High fees, happy members: Small funds score on sentiment
The only thing large funds scored higher on was apathy; when given a list of things that members can do to prepare for retirement such as reading information or visiting a financial planner, 35.8 per cent of large fund members had done nothing compared to 27 per cent of small fund members.
June 17, 2021
Corps Act split would separate companies from consumers: ALRC President
The ALRC president explained how lifting Chapter 7 from the Corps Act would separate consumer protection obligations from company lifecycle regulation, which would both improve navigability and reduce complexity.
June 16, 2021
Time to take individual adviser registration seriously: FPA
The time is "absolutely" right for the financial advice industry to start discussing the prospect of individual adviser registration and think pragmatically about what that means according to FPA chief Dante De Gori.
June 16, 2021
The quid pro quo morality test for advisers
A new research project out of WSU will chart the moral development of advisers and clarify how FASEA's mandate has influenced moral awareness in the industry. Unlike the exam, however, the test will provide detailed feedback back to advisers.
June 11, 2021
HUB24, IOOF ready to fill the technology ‘gap’ left after WEXIT
The big banks’ collective retreat from wealth management left a giant void in terms of investment in technology and infrastructure. Given tech has been pegged as the saviour of advice, it’s up to platform providers like HUB24 and large groups like IOOF to take up the reigns.
June 10, 2021
The quiet leadership group behind licensees
They eschew publicity and don't want to become "another voice" representing advisers, but this group of licensee notables is meeting regularly to not only discuss the challenges before them, but see if they can figure out a few solutions.
June 09, 2021
FPA/AFA merger ‘the choice of members’: De Gori
Members will ultimately guide the fortunes of the major associations, the FPA's chief executive said, but a merger with the AFA is unlikely given the nuanced views of the respective cohorts. For now, increased collaboration and a united front in Canberra remain the priorities.
June 08, 2021
Hanrahan: Updating retail/wholesale client definitions ‘urgent’
All household investors should be afforded the same basic protections rather than the "artificial dividing line" the current definitions create, argued the lawyer and academic who advised Hayne at the royal commission.
June 08, 2021
Professionalism: Be careful what you wish for
ALRC President Hon. Justice Sarah Derrington warned guests at the 2021 Licensee Summit that if increasing professionalism is an aspiration for the advice industry, it should also be prepared for the extra focus on fiduciary duty that will come with it.
June 07, 2021
Same language, different dialects: Advice industry wasting energy on ‘competitive parity’ elements
Industry participants are expending energy on things like unique fact finds and legal interpretations that add no value to the client, panellists argued, without focussing on what really adds a comparative advantage – the advisers.
June 07, 2021
Licensee Owners List 2021: Licensees in motion
Look past the gaudy exodus numbers and it becomes clear a new shape to the advice industry is emerging. Existing models are being upended, regulatory boundaries are being redrawn and the very purpose of licensing is being reimagined. Amidst the fragmentation, a new crop of licensees are emerging that are unencumbered by the past and looking to the future.
June 03, 2021
