The ‘Volkswagen of financial services’ revs up as Findex drives efficiency gains from acquisitions
It was the former French president Charles de Gaulle who is reported to have asked: “How can anyone govern a country that has 246 different kinds of cheese?” Governing any entity – a nation or a corporation – that is so disparate and diverse is a challenging proposition, and it’s the kind of situation facing
April 27, 2015
An insider’s perspective on the Trowbridge process and its next steps
The sole financial planning practitioner involved in the Trowbridge review of life insurance advice has given some insight into the process and what happens next. Jeff Thurecht is a director of Evalesco Financial Services, a Centrepoint-licensed practice and also NSW and ACT state direct of the Association of Financial Advisers (AFA). Particularly during the latter
April 27, 2015
Financial planning industry leaders to gather to address biggest issues facing the profession
Following calls by the Association of Financial Advisers for financial planners and licensees to “make their own moves” to address recent concerns raised by regulators and policymakers, the heads of leading financial planning dealer groups and licensees are set to gather in June to grapple with a range factors that will shape the future of the financial
April 27, 2015
Embattled bank’s financial planning operation will report all adviser departures
All financial planners who exit National Australia Bank Wealth (NAB Wealth), and the reasons for their departure, will be reported directly to the regulator – a first for the sector – according to the head of the bank’s wealth operation. The measure is aimed at weeding out ‘bad apples’ from the overall sector, exceeding the
April 24, 2015
‘Paedophile priests’ comparison sums up depth of frustration with financial planning
Nationals senator John Williams might have overstepped the mark during a senate hearing this week when he likened rogue financial planners to paedophile priests, but the strength of the Senator’s language is a fair indicator of the level of frustration that policymakers currently feel towards the financial planning industry and the institutions that operate in it. The Senate Economics References
April 24, 2015
FSC goes public with Trowbridge submission, releases submission to FSI
The Financial Services Council has publicly released its controversial submission to the Trowbridge inquiry into retail life insurance advice, by including it as an appendix to its full submission to the Financial System Inquiry (FSI). The FSC’s submission to the Life Insurance and advice Working Group (LIAWG) was initially confidential, but pressure had been mounting for the
April 22, 2015
Life Insurance and Advice Working Group: Where to from here?
It started with so much promise. Two of the three major industry associations, the Financial Services Council (FSC) – representing primarily the big end of town – and the Association of Financial Advisers (AFA) – representing financial advice practitioners – agreed to work together, forming the Life Insurance and Advice Working Group (LIAWG) in response
April 22, 2015
Wanted: a universally acceptable risk remuneration model, and fast
The absence of a unified voice from the financial planning sector may be hindering its arguments against the recommendations of the Life Insurance and Advice Working Group (LIAWG). “The insurers are all represented by the Financial Services Council…[with] a means of offering a single voice. It’s not so obvious how the licensees could speak with
April 22, 2015
From the ground up: dispelling the fear and uncertainty of starting a new financial planning business
Fear of the unknown is a major stumbling block to more financial planners establishing their own businesses. A podcast series tracing the start up of a new practice aims to remove the fear by tackling head-on some of the major issues the business faces as it gets off the ground. Corey Wastle and James O’Reilly,
April 22, 2015
AFA’s withdrawal of support for Trowbridge is a disappointing reversal
The chief executive of the Association of Financial Advisers (AFA) Brad Fox has sought to put further distance between the association and John Trowbridge’s recommendations around life insurance advice remuneration. In a lengthy 750-word statement, Fox repeated claims voiced previously by both himself and fellow Life Insurance and Advice Working Group (LIAWG) committee member John
April 20, 2015
Focus on quality of advice sees young Sunshine Coast financial planner win top award
Scott Baker, director of Sunshine Coast financial planning practice Mobbs Baker Wealth won the AMP New Adviser Award earlier this month, just two years after launching the business. A Certified Practising Accountant (CPA) and fully qualified financial planner, the efforts of Baker and his colleagues also led to the practice receiving the MP Gold Award.
April 20, 2015
ETFs deemed ‘not the enemy’ as the sector’s assets poised to surpass hedge funds
Deborah Fuhr’s message for financial planners about exchange-traded funds (ETFs) is simple: they are not the enemy. They may in fact be at the front-line of planners’ defences against the rise of the machines. Fuhr says ETFs give to financial planners an ability to efficiently implement low-cost, diversified portfolios, freeing up time and thinking for a
April 20, 2015
