Should the flavour of a superannuation fund affect the approach to its governance?
What is the preferable governance structure for a superannuation fund? Is it one where all the trustees of the fund are members, or one where no more than two-thirds of the trustees are members? The answer is: it depends on what flavour of fund we’re talking about – self managed super funds (SMSFs) regulated by
June 28, 2015
Centrelink and a matter of (private discretionary) trusts
Years ago, there was great sport in reducing assets to qualify for social security – and discretionary trusts were at the top of the playlist. However, all good things come to an end, and legislation was changed in 2002 to capture income and assets from private discretionary trusts. The flexible nature of discretionary trusts made
June 28, 2015
Industry hails ‘sensible outcome to complex reforms’ as Frydenberg backs retail life insurance proposals
A revised package of life insurance reforms endorsed yesterday by the Assistant Treasurer Josh Frydenberg has been described by key industry players as a practical and workable compromise to satisfy the interests of competing groups. “This is a sensible outcome to what are quite complex reforms,” says Mark Rantall, chief executive officer of the FPA.
June 25, 2015
COVER STORY: Commissioned to create a united industry response, was the Trowbridge report a stitch up?
The divided reaction to the release of the Trowbridge Report’s final recommendations has perhaps been best illustrated in the way the Financial Services Council (FSC) and Association of Financial Advisers (AFA) have responded. Despite having jointly formed the Life Insurance and Advice Working Group (LIAWG) – headed by high-profile actuary John Trowbridge – in response
June 25, 2015
Risk advisers will now face the same challenges as other small businesses
Risk practice principals will become more like other small business owners if the proposed changes to life insurance advice are enacted, says Michael Rice, chief executive officer, Rice Warner. “In a way, it’s similar to any other business: you put the work in at the start, and only get the return later on. They’re going
June 25, 2015
Former FPA chair calls time on a 17-year financial planning career, looks for fresh challenges
The former chair of the Financial Planning Association (FPA), Matthew Rowe, is calling time on a 17-year career in financial planning, and has resigned as managing director of the Adelaide-based financial services group Hood Sweeney. Rowe will depart in August to study at the prestigious Harvard Business School in the US before returning to Australia
June 23, 2015
A Greek tragedy or not? Responding to client queries about market events
As the media hype around a potential “Grexit” (a Greek exit from the Eurozone, for those living under a rock) nears its peak, many financial planners will field client questions about how it will affect them. Regardless of how the situation is resolved, the level of client interest and the detail of their questions highlight the
June 23, 2015
Life after Genesys as duo break the dealer group mould
Two former Genesys Wealth advisers Dieter Tode and Travis Martin have set up their own financial planning business inside Perth-based practice The Wealth Designers (TWD). Tode and Martin, co-principal planners of the business, met while employed at Wealth Plus Solutions, formerly an authorised representative of Genesys before the AMP licensee was wound up in February.
June 19, 2015
Historically low interest rates prompt a re-examination of investors’ options for income
In May, when the Reserve Bank of Australia cut official interest rates to the historically low level of 2 per cent, most attention naturally focused on the impact the cut would have on the cost of repaying a mortgage. Some, but considerably less, attention was paid to the impact on investors relying on income from
June 19, 2015
Steve Helmich: don’t just change your own world, change the total world
When Steve Helmich walks out of AMP’s Circular Quay headquarters in Sydney in September, he’ll wave goodbye to a place where he’ll have worked for 41 years, nine months and one day. During that time, Helmich has driven significant change within AMP itself and the way its financial planning businesses are structured and how they
June 18, 2015
An IFA’s novel, fee-based approach to serving low-complexity clients
Both clients and entry-level financial planners are benefiting from a flat fee, bells-and-whistles free advice model being offered by Roskow Independent Advisory, says co-director Neil Salkow. In terms of client numbers, around 20 per cent of Roskow’s client base are signed up to the Adviser Access program it rolled out around six months ago, though
June 18, 2015
