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Industry
‘We will push back’: Consumer group ups ante against QAR
Rosie Thomas, the newly appointed spokesperson for consumer advocacy group Choice, says critics of the Quality of Advice Review will not entertain efforts to weaken professional standards, warning that “people’s life savings” are at risk. As the government comes under pressure to speed up its implementation of the reforms, AFCA and ASIC say they are doing their bit in the interim to boost access to advice.
Aleks VickovichNovember 30, 2023
Opinion1
What the Optus outage can teach financial advisers
Another global financial crisis is as inevitable as a cyber-attack hitting Optus or any other telco. Paul Moran writes that despite the cautionary tales from other industries, not enough advice businesses have a robust financial crisis management plan.
Paul MoranNovember 28, 2023
Analysis
Fresh political probe a chance for super sector’s new leaders
Industry insiders may well bristle at the thought of yet another parliamentary inquiry into superannuation and related issues. But it is also a chance for the sector to make its own case on member experience and customer service standards, and for the newly unveiled CEOs of the SMCA and ASFA to prove their advocacy credentials.
Aleks VickovichNovember 28, 2023
Regulation
TPB reporting regime passed but advisers in the dark
Legislation for mandatory reporting for financial planners registered as tax agents has passed, but the advice profession might feel justified for feeling clueless about any obligations. Tom Ravlic writes there are a range of risks planners face in terms of applying the new law in the absence of appropriate guidance.
Tom RavlicNovember 27, 2023
Opinion
Converging cultures and a new congress
It’s easy to focus in on the convergence of two different association cultures when attending the inaugural FAAA Congress last week, but Julia Newbould writes that Congress is indicative of other trends for where the profession is heading.
Julia NewbouldNovember 27, 2023
Regulation1
Jones calls on licensees, product providers to embrace reforms
The Minister for Financial Services Stephen Jones has told the FAAA Congress that for advice reforms to succeed, licensees, PI insurers, product manufacturers and regulators all must be in unison on the changes, otherwise the industry will be stuck with the status quo of overly prescribing what is required by law.
Chris DastoorNovember 22, 2023
“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
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“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
Licensees
WT Financial Group picks up Millennium3 for $2m
Just months after Insignia Financial signalled its intention to offload its licensee businesses, WT Financial Group will pick up Millennium3 bringing on board 75 advice practices and 140 advisers.
Simon HoyleNovember 21, 2023
Licensees
COG pulls Diverger offer after lack of shareholder support
After launching a surprise counteroffer to acquire Diverger at the end of last month, COG Financial Services has formally withdrawn its non-binding offer, conceding a lack of interest from key Diverger shareholders.
Simon HoyleNovember 15, 2023
Advice
Impartiality or sales pitch: Asset-based fees under scrutiny
Advisers have been encouraged to review their fee structures as clients retire, with concerns about potential conflicts of interest from asset-based fees. PIFA president Daniel Brammall stresses the need for impartiality in financial advice, promoting alternative fee models like fixed fees and retainers. The goal is to build long-term client relationships and ethical business success.
Callum JonesNovember 6, 2023
Industry
Advice fee deductibility draft determination due ‘any day now’
The advice profession should have a better indication on which of its services will be tax deductible in future, with an updated draft determination due soon from the Australian Taxation Office, according to the Financial Advice Association.
Chris DastoorNovember 22, 2023
Industry
Elixir Consulting and VBP join forces ahead of AI disruption
High-profile business coach to advisers, Sue Viskovic, will this month sell her consulting firm to Philippines-based outsourced paraplanner firm Virtual Business Partners. Over the 16 years she has advised the profession, Viskovic says the market has matured and is now better at articulating its true value. But both parties are preparing for major changes from artificial intelligence technology.
Aleks VickovichNovember 8, 2023
Investment
‘Renewable energy superpower’ dream could become reality, says environment minister
Minister for the Environment and Water, Tanya Plibersek, has given a vote of confidence to Australia becoming a “renewable energy superpower” that can switch out the export of coal and gas to greener forms of energy as its economic foundation in the foreseeable future. With the backing of institutional capital and legislation such as the new Capacity Investment Scheme, the nation can compete on an international level, she told the Conexus Financial Political Series.
Darcy SongNovember 24, 2023
5 December, 2023
Researcher Forum
The event is 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.
For content about the previous event, please visit our publication website.
19 February, 2024
Advice Practitioner Summit
The Professional Planner | Financial Planning Association Advice Practitioner Summit taps into the experience and insights of practice owners, principals, consultants and other industry participants to deliver leading-edge thinking on financial planning best practice.
Email to register now.
For content about the previous event, please visit our publication website.
Education
Value of advice ‘number one skill’ not taught in university
Tertiary education in financial advice builds the foundational knowledge base to enter the profession. A group of advice students at the FAAA congress heard the one essential skill they will have to pick up outside of university is how to articulate the value of their services to clients.
Chris DastoorNovember 20, 2023
Profiles
Marisa Broome: Driving better outcomes for all
The former FPA chair was awarded life membership from the association last November, an achievement that typified the dedication and commitment through voluntary roles to drive the profession forward.
Nina HendyApril 6, 2023
Profiles
Kyle Brown: Building an advice practice down south
Despite being based in Tasmania, building a strong local reputation has to led to enquiries from potential clients in Melbourne and Sydney seeking out Kyle Brown.
Nina HendyDecember 19, 2022