‘Regulating the crap out of it’: More to advice than consumer protection
It’s understandable that regulators want to focus on consumer protections, says 34-year adviser and ex-FASEA director Deborah Kent. But with so many layers of compliance over the provision of advice, advisers just aren’t being trusted to be the professionals they’re trained to be.
April 22, 2022
Emerging affluent ready for advice, but not ongoing fees
They’re young and high-earning – the emerging affluent are a rich vein of potenital clients for advisers. There is just one issue: a majority preference for flat fees means their interests may not be best aligned with many advice service models.
April 22, 2022
Concern grows ‘hollowed out’ Treasury not up to advice review
Treasury is full of smart people, industry association heads agreed, and the Quality of Advice Review will be led by the seriously capable Michelle Levy. But there is a current of concern that the government's economic think tank isn't what it used to be, and too out of touch with the modern advice process to effectively shape its future.
April 21, 2022
Labor lays out financial services credentials
Instead of going on attack mode, Labor used its address to highlight what it believes it can bring to advice and superannuation. The shadow treasurer and financial services minister both pledged to protect the SG rise as well as advocating for less change in the industry.
April 21, 2022
Hume’s promise: ‘No new taxes on super’
While touting the government as an ally of the SMSF sector, superannuation minister Jane Hume has promised to maintain “certainty” in the industry and guaranteed no new taxes on superannuation.
April 20, 2022
The rise of the ‘validator’ advice client
Increasingly vocal investors are more likely to come up with their own ideas and look to an adviser for a second opinion only according to Investment Trends’ Irene Guiamatsia, with over half of HNW investors personas now classified as “validators”.
April 20, 2022
Dixon Advisory AFSL suspended with ‘most’ clients transferred
Informed that the majority of clients have transitioned to alternate financial services providers of their choice, Dixon Advisory’s Australian financial services licence has been suspended by ASIC. Additional licensee conditions have been added while remaining clients are transitioned out of the group.
April 19, 2022
‘Think like ASIC’ to pass adviser exam
It’s important to consider the corporate regulator’s perspective when sitting the adviser exam as it has a “specific role they see for themselves” according to Griffith University financial planning lecturer Katherine Hunt.
April 19, 2022
Less educated advisers had poorer client relationships: Research
Advisers with lower education (below a bachelor's degree) saw no change in perceived relationship quality, but highly educated and high-income financial advisers did. The study released this week compared results from 2009 and 2016 during the tumultuous period covering FoFA reforms.
April 14, 2022
Advice value proposition hinges on scalable delivery methods: AMP
While better messaging remains a key element to bolstering advice, the industry will struggle to make its value clear without adapting to client needs by making episodic advice commonly available according to AMP’s Matt Lawler. To do so, however, Letters of Advice must sit astride SoAs as a standard advice delivery method.
April 13, 2022
‘No brainer’: Post-RC reforms drive advice group merger
Akambo Financial Group has merged with First Financial, combining 110 staff and 3,000 clients across Australia with $3 billion in funds under management. Scale and business efficiencies required in the post-Hayne royal commission regulatory landscape are the motivators for the move, which may not be a one-off for the combined entity.
April 13, 2022
