PAF establishment numbers reflect adviser engagement and philanthropy upswing
Australian Philanthropic Services (APS) has experienced a significant increase in the number of individuals setting up private ancillary funds (PAFs), suggesting a growing number of financial planners who are having productive conversations with clients about structured philanthropy. Chief executive officer of APS, Antonia Ruffell, says the firm has helped clients set up as many PAFs
March 23, 2014
What is the minimum qualification for a financial planner in your firm?
Readers of Professional Planner are invited to take part in the second SLICE financial planning survey, which focuses on business growth, succession planning and the impact of the proposed changes to FoFA. The survey takes about five minutes to complete. You can CLICK HERE to go straight to the survey website. Among other questions in the
March 23, 2014
Accountants must move soon or face licensee capacity constraints
The chief executive officer of Count Financial, David Lane, has urged accountants seeking a solution to the end of the licensing exemption to act soon or face running into a June 2016 logjam. Lane says there will be many thousands of accountants seeking a licensing solution between now and 2016. He said it typically takes
March 21, 2014
Risk adviser remuneration ignored in latest FoFA amendments
The issue of adviser remuneration for the provision of risk-related financial advice remains unresolved, despite the government’s recent announcement of proposed changes to the best interest duty provisions of Future of Financial Advice (FoFA) regulations. Dante De Gori, the Financial Planning Association of Australia’s general manager for policy and conduct, says they were “surprised” the
March 21, 2014
Government limits commissions on provision of general advice
The Federal Government has announced amendments to its general advice commission exemptions under the Future of Financial Advice (FoFA) legislation, which could drastically limit the payment of commissions for general advice by reintroducing an “employee-only” rule. This would mean financial product providers could not receive commission-based remuneration for providing general advice to consumers. Various industry
March 21, 2014
In focus: Eye on the asset pie
Brendan Swift asks just how much the industry has learned some six years after the market catastrophes that defined 2007-08. The global financial crisis (GFC) forced the wealth management industry to reconsider long-held tenets about portfolio construction and the role of strategic asset allocation. Full In Focus feature, Eye on the asset pie, available here. The
March 20, 2014
Exclusive: FPA chair says professionals ‘cannot support’ FoFA commission amendment
The government should resist attempts by institutions to create a system that allows them to drive the sale of product through their own networks without an obligation to investigate the needs of the consumer or to provide a solution that is in the consumer’s best interests. By Matthew Rowe. I stand for the consumers of Australia.
March 19, 2014
Fighting this fire is a test the profession can’t afford to fail
There is a battle being waged at the moment for the trust and the confidence of the Australian public. It might be the financial planning industry’s first real test of professionalism, and it’s a test it cannot afford to fail. When amendments to the Future of Financial Advice legislation become the topic of major newspaper
March 19, 2014
Accountants urged to grab ‘significant’ revenue opportunities in licensing regime change
Accounting firms have an opportunity to introduce a range of significant revenue-enhancing services under the new licensing regime that comes into effect on July 1, 2016, according to Count Financial. Today in Sydney Count will formally unveil its response to the new licensing regime, and in the lead up to that announcement the Commonwealth Bank-owned
March 19, 2014
‘Save Our FoFA’ campaign gathers pace as impact of amendments dawns on consumers
Christopher Zinn, the former head of communications and campaigns for consumer group CHOICE, says opposition to proposed amendments to the Future of Financial Advice (FoFA) reforms is growing as consumers realise what the changes really mean. Zinn has launched a “Save Our FoFA“ campaign, designed to harness consumer support to oppose the planned amendments. He
March 19, 2014
Thinking about aged care should start now – for clients and financial planners
Financial planning businesses that are not already thinking about how to provide aged-care services to clients should start now, before it’s too late, says Michael Monaghan, managing director of State Super Financial Services (SSFS). Monaghan says aged care is a growing and increasingly complex area of advice but effectively meeting client needs requires access to
March 15, 2014
How is your website performing – or do you even know?
Ella Tassi and Darlene White explain the fundamentals of Google Analytics – a simple but powerful tool for monitoring the performance and impact of your company’s website. As a professional financial planner, you’ve probably had a website for some time. But the question is: how well is it working? Google Analytics is a free online
March 15, 2014
