Average advice compensation $21,000, AFCA says
Half of the 901 complaints about advisers in the last financial year were resolved by agreement, the authority stated. Of those that progressed to a final decision, 49 per cent were in favour of complainants and 51 per cent in favour of the financial advice firm.
July 13, 2021
Challenging WINIWIMI and the importance of framing
An adviser’s personal communication style and rapport building skills are important for getting the most out of client conversations but there’s something even more powerful, Paul Moran writes.
July 09, 2021
18-year high demand for advice businesses
The advice industry is so much cleaner now that demand for client books far outstrips supply. Despite concerns about a flood of FASEA induced exits, M&A consultants agree that advice businesses have never been more attractive, especially as self-licensed firms look to scale up. "If I had ten businesses to sell I'd sell all ten," Greg Quinn says.
July 08, 2021
Exam extension about giving advisers a ‘clearer run’: Hume
It's not about the numbers, the Minister tells Professional Planner, but about giving advisers that genuinely "had a go" another chance to pass the exam with less disruption. While she understands the frustration of some who've already passed, the government is keen to provide "the appropriate flexibility" to advisers.
July 07, 2021
More RoAs, better guidance: ASIC to move on ‘new initiatives’
ASIC will develop a range of initiatives stemming from feedback to its consultation on access to affordable advice, which confirmed advisers want simpler guidance, more legal certainty and greater use of RoAs instead of costly SoAs.
July 05, 2021
549 advisers gone in EOFY exodus week
Over 500 advisers were taken off ASIC's registry through the final week of the financial year in a deepening of the personnel crisis, with accountants offering SMSF advice under a limited license leading the charge to the exit gates.
July 02, 2021
Business case for retirement needs to stack up
The design and creation of retirement solutions between now and when the government’s slated Retirement Income Covenant comes into effect will have a lot to do with whether the business case for these products stack up, superannuation fund executives have highlighted.
July 01, 2021
Advisers let down by the government: ALP’s Jones
The advice industry has come to a low ebb under the Morrison government, the shadow financial services minister tells Professional Planner. The ALP wants to reset the industry by tackling the advice gap, adviser levies and specialist accreditation – but Jones is keen to hear from advisers on the best way to do this.
June 30, 2021
Widening guidance: The case for more advice in super builds
Funds might tread carefully with their intra-fund strategies but work being done by policy makers and the funds themselves around retirement solutions will open new pathways for advice within superannuation.
June 30, 2021
