All eyes turn to Westpac as ANZ’s ‘epic fail on advice’ pushes consumers closer to voting with their feet
Yesterday the Australian Securities and Investments Commission (ASIC) declared it had found “multiple instances” of clients of vertically integrated advice businesses being charged fees where no services had been provided; and ANZ announced it will reimburse as many as 8500 clients of its Prime Access advice business who have been charged for services the bank
April 17, 2015
Hewison passes the baton but independence, education are still core
Control of Hewison Private Wealth passed to Andrew Hewison in January this year, 30 years after his father, John Hewison, founded the practice. Hewison senior is a former chairman of the Financial Planning Association of Australia (FPA), and also a life member, having served a number of FPA boards and committees. “As a fierce advocate
April 17, 2015
Government is cautious on Trowbridge report, cagey on PJC inquiry
Assistant treasurer Josh Frydenberg has suggested the government will not provide unconditional support for John Trowbridge’s recommendations around life insurance advice remuneration. “I’m sympathetic to some of the points made by the smaller players in the sector that some of the bigger shops could cross-subsidise their advisers in a way smaller insurance advisers couldn’t. “Again,
April 15, 2015
How forging closer links with academia will pay off for the financial planning profession
Stronger links between academia and the financial planning profession will pay off in in the form of better-equipped new entrants, a body of independent and evidence-based research, and greater public trust and confidence in the profession and its practitioners, according to a leading financial planning academic. On Monday Professional Planner reported the results of research
April 15, 2015
How to answer some of the most contentious pension questions
Financial planners and investors frequently ask the following three questions when determining how to pay pensions from a self-managed super fund. If rolling a pension from one fund to another, must the pension first be commuted? Common sense has a very simple answer: no. When rolling a pension from one fund to another, the pension does not
April 15, 2015
New research shows financial planning practices turning to graduates for growth
New research has revealed that financial planning graduates will form a nucleus of an emerging financial planning profession, with almost two-thirds of small and medium-sized enterprise (SME) financial planning practices saying they will seek graduates to fill growth positions in the coming five years. The Business of Advice research, conducted by Griffith University in collaboration
April 13, 2015
Trowbridge recommendations could halve the size of the risk advice sector
The value of risk focused financial planning practices would plummet if the Trowbridge report’s remuneration recommendations are implemented, according to business brokers. “If Trowbridge’s recommendations were all implemented in the next 12 months, within two years, half the life agents would leave,” says John Birt, principal, Radar Results. Birt has conducted his own analysis among
April 13, 2015
Lessons from the grave: How institutional ownership spelled the end for Genesys
Banking analysts value financial institutions by valuing their component businesses. The problem is that some of those businesses are fundamentally different to the institution’s core business, yet analysts apply a similar approach across all those businesses. It is this lack of understanding of what drives dealer groups that led to the downfall of Genesys. The majority
April 13, 2015
How a smart managed account offer has the power to drive financial planning profit and practice valuation
Establishing a managed account service can substantially increase the value of a financial planning practice, but establishing one isn’t for the faint-hearted, and going about it the wrong way can backfire severely, according to Tony McDonald, a director of T&C Consulting. McDonald told an Institute of Managed Account Providers (IMAP) seminar and webinar in Sydney this week that
April 10, 2015
Shock, outrage and denial at Trowbridge but where are the alternatives?
Shock, outrage and a measure of denial have greeted John Trowbridge’s recommendations put forth in his report to the Life Insurance and Advice Working Group (LIAWG). Risk advisers seem to be united in their rejection of the report’s findings, along with the Association of Financial Advisers (AFA), which joined the Financial Services Council (FSC) in forming
April 10, 2015
NAB Wealth on the lookout for a second financial planning licensee head after GPL chief quits
The general manager of National Australia Bank-owned licensee Godfrey Pembroke, Sean Allen, has left the company just weeks after another senior executive, Fiona Navarro, departed as the head of Apogee Financial Planning. Allen left Godfrey Pembroke before Easter, after more than two years in the job, to pursue other opportunities outside MLC. Navarro left Apogee on
April 10, 2015
Fears over Trowbridge report will be allayed by a firm, steady approach: Reddacliff
Much of the fear now gripping many risk advisers in the wake of the Trowbridge report relates to the potential scale and pace of change, says industry consultant Tom Reddacliff. Reddacliff is a former general manager of Godfrey Pembroke and senior executive at MLC, now head of Reddacliff Consulting. Referring to those practices he has
April 08, 2015
