Cultural fit crucial in accountant, financial planning partnerships
Simplifying the business proposition for accountants wanting to move into financial advice is key to building effective partnerships, according to Fiona Navarro, general manager of Apogee. Navarro believes partnerships between accountants and financial planning practices need to go beyond simple referrals. “It can’t be ‘I refer you, you refer me’; there needs to be a
September 26, 2014
Pre-emptive strike on self-regulation exposes hypocrisy of higher standards
A question the Financial Services Council (FSC) needs to answer after claiming that self-regulation is “no longer a credible option” for improving standards in financial planning is: how on earth would they know? The FSC’s call for a new body to set and enforce standards in the financial planning industry is based in a faulty
September 26, 2014
Regulatory spotlight on planners ignores issues caused by dodgy financial products
Financial planners are under scrutiny as never before and there is a consensus building that there should be a clear distinction between information, sales and advice about financial products. But will this solve the problems of individuals who buy financial products that are not good for them? We may strip out the dodgy planners and
September 26, 2014
FPA rejects FSC blueprint for a new self-regulatory body
The Financial Planning Association of Australia (FPA) has rejected the Financial Services Council’s call for a new Advice and Competency Standards Board (ACSB) to oversee the Australian financial advice industry. “We don’t see any need to reinvent the wheel. We already have professional standards and certification which is the highest in the world. Where do
September 24, 2014
An unlikely source of help in creating successful referral relationships
There’s no better time than now for financial planning businesses to engage with accountants, and assistance in forging successful referral relationships may come from an unlikely source. Scott Charlton, business coach and author, says that “for good reason, accountants are seen as a great source of referrals”, but many financial planners have had little success
September 24, 2014
VENUS: Good communication is vital, but are we speaking the same language?
Good communication is vital in all business. It’s particularly important when dealing with clients and with staff. Making sure that you are speaking a common language is number one to successful communication; and while men and women may speak a common tongue, the words we choose, the tone we take and our phrasing can be worlds apart.
September 24, 2014
Senate committee recommends PUP, MEP FoFA amendments be passed
The Senate Economics Legislation Committee report on the amended Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 has recommended that the Senate pass the bill. The amended bill contains new measures proposed by the Palmer United Party (PUP) and the Motoring Enthusiasts Party that require advisers to include new statements and information in statements
September 22, 2014
FEATURE: Inside Ray White’s ten-year financial planning business strategy
Sam White makes two things clear about his company’s foray into the financial planning field: first of all, he is not trying to convert the network of Ray White Real Estate agents into financial planners; and second, he is not even trying to convert a network of mortgage brokers into financial planners. White’s new financial
September 22, 2014
Survey finds scaled advice a big opportunity for public sector super fund
More than 80 per cent of members would consider seeking scaled financial advice, according to a study conducted by State Super Financial Services (SSFS). With a membership base of around 60,000 people from the Australian public sector, the research finding supports its push to develop new technology-enabled scaled offerings. “It was an interesting statistic and
September 22, 2014
Why would you choose an institutional licensee over an independent one?
Much has been made of the blow-ups that have occurred in the financial advice businesses of some of Australia’s largest financial institutions. But are there advantages to being under the institutional umbrella, both for you as a planner and also your clients? Meritum Financial Group is an Australian Financial Services licensee owned by National Australia
September 19, 2014
Rumours of financial planning’s demise have been greatly exaggerated
Financial adviser numbers have not fallen off a cliff as a result of the Future of Financial Advice (FoFA) legislation, according to an Australian Securities and Investment Commission review. The regulator has released the results of interviews it conducted with 60 Australian Financial Services (AFS) licensees between October 2013 and April 2014. It found that
September 19, 2014
