Compliance

Advice on the cusp of a new RoA era

The regulator has signalled its intention to expand the RoA regime with several key developments this week aimed at reducing the role of statements of advice in the advice compliance spectrum.
Retirement

Advice business models stifling annuity take up: Study

New research out of Melbourne shows how important advisers are in presenting annuities as a viable option to consumers. Advice business models, however, are often blocking the path for these products to reach consumers.
Regulation

Advisers have ‘no appetite’ for digital advice: ASIC

Feedback from the regulator’s consultation into affordable advice reveals advisers are keen on regtech but have little interest in digital advice because it costs too much and consumers aren't interested.
Regulation

More RoAs, less ‘turgid’ guides: ASIC reveals advice consultation takeaways

An expanded RoA regime is one of many actions ASIC is considering after trawling through almost 500 submissions to its landmark consultation paper on access to affordable advice. Another – the need to fix its own “turgid” guidance documents.
Industry
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Industry

AMP’s Hartley discusses future business model with advisers

The new AMP Australia CEO wasted no time meeting with his adviser cohort to discuss the way forward, with changing business models and competitive products high on the agenda.
Industry

IOOF goes the stack route, wary of ‘stretching’ advice tech

Darren Whereat is building out what is likely going to be the most widely used advice technology suite in Australia over the next five or so years. IOOF will be leveraging scale for new solutions, but that doesn’t mean Xplan is old news – yet.
Industry

From $1K to $10K: Adviser exam cost dissected

The individual experience of advisers going through the exam process varies wildly, reports CoreData's Simon Hoyle. That doesn’t make the experience wrong, or designed to suit some predetermined narrative about the impost of the industry exam. It’s just how it is.
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

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.
Investment

The role past performance plays in investment decision-making

For 25 years Paul Moran heard that ‘past performance doesn’t relate to expected future performance’. The adviser finally decided it was time to find out how much influence past performance really has on investor decision-making.
Investment

Advisers hindering consumer access to managed funds: Deloitte

Commissioned by ASIC, the consultancy’s interim report into competition within the managed funds market says advisers and other intermediaries can help perform due diligence on products, but can also create “suboptimal outcomes” for consumers.
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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