TAL and UniSuper preview the future of tech in the insurance sector
It is fair to say life insurers have not been at the vanguard of technology; but consumer and customer needs are driving the transformation of systems, processes and a service culture in an industry that historically has changed little over a long period. But within this industry, TAL has been at the forefront of technological advances in the domestic life sector. This
January 23, 2014
John de Zwart on a mission to “bring back the fun”
John de Zwart is on a mission – a mission to improve the professionalism and profitability of financial planning, and to restore to the business much of the satisfaction and fun that it used to provide to practitioners. Since mid-April 2013, de Zwart has been redefining the strategy for Professional Investment Services (PIS) and Associated
January 21, 2014
A true independent is born as Smythe strikes out on his own
The number of financial planning businesses that meet the Corporations Act definition of “independent” is tiny, but that number has now grown by one, after Heffron director Ben Smythe established his own firm in the Sydney suburb of Brookvale. Smythe Financial Management was established in October 2013 after a year of planning, operating with its
January 21, 2014
A giant awakes: Inside ANZ’s SMSF push
A partnership with SuperIQ underpins a broad strategy by ANZ to develop a comprehensive self-managed superannuation fund (SMSF) service. A second step involves working with groups such as the SMSF Professionals’ Association of Australia (SPAA) to train financial planners to establish SMSFs for clients. The bank’s SMSF strategy involved ANZ selling its wholly-owned accounting, tax
January 21, 2014
Tough time ahead for recruiting good financial planning staff
Financial planning remains a “candidate-short” market and the next six months at least will see fierce competition between firms to hire the best staff, according to a leading recruitment agency. Nick Murphy, regional director for recruitment firm Hays, says financial planning businesses need to “start thinking outside the box” when looking for staff and not
January 21, 2014
Building a financial planning profession: renovate, or start again?
If the financial planning industry were a house and you were considering renovating and improving it, would you work with the foundation already in place or would you consider it a ‘knock down rebuild’? Since the government’s December 20 decision to significantly reduce the extent of last year’s Future of Financial Advice (FoFA) legislation, there
January 17, 2014
Professionalism first, daylight second. Who is in this race?
In the current debate about the public image of financial planning, there’s a clear opportunity for planners who adhere to a code of professional conduct to put daylight between themselves and those who don’t. The benefit that an individual enjoys if they are perceived to genuinely be a professional is sometimes referred to as the
January 17, 2014
Gupta’s grand plans
Peeyush Gupta wants to forge strategic referral relationships with industry and corporate super funds, hire more advisers, open new offices, and see it lead the debate on post-retirement in Australia. The group has also commenced a research project on managing longevity risk. According to Gupta, the high and rising cost of providing ongoing personal advice
January 17, 2014
A safe job doesn’t change the need for adequate insurance
Any job has risks and a client needn’t have one of the most dangerous jobs in Australia to require adequate protection to safeguard them against the unexpected. Findings from the Actuaries Institute show that one in three working Australians are likely to become disabled and unable to work for up to three months before turning 65.
January 17, 2014
Helmich elevated, Waddell out in AMP reshuffle
Financial planning industry stalwart Steve Helmich has been promoted to executive director of financial planning at AMP in a management reshuffle that will see Andrew Waddell leave the company. Waddell, who was director of advice – strategy and development, will leave AMP on a date to be announced. The restructuring simplifies the top-level management of
January 16, 2014
End-to-end connections coming to life
Insurance technology business integration provider Konnect Net has created an end-to- end hosted referral system solution for a major general insurance company. It is an example of the efficiency the company has already brought to the life insurance sector in New Zealand, and plans to bring to the Australian life insurance market in 2014. “We got
January 16, 2014
How to handle the major investment risks of 2014
At a time of growing optimism in markets, worrying about risk isn’t in vogue. But the current investment environment, and the ways it could develop, are complex, uncertain and risky. An investor needs to be as aware of risk as they are about finding opportunities for returns. Their investment portfolio needs a robust, forward-looking investment
January 16, 2014
