Government finalises approach on ethics, education and professional standards amid ‘strong consensus’
A “strong consensus” is building on key aspects of recommendations put forward by a Parliamentary Joint Committee inquiry to raise the level of professional, ethical and education standards in financial planning, according to the Assistant Treasurer Josh Frydenberg. Frydenberg said the government is close to finalising its approach to the PJC recommendations, but recognises that
August 26, 2015
‘Trust me – I’m a financial planner!’ What really matters between adviser and client
Establishing trust is fundamental to healthy long-term client relationships, but assessing the depth of that trust goes well beyond simple client ratings, and even beyond measures of how likely an existing client is to refer a new one. Consumers have a greater number of ways now than ever before to rate the performance of financial
August 25, 2015
Industry super mega-fund targets digital advice to meet potential demand
AustralianSuper aims to substantially boost its level of digital advice engagement with members over the next 12 months, according to a senior member of its advice team. “Traditionally industry funds have had a very high level of disengagement…but we are starting to see, as people are in the system a bit longer, that’s starting to
August 25, 2015
How advisers can tap into overconfidence bias for new client opportunities
Overconfidence is the natural enemy of the self-directed investor. It tends to lead to higher risks and lower returns. For advisers, overconfident investors present both a challenge and an opportunity. From a behavioural finance perspective, overconfidence means we tend to under-estimate the level of uncertainty in our decision-making. Overconfidence becomes particularly dangerous when paired with
August 25, 2015
‘Most trusted’ adviser network grows as Beddoes revisits adviser-client relationships
The Most Trusted Adviser Network (MTAN) has grown to 112 as network’s creator, Beddoes Institute, expands the criteria for inclusion on the network to include other aspects of trust within adviser-client relationships. The new Adviser Trust! Score (ATS) builds on the recognised Net Promoter Score (NPS), which measures a client’s propensity to refer others to
August 24, 2015
Strategies to reduce retirement income uncertainty amid market volatility
It is impossible to give clients absolute certainty about their retirement income, but setting policies ahead of time can manage the risk, according to Michael Kitces, partner and head of research, Pinnacle Advisory. “I can’t quite give you certainty…but we can articulate what the actual plan is going to be. “It becomes a means of
August 21, 2015
Constructing a Statement of Advice (SoA): A story runs through it
Kayaking on the Maribyrnong River three years ago with a friend, a financial adviser, our conversation turned to work. We spoke of some of the less than favourable qualities of Statements of Advice (SoAs) – lengthy and repetitious, “clunky” to read and non-specific. We asked: ideally, if an SoA contained nothing else, what would you
August 21, 2015
A risk advice specialist opens its eyes to opportunities in the direct channel
A hybrid model of direct and brokered life insurance distribution adopted by some risk providers in England has attracted the attention of Wayne Handley, managing director, Bombora Advice. The head of the risk-focused Australian Financial Services (AFS) licensee observed the model being used by a number of insurers during a UK study tour he conducted
August 20, 2015
Senior financial planner wins 2015 Certified Investment Management Analyst (CIMA) scholarship
A senior financial planner with McPhail HLG Financial Planning, David Graham, is the winner of the 2015 BlackRock/PortfolioConstruction Forum Certified Investment Management Analyst (CIMA) scholarship for retail research analysts and consultants. The scholarship, valued at about $7000, enables Graham to undertake the CIMA course – the core program of the Investment Management Consultants Association Australia
August 20, 2015
Value of financial planning shines through in study of super fund members’ readiness for retirement
Receiving financial advice is a critical factor in addressing the issue of adequacy of retirement savings and confidence in the superannuation system, according to new research published by State Street Global Advisors. The Australian Retirement Vision Survey, published this week, shows there is a link between receiving financial advice and confidence in achieving retirement objectives.
August 18, 2015
Benefits for financial planners from managed accounts centre on strategy, governance and valuation
The benefits to financial planners from using a managed account to deliver an investment solution fall under the three broad headings, a workshop and webinar produced by the Institute of Managed Account Professionals (IMAP) has heard. Dan Powell, head of platform sales and relationship management for managed account provider OneVue told the workshop that a
August 18, 2015
