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Opinion
Take your foot off the business pedal at your peril
While the long-term impact of working exclusively from home is predicted to include loss of innovation and reduced opportunities for promotion and career advancement, in the short-to-medium term there is little downside for financial services businesses. Paul Barrett writes.
Paul BarrettOctober 15, 2021
Industry3
FSC launches final plan to save unprofitable advice industry
The FSC pitched its final suite of reforms – including the abolition of safe harbour steps, a reissue of the Code of Ethics and swapping SoAs for 'Letters of Advice' – after KPMG reported that the advice process is a loss making venture, while the council's 'simple verse complex' advice demarcation plan has been scrapped.
Tahn SharpeOctober 12, 2021
Industry
Advice support staff salaries rise in WFH era
The demand for experienced support staff that can 'plug-in' straight away has increased during the work-from-home era, as difficulties training inexperienced staff remotely have emerged.
Tahn SharpeOctober 11, 2021
Opinion
Advice ‘triage’ services to offset onboarding woes in 2022
New clients will drive growth in the year ahead, but advisers say onboarding is fast becoming “harder, longer and more expensive”. To make things easier, more practices are setting up advice 'triage' services to keep prospective clients connected and get them prepared for the full suite of services.
Simon HoyleOctober 8, 2021
Industry
Aussie household savings ‘sky high’: AIA
The global phenomenon of 'forced savings' during the pandemic has led to high savings levels in Australia, which now sits 13th in the world on a table of net financial assets per capita according to the Allianz Global Wealth Report 2021.
Tahn SharpeOctober 11, 2021
Regulation1
ASIC: ‘No idea’ when advice disciplinary panels should be convened
With the government still waiting for advice on how the Single Disciplinary Body plan should work and under what circumstance ASIC's FSCP should convene panels to assess Code breaches, it's little wonder ASIC seems nervous about its implementation.
Tahn SharpeOctober 5, 2021
“Unfortunately, without true collaboration across all stakeholders ie regulators, industry, advisers and consumers there is a very high risk that the lessons from the past will not be learnt, and the issues with the banks vertical integration will be replayed again”
Neil Macdonald
The Adviser Association in Brisbane, QLD
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“APRA Funds require the client to sign a declaration about the fees to be deducted. If this can't be relied on then why does any of the attestations the client makes have validity?”
Kym Bailey
JB Were in Sydney, NSW
“While Trustees should be prudent, requesting an SOA as a precondition to acting on members' clear consent seems imprudent. Quite apart from questions about their capability and competence to assess advice, it may expose Trustees to additional liability.”
Sean Graham
Assured Support in Sydney, NSW
Regulation
CEOs, check your whistleblower policies: ASIC
The corporate regulator has urged CEOs to review their whistleblower policies and make sure they comply with the law after a sample check of 102 whistleblower policies revealed the marjority fell short of the relevant requirements.
Tahn SharpeOctober 13, 2021
Opinion
Size matters in the war for advice talent
While small firms are the lifeblood of advice, the industry’s ability to recruit talent and grow hinges on whether it can build and sustain large, profitable businesses akin to the mid-tier in accounting and professional services. Neil Younger writes.
Neil YoungerSeptember 29, 2021
Analysis
ASIC’s guide to being good
ASIC’s guide is a timely reminder of what licensees and advice practices should keep their eye on as they grapple with the gritty practicalities of implementing new rules and laws, Simon Hoyle writes.
Simon HoyleSeptember 2, 2021
Managed Funds3
Advisers ‘overly influenced’ by fundie BDMs, Deloitte tells ASIC
Approved product lists and the proclivity of advisers to be sweet-talked by BDMs are inhibiting the fair distribution of fund mangement products, Deloitte said in its final report to ASIC.
Tahn SharpeSeptember 28, 2021
Risk & Insurance
Advisers can link health and financial wellbeing of clients: Metlife
INFOCUS: The insurer has rolled out virtual offerings that link health planning with financial planning, providing a holistic solution to members when they need it most.
Ben HurleyAugust 23, 2021
Investment
ETFs post 37pc YoY growth on the way to $129B in AUM
The domestic exchange traded funds market continued its surge with $9 billion in cash flows across Q3 according to figures released by the ASX and Vanguard, with the sector now representing over $129 billion worth of investments in Australia.
Tahn SharpeOctober 12, 2021
7 March, 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.
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.
Superannuation
Super just wasn’t designed for women: SDA’s Fox
Australia’s super system is based on a traditional male model of working, according to SDA national assistant secretary Julia Fox, but things haven’t operated that way for decades and Covid just made it a hell of a lot worse.
Stewart HawkinsOctober 7, 2021
Profiles
Taking risks and sitting on the client’s side: Crestone’s Michael Chisholm
While Crestone is keen to partner up with providers to bring products to the wholesale market, CEO Michael Chisholm takes a much dimmer view of advice firms being product providers. "We’re against product manufacturing, you can’t do that and objectively assess products in the market," he says.
Tahn SharpeSeptember 9, 2021
Profiles4
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?
Tahn SharpeMay 6, 2021