Simple steps can save a lot of money for financial planners seeking PI insurance
Simple steps taken to document processes and business history can significantly improve an independent financial advice (IFA) firm’s ability to obtain the most appropriate and cost-effective professional indemnity (PI) insurance. Oscar Martinis, a senior partner in the insurance broking firm McDougall Kelly & Martinis, says arranging PI cover effectively requires effective communication with underwriters. “When
December 10, 2015
Financial planning would be well served by dedication to the professional ideal
Sir Anthony Mason, a former Chief Justice of the High Court of Australia, says he has no doubt that financial planners ought to aspire to professional status. Mason, who is also the patron of the SMSF Association, says some occupations have sought to organise themselves as professions and have often been motivated to do so
December 10, 2015
One code of ethics to unite them all – and why the government should resist diluting existing standards
Treasury estimates that the cost of compliance with new ethical, professional and education standards for financial planners will exceed $165 million. This seems like a lot of money when much of what needs to be done has already been done. How it arrived at this figure isn’t clear, but on the face of it, it
December 09, 2015
Saving, budgeting and cashflow management lead to improved client outcomes, risk-free
Advisers who want to make a real difference in their clients’ lives can’t rely solely on something as unreliable and volatile as investment performance, especially in the prevailing low growth, lower return environment. Investment management and strategic asset allocation may add an additional 1 or 2 per cent to a portfolio’s performance over time, which
December 09, 2015
Giving thanks for a shift in the spending patterns of the all-important US consumer
Perhaps we should blame FDR. Lobbying by retailers persuaded the US president to shift Thanksgiving forward a week in 1939 so that the new breed of US consumer could fit in another week of spending before Christmas. He may well have been appalled if he’d lived to see the orgy of consumption that his decision
December 09, 2015
Australia’s leading financial planner calls for abolition of vertical integration
The 2015 Financial Planning Association (FPA) Certified Financial Planner (CFP) Professional of the Year says vertical integration must be abolished so the financial planning industry can truly put its clients’ best interests first. VISIS Private Wealth founding partner Christopher Smith says a higher minimum requirement for education must make it more difficult for individuals to become
December 06, 2015
Will robo advice spell an end to your job as you know it?
In their quest to find clients, we see robo-advisers as being as disruptive to the financial services sector as Uber is being to public transport. Uber is a great example of something that was made possible by the internet. Without the net, Uber simply could not be. And yet, the internet alone did not change
December 06, 2015
Beyond FoFA: The Ripoll Effect will be felt in financial planning for decades to come
When Bernie Ripoll set sail on an inquiry into financial products and services in Australia back in 2009, he had no idea where it would eventually take him. Looking back, he likens the experience to being an explorer: setting off into the wild blue yonder, and discovering what’s there. As chair of the Parliamentary Joint
December 06, 2015
Suncorp advisers face April deadline for ‘big decisions’ on new licensing options
Around 170 advisers will spend Christmas mulling their future after Suncorp Life’s shock decision to launch a six-month transition out of its self-employed, aligned adviser networks, Guardian Advice and Suncorp Financial Planning. The advisers are believed to be surprised at the decision which gives them until mid-next year to find an alternative future. The company
December 03, 2015
SMSFA aims to translate technical skills into better businesses, and bridge the auditor training gap
Translating technical expertise into better businesses and more content aimed at addressing a gap in continuing professional development (CPD) for self-managed super fund (SMSF) auditors are two key themes of the 2016 SMSF Association National Conference, to be held in Adelaide in February. “We’ve really amped up the auditor content; and … we’ve got more
December 03, 2015
How to find a sense of balance that will benefit you – and your clients
I am sure that many readers are looking forward to holidays at the end of the year, and I understand the appeal of holidays and the feeling of being refreshed and re-energised as a result. But my aim here is to challenge you to think about how you can obtain that sense of rejuvenation after
December 03, 2015
2015 Professional Planner Dealer Group Research Forum – Photo Gallery
December 02, 2015
