Advisers on notice as spike in SMSF breaches puts spotlight on new ATO powers
The Australian Taxation Office’s enhanced range of powers could see an increase in penalties levied against trustees of self-managed superannuation funds (SMSFs), when funds begin lodging returns for the current financial year. Martin Murden, director of SMSF consulting with Partners Group, says the ATO has in the past been circumspect in using its powers against
January 28, 2015
Tucker: new-generation firms set new benchmarks for financial planning businesses
The financial planning and wealth management profession is quickly heading toward a seismic shift in form and operation – under pressure from both the government and clients. The recent financial advice scandals have placed the profession directly under the spotlight and a radical change in its structure is now inevitable. Despite the many government inquiries
January 28, 2015
Everything old is new again as planners tackle the advice and investment aspects of aged care
Preparing clients financially to enter aged care later in life is a vital aim of financial planning. Some 25 per cent of the population will be over 65 years of age by the year 2100 – up from just 4 per cent at the start of the 20th century, according to Australian Bureau of Statistics
January 28, 2015
‘Secret’ submissions, short deadline undermine the life insurance working group inquiry
The short timeframe for submissions to the Life Insurance and Advice Working Group (LIAWG) may limit the number of responses it receives before the 30 January deadline. Wayne Handley, managing director of life insurance-focused group Bombora Advice, says “the timing is unfortunate, the short timeframe to get responses in was a concern that we had”.
January 27, 2015
A buyers’ guide to managed accounts: a starting point for your search
Anyone who has bought a car – or more precisely, had to keep the family happy while also buying a car – knows that the requirements can be in conflict and are sometimes utterly unrelated to practical considerations. Requirements such as size (big enough for the dog); colour (not another black car); engine size (zippier
January 27, 2015
For love and money: advice strategies for new couples
Many people make a promise to share a life together – for richer or poorer. But all too often a good relationship can be pulled apart by money issues resulting from different views on how to handle money, different expectations or poor planning. Before making the leap to move in together, couples should agree on
January 27, 2015
What financial planners can learn from client disputes
In FOS Dispute 247048 a decision was handed down in favour of the financial services provider (FSP) on the basis that the dispute fell outside the FOS Terms of Reference. Nevertheless there are still good lessons for advisers in this dispute. The Applicant was a dairy farmer who described himself as a person with limited
January 23, 2015
Fixing perceptions of planning will take more than money and spin
Melinda Houghton’s initiative to counter negative public perceptions of financial planners is admirable. But does Houghton’s “Positivity for Planners” campaign seek to treat the symptoms before the disease has been properly addressed? The last couple of years have seen the financial planning industry cop a larger than usual amount of negative press. Some of this
January 23, 2015
Multi-asset managed funds: come and see the real thing
In 2014, investor appetite for multi-asset strategies has remained at elevated levels, as evidenced by the significant flow of funds into this sector. Growth in funds under advice has been matched by a proliferation of new offerings, particularly in the “real return” market segment, as investment managers respond to the segment’s emerging status, whilst also
January 23, 2015
Financial planners would love accountants’ kudos, public confidence
Accounting professional associations such as the Institute of Public Accountants (IPA) could become increasingly important to financial planners as some of the traditional divisions between planning and accountancy blur. Self managed super funds (SMSFs) is one area where this overlap is becoming particularly apparent. Some of the work financial planners do on SMSFs is legally
January 21, 2015
PJC recommendations will make planning associations work out what they really stand for
If your only membership is of an association that also welcomes corporate members, then the Parliamentary Joint Committee (PJC) inquiry’s report into professional, ethical and education standards has an idea that you might not like very much. Tucked away in chapter three, which deals with qualifications and competence, is a little paragraph that effectively cuts
January 21, 2015
Steve Tucker’s advice firm takes first steps as Koda recruits two financial planners
Koda capital, the financial planning business headed by former MLC chief executive officer Steve Tucker and former JBWere chief executive officer Paul Heath, has appointed its first financial planners, with Sean Abbott and Peter Dunn joining the firm. Before joining Koda, Abbott established Aqua Private Wealth, in Neutral Bay on Sydney’s lower north shore, and previously
January 19, 2015
