Why the ‘gold standard’ of independence is not just a label, it’s also good business
The exact birthdate of financial planning is hard to pin down – it wasn’t born, as such, it just sort of evolved. Financial planning’s mother, though, was certainly life insurance – an industry that functions by consumers buying financial products sold to them by an incentivised sales force. The selling of life insurance, however, was
October 18, 2015
On a wet and miserable night in Sydney, we find 20 reasons to be cheerful
On Tuesday on a wet and miserable evening, 20 university students gathered at Zurich’s North Sydney headquarters to put prospective employers through their paces. They were the latest candidates put forward by Alisdair Barr’s Grad Mentor program, which seeks to match financial planning graduates with financial planning employers. While Barr pitches his evenings at employers
October 15, 2015
Why the essence of compliance and efficiency is about doing the right thing, right
In today’s litigious landscape, knowing how to run an efficient business without crossing the compliance line is a necessity. Unfortunately, this line is far from clear or straight. It bends in some areas and in others remains rigid. This is the commercial (and legal) reality with which all practices should come to terms, without fear.
October 15, 2015
Genuine fee-for-service advice is inevitable and it’s the answer to the industry’s prayers
“In the long term I think we’ll be moving to a fee for service for life insurance, the same as superannuation and assets under management businesses…in the long term, it is going to be a fee-for-service world. I’m not giving a prediction of the timing, but in 10, 15 years’ time or whatever, I think
October 15, 2015
CFA Institute urges members to ‘renounce profit maximisation’ and embrace professionalism
The global head of the CFA Institute, Paul Smith, has urged the investment community to embrace professionalism and “renounce profit maximisation” as two critical steps towards restoring trust with investors. Speaking at the CFA Societies Australia Investment Conference in Sydney, Smith (pictured) described the investment management industry as being at “something of a crossroads”. “Trust
October 13, 2015
Fixing poor culture and ethics is key in restoring trust in financial planners
Financial institutions need to be more aware of the organisational cultures they are fostering and how these correlate with compliance breaches, according to Greg Medcraft, chairman, Australian Securities and Investments Commission (ASIC). “Where we’re undertaking front-line supervision and we see a pattern of breaches…not by just one, but a whole series of bad apples, it
October 13, 2015
Photo Gallery: Professional Planner|Zenith Fund Awards 2015
The finalists, the winners and all the atmosphere from the Professional Planner|Zenith Fund Awards 2015 held at Ivy Ballroom in Sydney on October 9. Images by Matt Faches and Phil Carrick.
October 13, 2015
Challenges of translating the industry’s structural shifts into meaningful business actions
At a high level, and most visibly, the factors driving structural change in financial planning, when each looked at in isolation, tell a story of an industry rapidly transforming to a profession, driven primarily by regulatory change. But what is really happening is the structure of the industry is fundamentally changing before our very eyes,
October 11, 2015
Interview For the people: a foot in two camps helps bridge the gap for accident victims
Jane Campbell knows only too well how other professionals view financial planners – specifically, how lawyers view them. As the principal of Aeran, a self-licensed financial planning business established in July this year, Campbell specialises in helping the recipients of accident compensation payments. It is an area of the law that fascinated her as a
October 11, 2015
Professional Planner and Zenith Investment Partners reveal the fund managers of the year
Professional Planner and Zenith Investment Partners today revealed the winners of the 2015 Fund Awards. At an awards event at Ivy Ballroom in Sydney this afternoon, attended by more than 300 of the retail fund management industry’s leading participants, Magellan Asset Management was named as Fund Manager of the Year. The award was accepted by
October 09, 2015
Winds of change drive the ‘unwritten challenges’ of moving to a profession
As the wild winds of change buffet our industry, I’ve been reflecting on what this means for financial advisers and dealer groups. Will today’s advisers be tomorrow’s? If not, where will tomorrow’s advisers come from? Will we have advisers at all, or will the robots take charge? What will the future structure of the industry
October 08, 2015
Study highlights the importance of educating clients on the pros and cons of group life
Clients who opt to rely on group life insurance policies need to fully understand the pros and cons of paying premiums from their super fund balance and the effect of variables such as waiting periods, according to a Rice Warner report released last week. The Group Claims Experience Study reviewed 16 superannuation funds spanning the industry, public, and
October 08, 2015
