$24,716: What professional advice would add to GDP per person
A new report from CPA Australia and CoreData has used modelling to put a number on just how beneficial financial advice, accounting and broking services are to consumers and the country.
November 26, 2020
‘We did not overpay’: IOOF chair on MLC purchase
IOOF chair Allan Griffiths and CEO Renato Mota stared down dissenting shareholders and defended the group's MLC acquisition, as well as its plans to handle vertical integration while managing conflicts.
November 25, 2020
Outdated sophisticated investor rules increase ASIC’s load
As the corporate regulator fights to curb mislabelling of financial products, senior executive leader of investment managers Rhys Bollen highlights how 20-year old wholesale investor benchmarks are giving suspect product providers a broader base to work with.
November 25, 2020
IOOF wins over Godfrey Pembroke after 3-month courtship
GPL has accepted IOOF’s offer to migrate onto one of its rebranded licences, with the “vast majority” of advisers on board. “We’re not exactly married yet but we’re getting to know each other,” says Harry Mantzouratos, director of GPL’s Practice Development Group.
November 24, 2020
ASIC’s adviser reference check protocol put to industry
Hayne called it the ‘rolling bad apple phenomenon’; advisers hopping licensees without being subject to standardised reference checks. With a Bill dangling before parliament giving ASIC the right to determine new protocols, the regulator has asked stakeholders for their view.
November 19, 2020
‘Not one skerrick of pressure’: IOOF touts clean synergy model
As head of research at the nation’s largest wealth manager, Matt Olsen has a bird’s eye view on IOOF’s massive scale play. Despite the obvious benefits for IOOF in maximising its synergies after the MLC acquisition, he says the team remains ‘completely’ product agnostic.
November 18, 2020
ASIC asks advisers: How do we fix scaled advice?
The corporate regulator’s consultation paper on scaled advice provision is an acknowledgement that the current regulatory framework for advice doesn’t work. But it’s also an indication that ASIC is more willing than ever to work with advisers to find a solution.
November 17, 2020
Advice-tech an act that must be balanced
Technology is merely a facilitator in advice, says Praemium's Martin Morris. If advisers have 15 service providers but an inadequate client framework, they can end up being the tail that's wagging the dog.
November 16, 2020
Time to embrace Code of Ethics and get on with it
With failed leadership and associations that act more like medieval guilds, professionalism was always going to be a struggle for the advice industry according to Robert M.C. Brown. But a growing cohort of advisers embracing the Code of Ethics are paving the way for the industry to become as trusted as it is profitable.
November 13, 2020
