New research reveals how financial planners can help to get clients’ thinking into gear
A review of financial literacy programs shows that many are not producing the results hoped for. In March this year the Beddoes Foundation – a new not-for-profit organisation affiliated with the Beddoes Institute – launched the Getting Sorted study to underpin the design of two new financial literacy initiatives. We wanted to find the missing
July 09, 2015
IOOF head admits issues of misconduct were withheld from the regulator
IOOF’s chief executive Chris Kelaher has confirmed the company did not lodge ASIC breach reports for a number of issues, despite evidence of misconduct inside its research division. Kelaher fronted the Senate Economics References Committee in Macquarie Street, Sydney yesterday, facing stiff questioning about his knowledge of alleged misconduct within its research division. The Senate
July 07, 2015
Consensus, consultation and compromise: Josh Frydenberg maps out the road ahead for the financial planning profession
In March this year the Assistant Treasurer Josh Frydenberg hosted a roundtable to thrash out the issue of “consumer outcomes” arising from the multiple and overlapping regulatory reviews of financial planning currently underway. On the one hand, Frydenberg managed to get together 20 different and disparate groups to discuss the issue – a triumph of
July 07, 2015
Content is king for this start-up financial planning venture
As his financial planning business celebrates its first year, the founding principal of Canopy Private Wealth credits an unlikely tool for much of his success. Sourcing clients is perhaps the most commonly cited challenge for new planning businesses. Chris Bates, founder and principal of Canopy Private Wealth has attracted many of his clients through content
July 05, 2015
Even the best financial planning ‘marriages’ keep some things separate
After a merger or acquisition, some financial planning businesses choose to combine their separate compliance frameworks. But in the case of Australian Unity’s and Premium Wealth Management, the distinction between the two systems is being deliberately maintained. This is because the two Australian Financial Services licensees offer quite different services for their clients and advisers
July 05, 2015
Integrated compliance is the final step for Matrix and Clearview
Merging two separate compliance frameworks is among the final stages of ClearView Wealth’s acquisition of Matrix Planning Solutions, says Todd Kardash, chief executive officer of the combined dealer group business. The $20 million takeover of Matrix was first announced last September. Since then, the two Australian Financial Services licensees’ financial systems and marketing arrangements have
July 02, 2015
You can’t stop the march of a ‘greying’ client base, but you can leverage its impact
As Australia’s population continues to get older, so will its financial needs change and evolve. Herein lies the dual edged sword of opportunity and threat for most financial planning businesses. Consider the following key findings from the latest Business Health database: The clients 53 per cent are 60 years of age or older Almost 50
July 02, 2015
Attempting a do-it-yourself response to risk product design
The traditional risk product development process is defined by a top-down approach, extending from the life insurer to the financial planner or risk adviser and only then to the consumer. Insurers insist that consumer and adviser feedback heavily influence their product design. However, the fact remains that most Australian financial services (AFS) licensees and planners
July 02, 2015
A new kid on the block takes the planning software fight to XPLAN, Coin
New home-grown financial planning software provider Adviser Intelligence claims it can help planners become up to four times more efficient – just as ASIC begins policing compliance with the controversial opt-in provisions. It launches the first of its three major modules next week, starting with the Future of Financial Advice (FoFA) module. This will be
June 30, 2015
Closing the behavioural gap in life insurance advice
Financial planners focusing on risk advice – and life insurers themselves – should heed developments in the direct life insurance space. While much of the recent reporting on life insurance advice has focused on advice and how planners are remunerated for this, retail life insurers also need to up their game, as Professional Planner wrote earlier this
June 30, 2015
ETF growth is outstripping the momentum of unlisted funds
The global market for exchange-traded funds (ETFs) will soon top $US3 trillion ($3.7 trillion), having exceeded $US2.9 trillion at the end of the first quarter, 2015. While this is overwhelmingly concentrated in North America – some $US2 trillion resides in the US – almost $US120 billion of this total is held in the Asia-Pacific region. ETFs
June 30, 2015
Dealer group expansion underpins an ambitious growth plan for Linchpin
Linchpin Capital, comprising a financial planning dealer group, multi-sector institutional investment management firm and research house, is embarking on an ambitious growth plan, according to executive director Paul Nielsen. The firm’s financial services division, The Financial Link Group (TFLG), currently owns Australian Financial Services licensees Beacon Group and Risk and Investment Advisors Australia (RIAA), which
June 28, 2015
