In a tumultuous year for the wealth management industry, the themes that stood out are reflected in the stories that resonated most with our readership at Professional Planner.
Change has been a staple through the year. From Hayne’s royal commission recommendations and the implementation of post election reform to the rollout of FASEA’s education mandate and the debate around its ethics standards, the industry has undergone massive upheaval and kept us, as deliverers of industry news and analysis, alert for the issues that matter.
Here are the ten most read stories at Professional Planner online for the 2019, in descending order.
1. FASEA meets advisers halfway on degrees
The authority has released its final mandate for advisers, with a 240-hour shortcut for non-relevant degree holders among the late changes (January 16).
2. IOOF to ditch OSAs for annual agreements
The nation’s second largest licensee owner is getting ahead of likely legislation and rolling out plans to service clients on yearly terms, according to general manager of advice Darren Whereat (August 13).
3. Advisers adrift: The top ten licensees in 2019
The top end of this year’s licensee list is notable for the stalled exits of the big banks and a surge in numbers for limited license advice providers. We pick apart the ups and the downs of this year’s top ten (June 3).
4. The two things ASIC doesn’t want to see from advisers
If the regulator extends its report into conflicts from the big five into smaller practices they’ll be focusing on the two requirements advisers commonly fail, a prominent lawyer says (March 15).
5. Hayne throws doubt over AMP BoLRs
The Commissioner’s view that client fees shouldn’t be seen as a tradable asset by advisers and wealth firms appears to undermine the BoLR-style of agreement (February 6).
6. Advisers to abandon insurance in the face of independence disclosure
The Treasurer’s commitment to introduce legislation forcing advisers to proactively disclose a lack of independence could force many to reconsider their commissions-based insurance offerings (September 16).
7. FASEA’s Code of Ethics should kill percentage based fees
The financial services industry is starting to work out exactly what the FASEA mandatory Code of Ethics means and many won’t like it, including those who think they’re addressing their conflicts by charging asset-based fees (June 24).
8. AMP to amend BOLR terms and cull adviser group
Part of the wealth giant’s billion dollar raising will go towards fixing its legacy issues and “reinventing” its struggling advice division, with fewer advisers plus changes to its buyout scheme (August 8).
9. Industry wrestles with adviser salary levels
The FPA’s assertion that the typical adviser takes home $125,000 has sparked debate around what advisers earn across the industry, and what forces are shaping the numbers (July 19).
10. 2825 advisers gone as migration patterns emerge
New research from Adviser Ratings reveals how many advisers – and licensees – have pulled up stumps in the first half of the year (July 24).
