Declining adviser exam pass rate hits new low
In June 2019 the inaugural FASEA exam had a pass rate of 90 per cent. The first undertaking with oversight from the corporate regulator has seen only 32.4 per cent pass as the downward trend of the pass rate continues into the ASIC era.
March 25, 2022
BID leaves advisers in awkward position of comparing SMSFs to APRA funds
Acting in the best interests of SMSF clients means understanding the YFYS performance test and doing comparable measures according to SuperConcepts. With the SMSF sector being larger than the Choice sector, the possibility of a similar test being applied to SMSFs can’t be discounted.
March 24, 2022
House price growth a drag on decumulation strategies
While retired Australians draw down their bank balances the value of their houses continues to grow, which means they aren’t sufficiently drawing down their full wealth during retirement according to research from the Productivity Commission.
March 24, 2022
ASIC and the Irish lead global financial services retail market study
The Australian and Irish securities regulators have teamed up to combat global trends such as gamification techniques, the rise of retail trading and "gambling-type investment opportunities".
March 23, 2022
Levy appointment seals it: Advice quality review will be about anything but
She's incredibly well respected, a top-flight financial services lawyer who moved to Allens in 2014 and promptly won partner of the year. But is a "distribution of financial products" specialist who makes her bones representing funds, banks and other corporate entities the right person to lead a review into the quality of financial advice? Probably, if quality isn't the priority.
March 22, 2022
BID and YFYS guidelines a balancing act for advisers
YFYS benchmarks will be applied to choice super products in June, and with many of these options available on retail super platforms advisers can expect a barrage of questions. According to Annika Bradley, balancing best interest duty with guidance from the regulator will be key.
March 22, 2022
Finfluencers warned: ‘You’re going to need a licence even if you’re not being paid’
ASIC's head of markets has delivered a strong message to finfluencers who skirt the Corporations Act's guardrails on financial advice. Get a licence or go to jail, Greg Yanco says, adding that the phrase "this is not financial advice" won't save them.
March 21, 2022
Most advisers now using managed accounts: Research
A decade ago only 16 per cent of advisers used managed accounts but the ease of use during market volatility has meant now 53 per cent have found it preferable according to research from Investment Trends and SSGA.
March 21, 2022
Turnaround times for SOAs ‘not a difficult problem to solve’
With statements of advice under the microscope of the Quality of Advice Review, fixing the "12 to 30 hour" SOA creation process should be low-hanging fruit according to Coredata's Simon Hoyle and Paul Barrett from AZ NGA.
March 18, 2022
ASIC’s ambitious goal to give advice to Australia’s youth
Under 21s are the cohort least expected to access financial advice, but the corporate regulator has launched an initiative it hopes will improve the financial literacy of Gen Z.
March 18, 2022
Why life insurance is the Brussel sprouts of financial services
The regulators may not like it, and advisers may also be uncomfortable with the suggestion, but advisers are life insurance ‘sales’ people. That’s not an insult, writes Paul Moran.
March 17, 2022
