The little-known rule with huge implications for self-managed super funds
Imagine a self-managed super fund (SMSF) trustee that signs a pension agreement with a member stating that the trustee will start paying a pension to the member now and that later, when the member dies, the pension will automatically continue to be paid (that is, revert) to the member’s spouse. The trustee makes resolutions
October 22, 2014
Asking clients the toughest question of all, so they talk before they walk
It takes a brave financial planning business to ask its client whether they’re thinking about severing the relationship. If a client has been thinking of doing that, then merely asking the question can be the catalyst to making it happen. But it’s a particularly stupid business that doesn’t ask the question. Often the first sign
October 20, 2014
If you think longevity is a risk for your clients, consider the alternative
In the 1960s, French actor Maurice Chevalier quipped that old age isn’t so bad when you consider the alternative. How times have changed. The financial services industry today seems to believe that the alternative – death – is almost as bad as running out of money in old age. And judging by the multitude of
October 20, 2014
Does this mean we’re breaking up? Tips for ending a client relationship without tears
It is starting to become apparent to some advisers that the revenue they receive from some clients, combined with the risk and demands of keeping these clients, is simply not in the best interests of both parties. ASIC has made it clear that it will not tolerate advisers who collect revenue from clients and provide
October 17, 2014
Planning software company responds to the increasing adviser compliance demands
Technology provider AdviserLogic has added new security and compliance features to its financial planning-focused software offering. This enables advisers to easily compare products and make client-led recommendations that meet client best interests provisions, particularly when creating statements of advice and client needs analyses. “If you can take down those barriers to compliance by making it
October 17, 2014
FORUM: Finding reference points for successful financial planning practices
Whether a financial planning business is 30 years old or only a year old, success and growth are built on common foundations. High on that list is organic growth from referrals by existing clients. But to succeed, referrals need a deliberate and a well thought-out strategy. The Melbourne-based financial planning practice Scholten Collins McKissock was established 30
October 16, 2014
Growing female adviser numbers is a key focus for the new AFA president
Inspiring women to join the financial planning industry is a passion for the incoming national president of the Association of Financial Advisers (AFA), Deborah Kent. Announced in the role at the AFA national conference on Sunday, Kent has been a board member for a number of years and has more than 26 years’ experience as
October 15, 2014
Competitor, consumer or corporate watchdog: who should handle your details?
The financial planning industry could scarcely do a better job of confusing consumers if it tried. Experience suggests that it’s not well enough co-ordinated to do it deliberately; so surely the sudden emergence of multiple, competing adviser registers falls into the cock-up rather than conspiracy basket. Nothing comes along for ages and then suddenly three
October 15, 2014
Ladies and gentlemen of the accounting profession, your time starts … now
An online tool to help accountants determine what they need to do, when they need to do it and how long it will take to develop an appropriate response to the end of the accountants’ licensing exemption is being launched today by Count Financial. The tool is designed to complement Count’s “Accountants’ Solution” licensing options,
October 15, 2014
Professional Planner|Zenith Fund Awards – see all the highlights in our photo gallery
October 14, 2014
Line-up of industry experts to spotlight Australia’s best superannuation funds
Conexus Financial, the publisher of Professional Planner and Investment Magazine will again recognise outstanding achievement in the Australian superannuation industry when it hosts the third Superannuation Fund Awards evening in Sydney in May next year. The Conexus Financial Super Fund Awards fund awards have evolved to embrace input from of a number of key industry
October 13, 2014
AFA believes ASIC risk advice report sample was too small
The Australian Securities and Investments Commission’s (ASIC) report into non-complying life insurance advice is not representative of the industry, says the head of the Association of Financial Advisers (AFA). “I think it’s a stretch to say that it’s representative of all risk advice, but it is still disappointing to see failure rates at the level
October 13, 2014
