To be (licenced) or not to be – for accountants it’s really a question of ‘which one?’
Dispute resolution process, compliance framework, PI insurance, audit certificates, responsible managers, ASIC and legal requirements– all part of the landscape for those accountants who wish to obtain their own limited AFSL with the removal of the accountant’s exemption. Figures from $15,000to $30,000 are bandied about in the financial services media about the costs of obtaining
August 15, 2014
New mortgage broking, financial planning hybrid lifts off
Canopy Private, a new non-aligned wealth management firm combining mortgage broking and financial advice, launched in Sydney this month. The practice is headed up by Christopher Bates, who says he will split his focus equally between the two areas, with the mortgage broking especially targeted at property investors. “I’m approaching it as holistic advice, but
August 15, 2014
SMSF advisers weighing up the alternatives for fund members
Here are some revealing statistics from a recent Productivity Commission report. A female born in 2012 can expect to live, on average, to 94; her male counterpart, to 92. The number of Australians aged 75 or more is expected to rise by four million between 2012 and 2060, increasing from 6.4 per cent of the
August 13, 2014
Financial planners’ interest in platform alternatives continues to grow
Financial planning firms, particularly those not aligned with banks, are eyeing options to circumvent the high costs of platforms, says the head of online investment start-up Stockspot. Chris Brycki, founder and chief executive of Stockspot, which follows a primarily direct-to-consumer business model, says he is also being approached by financial planners. In recent weeks, four
August 13, 2014
PJC chair says co-regulation ‘potential model’ for raising planners’ standards
The chair of the Parliamentary Joint Committee (PJC) charged with examining the educational, ethical and professional standards of Australia’s financial planners says there are examples from professions that can be applied to create a robust and effective co-regulatory approach to lifting standards. Senator David Fawcett, chair of the Parliamentary Joint Committee on Corporations and Financial
August 11, 2014
ASIC slaps new licence conditions on Commonwealth Financial Planning, FinWiz
The Australian Securities and Investment Commission (ASIC) has put Commonwealth Financial Planning (CFPL) on notice that its Australian financial services licence could be cancelled if it fails to comply with new conditions imposed by the regulator. Asked what the consequences of non-compliance with the conditions could be, ASIC said: “Generally, AFS licence holders that do
August 11, 2014
Don’t be afraid to speak out and be heard – if not now, then when?
As the Commonwealth Bank of Australia (CBA) news broke, I could sense hearts sinking. Not just my own, but the hearts of thousands of financial planners across Australia, relentlessly campaigning to change the future of our profession. When an industry player as large as CBA – responsible for more than 1800 salaried and aligned advisers –
August 11, 2014
Research aims to help put dollar figure on price of financial planning services
The issue of how to structure and price a financial planning service, and articulate the value of that service to clients, underpins a practice’s ability to generate fee income. In 2009 the first comprehensive analysis of how planning practices structure, price and sell advice was undertaken by Elixir Consulting. The analysis has been conducted each
August 11, 2014
Financial Wisdom class action continues to build momentum
Victims of poor advice at the hands of Rollo Sherrif and other financial planners from the former Financial Wisdom-owned practice Meridien Wealth are continuing to sign up to the class action. Launched by plaintiff legal firm Shine Lawyers and the re-birthed Meridien Wealth, public meetings have begun to attract new potential litigants, according to David
August 08, 2014
Advocacy trumps FUA, adviser numbers as signs of business health, says Fitzpatricks
In the less than three years that John McMurdo has led the Fitzpatricks Financial Group the business has grown from $520 million of funds under advice to close to $3 billion, and adviser numbers have grown from 20 to 55. But all of that is beside the point, McMurdo says, and growth in these numbers
August 08, 2014
Best of the Best: The countdown to the 2014 Fund Awards begins
On October 10, Professional Planner and Zenith Investment Partners will reveal the winners in the 2014 Fund Awards. This year Zenith has added one new award category, taking the total to 19, including the Fund Manager of the Year, and the Product Distributor of the Year. The new category covers listed investment companies, (LICs) reflecting
August 08, 2014
How family financial planning opened the door to a holistic advice career
Growing up with a developmentally disabled sister has given Matthew Leech, a financial planner with Evalesco Financial Services, a unique perspective on the value of holistic financial advice. His earliest exposure to financial planning was as a young teenager, when his family sat down with an adviser to develop a plan, and they invited him
August 06, 2014
