How to support your client’s ESG preferences and stay out of ASIC’s way
In the wake of the REST case (where a member took the fund to court for failing to protect his savings against climate change), and FASEA's exhortation that advisers consider the "broader long term interests" of clients, no one can dismiss ESG considerations as a passing fad.
December 13, 2021
ALP looks to wind back advice standards with degree exemption
The proposal could stem the tide of experienced advisers exiting the industry, create more avenues for consumers to access advice and leave more mentors for young advisers to learn from. But it would also be a step backwards for standards and a clear misstep in the industry's journey to professionalism.
December 10, 2021
ASIC creates dedicated webpage for advice
The corporate regulator has published a new web page on its site specifically dedicated to financial advice, which has the stated intention of "consolidating and centralising all financial advice related content" for AFSLs, advisers and affiliates.
December 09, 2021
Standard 3 in perspective: Look to other professions
If the financial advice profession had spent years comparing itself to other professions, it would have been realised that while adviser obligations regarding conflict of interest are certainly more onerous than those borne by doctors and accountants, they are far more lenient than those borne by actuaries. While many in the profession feel singled out, advisers actually land somewhere in the middle.
December 09, 2021
Sarah Abood named new FPA CEO
The Financial Planning Association today announced the successor to outgoing CEO Dante De Gori, with former Profile Financial Services CEO and HOPE Housing Funds Management executive Sarah Abood due to start the role in mid-January 2022.
December 09, 2021
IOOF completes $41B platform migration as mass turns to scale
After a period of expansion that started with the migration of ANZ advisers back in 2018 and involved a concerted period of disruption, the group is understandably pleased to have both its aligned and service-only advisers (or open-market advisers, in IOOF speak) using a consolidated proprietary platform hub.
December 09, 2021
Most expect only ‘basic’ lifestyle in retirement: Challenger
Despite our world-class retirement system most people don't anticipate a comfortable retirement and would be open to annuity-type products according to provider Challenger, which is touting the results of a new survey as validation of concerns that led to the Retirement Income Covenant's development.
December 07, 2021
ALRC tears up the advice regulation playbook
The interim report is the most significant document the industry has seen since Hayne's set of recommendations, with its proposals to revamp terminology and separate advice from product likely to change the foundations of the industry. Two lawyers heading up the commission's examination of the Corporations Act explain.
December 06, 2021
QSuper and Sunsuper merge to create ART
The nation's largest superannuation fund will be called Australian Retirement Trust (ART) according to a media release from Sunsuper, which will merge with QSuper to create the $230 billion pension behemoth from the end of February next year.
December 06, 2021
Over 2000 advisers down in 2021: Wealth Data
The advice industry passed a grim milestone this week, with the net total of advisers to come of the Financial Adviser Registry pushing past 2,000 for the first time.
December 03, 2021
ASIC re-paints the limited advice field lines
With this information sheet, ASIC has tried to re-paint what many see as the faded boundary lines of limited advice. Nothing substantially new, but a reaffirmation of the relevant parameters to give advisers and licensees the confidence to use the full length of the pitch.
December 02, 2021
