depends on its ability to rekindle the entrepreneurial spirit inside advisers and reduce the “tightness” of the system. AZ NGA’s Paul Barrett writes.
Paul BarrettMay 6, 2022
“For those of us who already knew when to use an ROA, the ASIC guidance is of no benefit. It does nothing to reduce the regulatory burden or the cost of advice. What I was hoping to see from ASIC was action to reduce the actual regulatory burden.”
David Smith
Principal adviser, Frost Financial Planning in Winnellie, NT
Read ArticleView comments hub
“It’s been both pleasure and privilege to have been able to count Ray as a colleague and friend for 31 of those 51 years. A more upstanding and honourable member of the advice community I have not met. The industry will be diminished by your well-deserved retirement, Ray. I’ll have a Pinot Gris in your honour, mate.”
Wayne Leggett
Adviser at Paramaount Wealth Management in Leederville, WA
Compliance1
There are other ways to simplify best interest duty: AFA
Even if the safe harbour steps don't get repealed as part of the Quliaty of Advice Review, there are other ways to make best interest duty simpler to comply with according to AFA chief executive Phil Anderson.
Tahn SharpeMay 5, 2022
Opinion1
Too much choice killing efficiency in the advice spectrum
Choice is fundamental to quality personal financial advice but too much of it can be a distraction, hinder decision-making and curb productivity, all for no material client benefit. The same dynamic applies to licensees, Neil Younger writes, with the cost being scale and efficiency.
Neil YoungerApril 14, 2022
Analysis2
Levy appointment seals it: Advice quality review will be about anything but
She's incredibly well respected, a top-flight financial services lawyer who moved to Allens in 2014 and promptly won partner of the year. But is a "distribution of financial products" specialist who makes her bones representing funds, banks and other corporate entities the right person to lead a review into the quality of financial advice? Probably, if quality isn't the priority.
Tahn SharpeMarch 22, 2022
Industry1
FPA to reduce CFP fees, scrap marketing levy
The membership cost for CFP professionals is going down next financial year by $100 to $995. It’s the first time in seven years the association has changed its fee structure.
Chris DastoorMay 5, 2022
Marketing
All about connection: How to build better client relationships
Your best client really is your most satisfied client, who goes on to provide free advertising by telling all their friends and family about you. This occurrence should be the end result of all of your client interactions.
Claudia PritchittApril 27, 2022
Investment
Equity income to play crucial role for retirees
The current market will favour equity income over bonds for retirees with a once-in-a-generation occurrence leading to growth/defensive portfolio splits failing traditional portfolio allocation setups.
Chris DastoorMay 5, 2022
6 - 7 June, 2022
Licensee Summit
SUITABLE FOR: Licensee and dealer group heads.
The annual Licensee Summit is recognised as the key event for the leaders of financial planning dealer groups and licensees to meet and engage with peers and colleagues to discuss the issues that underpin great businesses and the delivery of great advice.
1 December, 2022
Researcher Forum
SUITABLE FOR: Heads of dealer group and licensee research businesses, senior executives of independent research firms, and senior professionals involved in researching investment products for inclusion in model portfolios and implemented consulting.
The event designed specifically for senior research professionals. The forum focuses on issues related to the generation and delivery of research and research-related materials to clients.
Superannuation
Phew, that’s a relief: SG won’t impact wages of low earners
Before the superannuation guarantee changes come into force on July 1, we look at whether low-income earners, who may be receiving super payments for the first time, will be sacrificing any take home pay to achieve this.
David BellMay 11, 2022
Industry
Shuttleworth on Centrepoint’s future and what he tells his daughter’s boyfriend
The industry veteran got a warm start at Centrepoint after working as a consultant with the board, which came in handy when talks to buy Clearview's advice network gathered pace. He speaks to Professional Planner about running the now-fifth largest licensee in Australia and the sage words of advice he had for his daughter's university-age boyfriend.
Tahn SharpeNovember 4, 2021
Profiles
Leading from 35,000 feet – treat your board as your best advisers: Alan Joyce
Qantas CEO Alan Joyce stressed the key to leading during times of crisis is seeing the big picture and tapping the experience of your own top table.
Stewart HawkinsMay 12, 2021