Next-gen financial planners have big mountains to climb
Australia’s next generation of financial planners have “a fairly big mountain ahead” in overcoming negative perceptions of the industry and boosting its professionalism, says Erin Shields of Dixon Advisory. At just 25 years of age, Shields (pictured) became the first recipient of the Gwen Fletcher Memorial Award late last month. Named after a late pioneer
July 09, 2014
In regulation and compensation, remember the ‘services’ bit in ‘financial services’
Let’s not forget a simple fact. The estimated $1.7 trillion sitting in superannuation accounts does not belong to banks or fund managers or to industry funds or to financial planners. It’s worth mentioning this every now and then, because more and more often it seems that a conga line of financial institutions, financial planners, advisers
July 09, 2014
Introducing Venus – Why are we still talking about women?
Yes, we’re still talking about women: women in business; and in particular, women in financial planning. And yes, we still feel the need. Women are, of course, mainstream. We are 50 per cent of the Australian population and are evenly represented in tertiary education and the workforce. But in so many ways we are still
July 09, 2014
Exclusive:“Shock and rage” at Financial Planning Association ultimatum to CBA
Financial planners from Commonwealth Bank-owned dealer group Financial Wisdom (FWL) are angry about the ultimatum the Financial Planning Association (FPA) has issued to the bank, says Greg Cook, former head of the FWL Adviser Forum. Describing the sentiment among his peers regarding the CBA’s announcement on Thursday, Cook, who is also chief executive of FWL-licensed
July 07, 2014
Misleading or deceptive conduct and the financial adviser
The term “misleading or deceptive conduct” is part of the vernacular of most people and it is arguable that the majority of the population has some understanding of its meaning. The below list contains examples of the factors that may be considered if an allegation of misleading or deceptive conduct is made against a financial
July 07, 2014
Principal interests of financial planners
The Professional Planner Dealer Group Summit 2014 heard that making the right connections will create an environment where a profession can flourish, where the quality of advice will improve, and where high-calibre new entrants are encouraged to see financial planning as a long-term career. Creating or improving links between different parties in the financial planning chain
July 07, 2014
CBA breaks cover to announce expanded advice victim compensation scheme
The Commonwealth Bank of Australia (CBA) yesterday broke its long period of silence following last month’s Senate Economics References Committee report into Commonwealth Financial Planning (CFPL) and the Australian Securities and Investment Commission (ASIC). CBA chief executive Ian Narev delivered a polished but not entirely convincing presentation to members of the press gathered at the
July 04, 2014
Outcomes-based advice or broken dreams?
Financial planners lack the training and tools to effectively engage with clients. Daniel Miles and Halie Samson argue that current advice models should be thrown out and replaced with outcomes-based advice. Financial advisers haven’t been properly armed with the tools they need to deliver quality advice. The limited education and modelling tools available are clunky
July 04, 2014
For CBA he was the wrong guy in the wrong place at the wrong time
Starting in 2008, Jeff Morris worked with two colleagues to try to bring the issues at Commonwealth Financial Planning (CFPL) to light. Eventually, he was left there to fight on alone. “One of them left, at the end of 2009,” Morris says. “He just couldn’t take the pressure any more. He’d been interrogated by [CBA]
July 04, 2014
CBA must improve financial planning, boost compensation: FPA
The Financial Planning Association (FPA) has stepped up pressure on the financial planning arm of the Commonwealth Bank of Australia, calling for Commonwealth Financial Planning (CFPL) to boost the compensation it is making available to customers that received poor advice from some of its financial planners. The adviser association is also adding its voice to
July 02, 2014
Financial planning licensees pursuing merger-led growth should tread carefully
The merger of Infocus Wealth Management and Patron Financial Services highlights some specific challenges faced by Australia’s non-aligned financial planning dealer groups. The heads of both parties involved in the deal, Rod Bristow, managing director of Infocus and Rob McCann, Patron general manager, refer to the scale benefits the merged entity will derive. If the
July 02, 2014
2014: so far, so good – but is this the calm before a storm?
As we approach the half-year mark, I’ve been reflecting on what the past six months have brought investors. Look at the start and end points for many of the key indices and you’d think not much has happened. It’s been eerily quiet as markets have scaled the wall of worry. But behind the scenes there’s
July 02, 2014
