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Regulation
DBFO Tranche 2 arrives, swapping SOAs for ‘CARs’
The Albanese government has released draft law on Tranche 2 of Delivering Better Financial Outcomes, unveiling the replacement of Statements of Advice with the new "Client Advice Record" required to be kept on file but not issued to clients unless requested. The more controversial changes to the Best Interests Duty and introduction of a “new class of adviser” were left out, as foreshadowed by Professional Planner.
Beata KuczynskaMarch 21, 2025
Industry
Cyclone Alfred delays DBFO Tranche 2 release
The Albanese government has finalised key elements of the contentious second tranche of the Delivering Better Financial Outcomes legislation, including the eradication of SOAs and nudges for super funds. But its expected release of draft legislation on Friday was delayed amid national preparation efforts for the tropical cyclone impacting Australia’s east coast.
Aleks VickovichMarch 7, 2025
Industry
Adviser shortages spell trouble globally
The shortage of advisers is not only an issue in Australia as the UK and US are equally unable to meet the growing demand for advice with declining adviser numbers. The three countries have launched initiatives to attract new entrants to the profession and keep up with demand.
Beata KuczynskaFebruary 28, 2025
Regulation
Deja vu as ASIC liquidates fund with ties to Shield
ASIC has moved to wind up the First Guardian Master Fund, after concerns from the regulator investors were misled, including conflicts of interest with its director David Anderson. The same advice firms caught up in the Shield investigation have also been implicated with the First Guardian fund, and the regulator has frozen assets of another lead generation service with ties to both funds.
Chris DastoorMarch 18, 2025
Regulation
‘Lack of diversification’ leaves advice on the hook for product failures
Despite calls for product manufacturers to take more accountability for remediation when a product fails, the Australian Financial Complaints Authority has made clear it’s the responsibility for advisers to make sure clients have a diversified portfolio that mitigates risk across investment options.
Beata KuczynskaMarch 13, 2025
Analysis
Why members shouldn’t pay when trustees misbehave
A case brought by ASIC against AustralianSuper sets out how and why profit-to-member fund trustees are treated differently from for-profit trustees when it comes to penalties imposed by the courts. But while ASIC has been accused of going soft on profit-to-member funds, it’s appropriate that when trustees misbehave it’s not fund members who are left to carry the can.
Simon HoyleMarch 14, 2025
2025 Advice Policy Summit
DBFO served up as ‘low hanging fruit’ for next government
The Albanese government is expected to release draft legislation for the contentious second tranche of the Delivering Better Financial Outcomes reforms before the election despite almost no chance of getting the bill through Parliament. Industry consensus was reached at the historic Professional Planner Advice Policy Summit, with leaders and lobby groups now able to present a united front to the next government of either stripe.
Aleks Vickovich and Chris DastoorFebruary 12, 2025
Technology
Maximise existing tech stacks before adding shiny new tools
Before adding new tech, advice practices should complete a stocktake of pre-existing services as a desired solution may already exist. With the attraction of shiny new toys constantly coming to market, like AI, the features may already exist through pre-existing vender agreements.
Beata KuczynskaFebruary 26, 2025
On Practice
New Fitzpatricks CEO outlines growth plan
Almost six months into the role, new Fitzpatricks Group CEO Andrew Fairweather plans to drive the firm’s national strategy to create an aligned cultural environment for its advisers. Fairweather has built upon 20 years of Fitzpatricks’ history, which will see a key face return to the storied advice network to support the new regime.
Beata KuczynskaFebruary 27, 2025
Managed Accounts
Research touts managed account efficiency benefits as regulatory scrutiny mounts
Advisers who use managed accounts are saving three days a week on average, according to research from Investment Trends and State Street Global Advisors. The findings come as the regulator says the sector “remains an area of interest” of its regulatory scrutiny, but proponents say the main catalysts for uptake are cheaper fees and better performance.
Beata KuczynskaMarch 17, 2025
23 - 24 June, 2025
Licensee Summit
1 - 2 December, 2025
Researcher Forum
For key influencers in portfolio construction for financial advisers, including executives across research houses, asset consulting, responsible entities and managed accounts/platforms.
Superannuation
Getting in early helps boost women’s superannuation savings
As women face the risk of having less in retirement than men, advisers share how they help their female clients improve their super balances. This can vary from obscure government incentives to spousal co-contributions.
Alexandra CainMarch 17, 2025
Profiles
Reflecting on nearly half a century in financial advice
After an extensive 47-year career, Paul Harding-Davis says that while every decade has seen a significant step change that has felt like an “Armageddon” it has instead only seen the standard of the industry improve. Reflecting on his long career to Professional Planner, he is still evangelical about recruiting young people to advice.
Chris DastoorFebruary 3, 2025
Profiles1
How the last AFA president re-discovered his mojo post-merger
Following an “existential crisis” after finishing up with the AFA in the wake of its merger with the FPA last year, it took former AFA national president Sam Perera a few months to regain match fitness and re-integrate himself 100 per cent into his advice business Perera Crowther. While Perera’s role in the merger left him exhausted, his advice to his peers is to get involved with the new organisation.
Chris DastoorSeptember 4, 2024
Business is increasingly risky, giving good advice is not