Exclusive guide for accountants on best licensing solutions before 2016 deadline.
Accountants who currently give advice on setting up or winding up self-managed super funds (SMSFs) have been urged by both the SMSF Association and the Australian Securities and Investments Commission (ASIC) to get moving on an appropriate Australian financial services licence (AFSL) solution before time runs out. ASIC has reminded accountants who do not already
August 28, 2015
CPA Australia’s new financial planning venture exposes a tangled ethical web
The controversial announcement by accounting body CPA Australia that it is establishing an independent (section 923A-compliant) financial planning business is both commendable and curious. It’s commendable because the initiative publicly demonstrates CPA Australia’s strong support for adoption of the highest ethical standards by members offering financial planning services, as originally proposed by the Accounting Professional
August 28, 2015
Cashflow service could become a nursery for Gen-Y financial planning clients
A quirky “non-financial planning” business model built around low-cost cash flow management rather than traditional full-service advice is expected to become something of a ‘nursery’ for prospective clients. James Williamson, principal of Sydney north shore-based financial planning practice Millhaven Financial Services – which operates under the Australian Financial Services License of AMP’s Charter Financial Planning
August 27, 2015
China stock market decline is really no more than a nod to reality
If Shanghai’s stock market correction in July suggested that investors should be watching China not Greece, then the recent devaluation of the yuan confirmed it. What’s happening in Greece is largely irrelevant compared with the unfolding drama in Asia. Trying to work out the implications of Beijing’s dramatic intervention in the currency markets is complicated
August 27, 2015
From cash and churn to crash and burn
The roar of disapproval that greeted John Trowbridge’s review of the life insurance sector in March this year has died down to a hum of dissatisfaction. In mid-April, Assistant Treasurer Josh Frydenberg declared the industry had only weeks to put forth a credible alternative. In response, the Financial Planning Association (FPA) came together with the
August 27, 2015
Government finalises approach on ethics, education and professional standards amid ‘strong consensus’
A “strong consensus” is building on key aspects of recommendations put forward by a Parliamentary Joint Committee inquiry to raise the level of professional, ethical and education standards in financial planning, according to the Assistant Treasurer Josh Frydenberg. Frydenberg said the government is close to finalising its approach to the PJC recommendations, but recognises that
August 26, 2015
Accountable appoints OneVue as its digital platform provider
OneVue has taken its digital platform solution to the accounting and tax adviser market in an association with the specialist dealer group, Accountable Financial Solutions (Accountable). Accountable’s business model is structured to deliver advice, product and training solutions for accountants and tax advisers in this changing regulatory environment. The Accountable business is dedicated to responding
August 26, 2015
‘Trust me – I’m a financial planner!’ What really matters between adviser and client
Establishing trust is fundamental to healthy long-term client relationships, but assessing the depth of that trust goes well beyond simple client ratings, and even beyond measures of how likely an existing client is to refer a new one. Consumers have a greater number of ways now than ever before to rate the performance of financial
August 25, 2015
Industry super mega-fund targets digital advice to meet potential demand
AustralianSuper aims to substantially boost its level of digital advice engagement with members over the next 12 months, according to a senior member of its advice team. “Traditionally industry funds have had a very high level of disengagement…but we are starting to see, as people are in the system a bit longer, that’s starting to
August 25, 2015
How advisers can tap into overconfidence bias for new client opportunities
Overconfidence is the natural enemy of the self-directed investor. It tends to lead to higher risks and lower returns. For advisers, overconfident investors present both a challenge and an opportunity. From a behavioural finance perspective, overconfidence means we tend to under-estimate the level of uncertainty in our decision-making. Overconfidence becomes particularly dangerous when paired with
August 25, 2015
Key findings from the Investment Trends 2015 Planner Risk Report
Implementation of Trowbridge recommendations would push more planners towards holistic advice Planners remain very willing to leave underperforming insurers A significant number of planners are actively looking for new insurer relationships Users give XPLAN the highest overall satisfaction ratings for risk software In its seventh year, the June 2015 Planner Risk Report is an in-depth
August 25, 2015
Global equities continue to outperform
Research house Lonsec has released its annual Global Equities Sector Review, revealing continued strong returns from the sector are driving a continued strength in interest surrounding global equities investments and a surge in the choice of products offered by fund managers. Lonsec’s review of the global equities sector covered both actively managed and passive or
August 24, 2015
