22 November 2011 14:45
The Financial Planning Association of Australia (FPA) National Conference 2011 tackled the big issues while also taking the time to acknowledge the next generation of financial planners.
FPA chief executive Mark Rantall
FPA Certified Financial Planner Professional Practice Award winner Pippa Elliot, of Momentum Planning (WA)
FPA Associate Financial Planner Best Practice Award joint winner Jim Fenwicke, of Fenwicke Financial Services (NSW)
financial planners, generation, Jim Fenwicke, Pippa Elliot
The Industry Super Network (ISN) claimed for years that their policies would disaggregate product and advice. However the Opt-In policy is clearly damaging to independent adviser businesses, will have little or no impact on bank or fund advisers, and is already leading to the net aggregation of product and advice. Put another way the Opt-In policy discourages ongoing adviser relationships, but encourages transactional advice, which means it encourages transactional product pushing advice by product groups. If the FPA had debated on these points and pointed out this contradiction in the ISN position, then this Opt-In policy could have been avoided. Instead the FPA got wedged into a pointless debate about the dollar cost of the Opt-In correspondence.
Sarah Court, the chair of ASIC, has “some sympathy” for the view that too much red tape is stymying business and productivity growth, but says that won’t stop the corporate regulator from acting swiftly to deal with misconduct in the advice space.
Professional Planner is the leading voice for financial planners where they can learn about industry standards, get news, information, debate and develop new ideas.
We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
Leave a Comment
You must be logged in to post a comment.