INSIGHT: Life industry reform recommendations may be too risky for planners and consumers
The Trowbridge report’s recommended abolition of upfront life insurance commissions is unfeasible for risk-focused financial planners, according to the principal of a suburban Melbourne practice. “The big risk in this is that the people who are most vulnerable will not get advice,” says Alex Braun, founder and principal adviser, Halstead Financial Services. “There’s going to
April 08, 2015
Research, financial planning are a two-pronged response to super concerns
Financial planning underpins current government policy concerns around funding retirement for Australia’s ageing demographic. In turn, much of the strategic investment advice that supports clients’ transition to retirement relies on accurate, timely research data. “Advisers aren’t given sufficient tools to educate clients on investment products,” says Dan Miles, co-chief investment officer, Innova Asset Management. He
April 08, 2015
LICs are a good balance of performance, protection for SMSFs: Perennial
The current financial climate of low interest rates makes investing in listed investment companies (LICs) particularly appealing to self-managed super funds and other self-directed investors, says John Murray, managing director, Perennial Investment Partners. He refers to the downward pressure of low cash and term deposit rates, combined with the volatile nature of the global share
April 01, 2015
Less jargon and the answers to six questions can help to demystify managed accounts
Financial planning practices must answer six big questions before they can accurately say whether managed accounts make sense, the founder and principal of T&C Consulting, Tony McDonald, says. McDonald says the managed accounts sector is riddled with jargon, and a first step to getting a clearer picture is to cut though the conflicting and confusing
April 01, 2015
Shortlist revealed for Conexus Financial Superannuation Awards chief investment officer of the Year
The shortlist for the chief investment officer of the year has been released in advance of the Conexus Financial Superannuation Awards at the Ivy Ballroom, Sydney on May 20. The shortlist for the top four large funds, top four medium-sized funds and the top four small funds, best MySuper defaults, the best member engaged services,
April 01, 2015
Why financial planning licensees who don’t support raising education standards hurt the profession
In the third and final part of a series focusing on notable Certified Financial Planners (CFPs), Randall Stout reflects on the support he received to complete his CFP studies, and the obligation that licensees have to nurture the development of a profession. Randall Stout is incredulous: “A listed company making $8 to $10 billion profit
March 30, 2015
Murray inquiry struggles with some complexities of retirement income
Financial planning for individuals entering retirement is not adequately incentivised in Australia or internationally, according to John Piggott, professor of economics, University of New South Wales (UNSW). He is also director of the Australian Centre of Excellence in Population Ageing Research. “No country requires or provides incentives for default advice. And yet surely as you
March 30, 2015
Now is not the time for financial planners to abandon investment management
Last week BT Financial Group announced a managed portfolio component to its Panorama operating system resulting in some interesting commentary. The main benefit highlighted was that managed account structures provide efficiencies to advisers around some aspects of administration. It would provide advisers a simple way to access shares, managed funds and cash through a range
March 30, 2015
Trowbridge divides life insurance industry with radical commissions blueprint
The two organisations behind establishing the Life Insurance and Advice Working Group, the Association of Financial Advisers (AFA) and the Financial Services Council (FSC) have adopted divergent views on the final report presented by John Trowbridge (pictured). The FSC says it welcomes the report, referring to the process as an initiative of both the AFA
March 27, 2015
Shortlists of nominees announced in Conexus Financial Superannuation Awards
Shortlists for the Conexus Financial Superannuation Awards have been released. The funds recognised as having the best MySuper defaults, the best member engaged services, the best pension funds and those that have created the most far reaching innovation in the past year, as well as nominees for the large, medium-sized and small fund of the
March 27, 2015
Trowbridge hands down final report on reform of life insurance
The author of the Trowbridge report into life insurance practices and remuneration says his proposed package of reforms will shift insurers’ focus from competing to win advisers and licensees to more effectively competing for the business of individual clients. In a report handed down this morning, John Trowbridge makes a total of 11 recommendations –
March 26, 2015
