Best interests duty reform may not boost scaled advice, warns lawyer
The Albanese Government says removing the catch-all – paragraph (g) – from the best interests duty safe harbour in the financial advice laws will enable the provision of scaled advice around the country. But lawyer Paul Derham of Holley Nethercote says amending the contentious clause will not necessarily have the intended effect.
ASX listing has costs, but licensee heads see benefits in flexibility
The heads of Centrepoint Alliance, Count and WT Financial Group tell Professional Planner that being listed on the Australian Securities Exchange is a double-edged sword, subjecting them to public scrutiny, but bringing the benefits of greater flexibility in funding acquisitions than unlisted businesses generally have.
Industry veteran Helmich honoured for contribution to global profession
The former executive director of AMP’s advice businesses, Steve Helmich, has been recognised by the global financial planning standard-setting body for his contribution to raising standards around the world.
Changes to the Privacy Act impacting financial advice firms
The Privacy Act is changing on 10 December, and advice practices must include in their privacy policy all ways in which a “computer program” is being used to make or inform decisions that have a significant impact on a person’s rights and interests.
RMIT students take out two of top three places in 2026 University Challenge
The Entireti University Challenge – established 16 years ago by AMP – continues to attract strong support from students around the country, with 91 teams from 13 tertiary institutions taking part this year. Entireti chief executive officer Neil Younger says the competition showcases the “high calibre of talent coming up through our universities and tertiary education institutions at a critical time for the profession”.
FSCP decision reveals an underrated benefit of association membership
The financial adviser code of ethics requires advisers to uphold and promote professional ethical standards and hold each other accountable for protecting the public interest. This can be harder for advisers working in isolation or with restricted peer contact, and limited insight into how others operate.
Class action against Macquarie echoes soon-to-be-eliminated ‘but for’ determinations
A class action against Macquarie Investment Management over its role in the collapse of the Shield master fund claims it should compensate investors for investment returns they missed out on by not being invested somewhere else. It echoes the controversial “but for” determinations made by AFCA, which from June next year will be eliminated.
Industry
1
FAAA board elections attract 18 candidates for three board seats
Voting for three seats on the board of the Financial Advice Association Australia has opened, and a total of 18 candidates have put up their hands. Results will be announced before the association’s annual general meeting in November, which will also be when chair David Sharpe hands over to Michelle Vietch.
How advisers can avoid the ‘tailors’ fate’
When a long-established bespoke trade mistakes disruptive technology for a productivity tool, change can remain barely noticeable until it suddenly explodes. The “tailors’ fate” holds a warning for advisers who assume personal client relationships will remain king and protect them from upheaval.
M&A and push to reduce fees driving great ‘investment menu clean-up’
Advice and wealth management firms worldwide are undertaking a great “investment menu clean-up”, driven by M&A, a desire for stronger investment conviction and lower client fees and, in Australia, renewed regulatory scrutiny of product failures.
Researcher Forum
This is the flagship event dedicated to the governance and construction of investment portfolios by financial advisers in Australia. It brings together influential stakeholders including research houses, asset consultants, platforms, licensees and responsible entities to debate best practice in investment research, advice and managed accounts.
Advice Policy Summit
This event is open to CEOs and senior leaders of financial planning licensees, dealer groups and boutique advice firms, along with C-suite executives in superannuation funds with oversight of advice, education and guidance.
Ways advisers can give clients the aged care advice they need
Assyat David, co-founder of Aged Care Steps, says more clients are asking about aged care, and advisers must decide whether to build the expertise in-house or outsource it to serve their clients well.
Industry
1
So long and farewell
Several months ago, I made the difficult personal decision to step down as Professional Planner editor. While I look forward to my future plans, it has been bittersweet to leave behind a masthead I have loved leading and a financial advice profession I have great respect for.
Risk
1
How pro bono advice delivers a helping hand in tough times
Navigating the world of insurance claims can be daunting, especially for people facing significant health or financial challenges. Financial adviser Natalie Lackner volunteered for the Pro Bono Financial Advice Network to help those in need secure access to advice.
Regulation