Dam wall holding back financial planning standards is showing some serious cracks
When a dam wall bursts, what follows is usually chaos. The wall holding back financial planning standards and qualifications is showing some very major cracks. At the end of the day higher standards are higher standards, and any moves in that direction are to be applauded – anyone who has read Professional Planner over a
August 25, 2014
Zenith investment analyst wins 2014 IMCA scholarship
A 26-year-old investment analyst from Zenith Investment Partners, Justin Tay, has been awarded a scholarship position in this year’s intake for the Certified Investment Management Analyst (CIMA) certification. Jointly sponsored by BlackRock and PortfolioConstruction Forum (PCF), applicants for the scholarship are drawn from the ranks of Australia’s retail research houses, retail platforms, and manage-the-manager fund
August 25, 2014
Meet Australia’s most-trusted financial planners. How do you become one of them?
With a net promoter score of more than 50 and an average of 18 years’ financial planning experience, Australia’s “most trusted” advisers are an elite bunch. But the standard has been set, and it’s one that all financial planners can aspire to. A smartphone app and website promoting Australia’s most trusted financial planners has been
August 22, 2014
Little financial planner attrition expected from new AMP education standards
The bulk of AMP’s network of around 3,800 financial planners will welcome its move to mandate minimum standards of education, according to Rob Caprioli, AMP group executive of advice and banking. Under the program, all existing and new advisers must be designated as either a Certified Financial Planner (CFP) or Fellow Chartered Financial Practitioner (FChFP),
August 22, 2014
For advisers helping clients to invest, the best way forward is to keep your balance
Even though investment markets are unpredictable, there’s usually at least one asset class that stands out as representing good value at any one time. But right now, many experienced advisers are finding that’s a very hard pick. Some equity markets have reached all-time highs, residential property prices have continued to climb and bond yields have again
August 22, 2014
Introducing financial planning ‘finology’ – where investing meets investors
It’s a paradox in financial planning that the so-called “hard” skills are actually the easiest to master, while the so-called “soft” skills are often the hardest. Hard skills might help to define a technically brilliant plan, but it is the soft skills that ultimately motivate a client to enact and stick to that plan. What is
August 20, 2014
Award win for FinWiz financial planning practice provides a welcome boost
Financial planning practice Eureka Whittaker Macnaught (EWM) has been named 2014 Practice of the Year by its Australian Financial Services (AFS) licencee, Financial Wisdom. EWM emerged as the top practice among the Commonwealth Bank-owned licencee’s more than 150 practices across Australia. The award is judged according to “criteria around the way you manage the people
August 20, 2014
Unity of purpose as non-aligned groups bulk up to compete
As the financial planning industry was undergoing a consolidation into institutional hands, driven largely by the global financial crisis (GFC) and regulatory uncertainty surrounding the Future of Financial Advice (FoFA) changes, the non-aligned sector was undergoing changes of its own. As a sector it was forced to lift its game considerably, to develop more robust
August 20, 2014
Macquarie Private Wealth remediation suggests new approach from regulator
With the enforceable undertaking (EU) against Macquarie Private Wealth moving into the remediation phase on Friday, it appears the regulator may be adopting a new template for tackling problems in the financial advice sector. The Australian Securities and Investment Commission (ASIC) last week revealed this next stage will require Macquarie to send out more than
August 18, 2014
Clipping the ticket: When are product margins acceptable?
There are many criticisms of the Future of Financial Advice reforms. The biggest one is that the ban on commissions and other forms of conflicted remuneration fails to address the sales culture inherent within the banks and AMP. Those of us who work in the financial services industry have always been aware of the systemic
August 18, 2014
The future in focus as non-aligned groups exploit the growing gap with institutions
The impact of regulatory change in the financial planning industry has been multifaceted. In the short term it has undoubtedly turned up the heat on all licensees to ensure compliance systems and monitoring of authorised representatives is up to scratch. But a series of interviews with leading non-aligned financial planning licensees – which will feature
August 18, 2014
SPAA to launch SMSF mentoring program for members
The SMSF Professionals Association of Australia (SPAA) will launch a dedicated technical advice service for its members next month, according to the association’s head of technical standards. This will be structured as an online portal, described as a “mentoring program” by Graeme Colley, SPAA’s director of technical and professional standards. “Members who are part of
August 15, 2014
