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Industry
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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.
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.
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.
Industry
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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.
Regulation
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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.
Regulation
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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. 
Opinion
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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.
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.

Listen to our new Ethics for Advisers series

On Practice
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Managed Funds
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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.
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.
Upcoming events
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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.
Profiles
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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.
Profiles
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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?