‘Advisers are ready for this’: Time to focus on the retirement framework
Providing quality outcomes for Australians in retirement requires more coordinated thinking and a collective push for a retirement advice framework to become mainstream. With a greater sense of urgency, a group of influencers in wealth management bring their next-level thinking to the table.
March 02, 2021
Jones doubles down on risk commissions ban stance
The shadow financial services minister reaffirmed his bias against insurance commissions and all but vowed to eliminate anything resembling conflicted remuneration out of the industry if Labor wins the next federal election.
March 02, 2021
Calls grow for the term ‘advice’ to be reserved for personal use
Representative bodies question why the terms general advice, intra-fund advice and even robo-advice are still being used. But after being bandied around by stakeholders from all corners, the issue has failed to really pique the interest of policymakers.
March 01, 2021
5-year adviser jail terms hang on unwritten rules
Treasury will decide on new record-keeping obligations for advisers after the related Bill’s passing, which means not only further delay but a lack of parliamentary scrutiny. The tactic is part of a broader strategy by the government, according to Mills Oakley partner Mark Bland.
February 26, 2021
65K advice support staff like ‘pink unicorns’, recruiters say
Advice recruiters say the days of paying support staff peanuts are over. For successful, busy advisers who need client service managers that know their way around Xplan and can implement an SoA the going rate is now $80K and up. "Support staff aren't just traditional administrators any more," says Profusion's Kimberley Wenn.
February 25, 2021
IOOF’s spinning door: 140 advisers to go as MLC cohort onboards
Despite wanting to bring on "the majority" of MLC advisers, IOOF CEO Renato Mota said the group will reduce its self-employed network and focus on making the group more sustainable and profitable.
February 24, 2021
$1 billion the ‘magic number’ large advice firms want in managed accounts
Investment heads from Shaw & Partners, AMP and Clearview had a candid discussion about how much FUM is enough to make a managed accounts program viable, how many models are appropriate and what success ultimately looks like.
February 23, 2021
Put the term ‘financial adviser’ on a pedestal: Hoyle
It's still too easy for those who don't know the term 'financial adviser' is enshrined in law to bandy it around incorrectly, Simon Hoyle says. There’s no record of a financial adviser, current or ceased, called Melissa Caddick on ASIC's register, nor does she appear on the register of disqualified persons.
February 22, 2021
Over 480 submissions on advice access consultation received: ASIC
ASIC Commissioner Danielle Press said the corporate regulator has received over 480 submissions to its consultation on advice accessibility, with advisers themselves sending the bulk of feedback.
February 22, 2021
Law reform commission skewers Corps Act with comedy skit
The three-page script is described as a "light-hearted dialogue" between the concerned parents of the Corporations Act, who chastise the adolescent document for getting fat, hiding legislative documents under the bed and using obscure definitions like "simple corporate bonds depository nominee".
February 19, 2021
‘We have lost the plot a bit’: Michael Rice on advice regulation
The influential policy specialist has called for the Financial System Reform Act to be completely rewritten, noting that legislation has not kept up with technology and changes in thinking, particularly among the next generation of clients, during a panel discussion at the SMSF Association national conference.
February 18, 2021
Glenfield: Treasury free to rejig Code of Ethics
The ethics and education authority's CEO said it would be "fair" for Treasury to rethink the code's seven standards, and as part of the transition FASEA will make sure all submissions out of the Code of Ethics industry consultations are handed over for consideration.
February 18, 2021
