How to tackle aggressive insurance litigation
Lawyers who get involved in death and disablement claims tend to fall into two categories. The largest is where the lawyer advises their client well, ensures a rapid flow of documentation and only litigates from a position of knowledge after engaging with the underwriting process. Then there are the aggressive litigators who initiate legal proceedings
January 09, 2015
SPAA backs PJC report on professional, educational standards
The Parliamentary Joint Committee’s (PJC) report on proposals to lift the professional, ethical and educational standards in the financial services industry has been endorsed by the SMSF Professionals’ Association of Australia (SPAA). Graeme Colley, SPAA’s Director of Technical and Professional Standards, says the association supports any positive moves that improve the professionalism and standards of
January 08, 2015
Finding a homegrown alternative to investment platforms
There is much talk about the impending demise of large bank-owned investment platforms. In recent years, at least one financial planning principal has put his thoughts on platforms into action and created a bespoke alternative. Ian Bailey, director and co-founder, Bailey Roberts Group, holds a firm belief that clients need direct access to their portfolio
January 07, 2015
More than 11,000 SMSF auditor contravention reports issued in 2013-14
As we all know, sometimes unexpected events occur, including contraventions of super law for self managed super funds (SMSFs). The secret is to be prepared and know who can help. Contraventions that have either been detected or reported to the Australian Tax Office (ATO) through an auditor contravention report (ACR), or which are likely to
January 07, 2015
Nominate a fund for the Conexus Financial Superannuation Awards
Entries are now open for the Conexus Financial Superannuation Awards which have evolved to embrace input from key industry stakeholders, whose experience and expertise will be integral to identifying the best funds across a number of categories – including Super Fund of the Year and Pension Fund of the Year. The aim of the awards
January 07, 2015
Chair of life insurance working group confirms submissions will be confidential
The independent chair of the Life Insurance Advice Working Group’s (LIAWG) report into life insurance, John Trowbridge, has confirmed that submissions will not be made public during the review period. Criticisms about a lack of consumer trust in the quality of life insurance advice were highlighted in the Australian Securities and Investments Commission’s review of
December 19, 2014
What did we read in 2014?
The Professional Planner Top 40
In 2014 Professional Planner published more than 1500 online articles, on issues and subjects that affect individual professional financial planners, financial planning businesses and the financial planning profession. That works out at an average of 30 articles every week for the 50 weeks a year in which we publish. We covered regulatory upheaval, the ongoing
December 19, 2014
Merry Christmas from Professional Planner – we will return in early 2015
Professional Planner is taking a break over the Christmas and New Year period. Our offices will be closed from COB on Friday, January 19, and will reopen on Monday January 5, 2015. We wish all of our readers a very Merry Christmas, and a safe, happy and prosperous New Year. Best wishes, Simon Hoyle Glenn
December 19, 2014
What, who and when? The white elephant in the opt-in requirement
It’s nearly twelve months since the Government proposed to streamline the Future of Financial Advice (FoFA) changes, including a proposal to repeal the opt-in requirement. Streamlining FoFA was supposed to reduce red tape and the costs that are passed onto clients. However, the manner in which the Government has managed the reforms has resulted in
December 17, 2014
Talk of mass adviser flight to independence is an exaggeration, says licensee head
There is no mass exodus of financial planners from institutionally owned Australian Financial Services licensees to non-aligned and independent channels, according to the head of advice group Paragem. “Ten years ago, the debate was the same regarding institutional ownership of financial planning licensees ending,” says Ian Knox, managing director of Paragem. “Every few years we
December 17, 2014
Common sense in the FoFA saga – but expect normal service to resume in 2015
It’s good to end the year on something resembling a bright note. With just two days to go until most of Australia shuts up shop for a couple of weeks (or more) of well-earned R&R, the vexing issue of grandfathering has been largely sorted out. And amendments to the Future of Financial Advice (FoFA) regulations,
December 17, 2014
Tax (financial) advisers need appropriate education levels
The Institute of Public Accountants (IPA) has said it is disappointed that the Tax Practitioners Board (TPB) has not taken on calls from the industry when it comes to education qualification requirements for tax (financial) advisers. “At a time when the public is seeking the best financial planning and tax advice, it is imperative to
December 15, 2014
