ANZ complete on M3 review
ANZ has completed a review of its its Millennium 3 dealer group and will improve the monitoring and supervision of its financial planners. The group has also promised to be more deserving of clients’ trust, after former Millennium 3 financial planner Melinda Scott pleaded guilty to seven fraud charges relating to $5.9 million in December.
January 07, 2014
Outlook for Japan in 2014
There is a new-found sense of confidence in Japan, however, there’s also enough scepticism among domestic institutions, economists and the media to suggest the Japan story is not overdone. Many investors remain on the side lines given the widely held belief that economic recovery will be thrown off track by April’s sales tax rise. With
January 07, 2014
On a training ride or on mission to win le Tour?
Even a non-cyclist can appreciate the magnitude of winning the Tour de France. A lot of work and dedication is required to reach the ultimate success in cycling. Team work is integral to success. During the Tour, there is no greater display of teamwork than in a team time trial, where nine riders complete the
January 07, 2014
Merry Christmas from Professional Planner
The Professional Planner offices will be closed from December 18, 2013, until January 6, 2014. We wish all of our readers a very Merry Christmas, and a safe, happy and prosperous New Year. Best wishes, Leng Yeow Simon Hoyle
December 18, 2013
Premium pricing for retirement advice
Millennium 3 advice practice Reed Financial has spent the last two years reinventing its business model and will start 2014 with a new name and a narrower focus on helping baby boomers transition to retirement both psychologically and financially. Advisers must become specialists in order to thrive, according to principal David Reed who believes generalist
December 18, 2013
In their own words: a review of 2013
From a self-confessed super nerd to a Marx Brothers movie; from bedding-down the Future of Financial Advice (FoFA) reforms to the birth of a financial planning profession; and from churning of life policies to running better businesses, Professional Planner kept readers’ fingers on the pulse of developments during 2013. This is how some of the
December 18, 2013
Advisers seek to actively trade ETFs
Vanguard’s recently launched ETF Trade and Execution Help Desk recorded a surge in financial planner inquiries in 2013, as a growing number of advisers seek to actively trade exchange traded funds. The service, which was launched locally in October 2012 but has been available in offshore markets for some time, received over 600 calls from
December 18, 2013
Economic outlook for 2014, MLC
It was another strong year for share markets. World share markets have performed extremely well in 2013. As the year draws to a close, the MSCI All Country World Index (comprising both developed and emerging share markets) is on track to produce returns well above 20 per cent for the year for Australian investors. Investors
December 18, 2013
Growing market for retirement advice
Financial planners still don’t fully understand the importance of building a sustainable income stream in retirement, according to industry experts including ASIC deputy chair Peter Kell, Texas Tech University Professor Michael Finke and Dimensional Fund Advisors executive director Nigel Stewart. Last week Dimensional Fund Advisors hosted a boardroom presentation by Professor Finke, who leads the
December 17, 2013
Former ANZ adviser fraudulently obtained $5.9 million
After decades of breaking the law, former ANZ financial planner Melinda Scott has pleaded guilty to seven charges of fraudulent behaviour including falsifying documents and illegally accessing clients’ funds. The former Millennium 3 adviser admitted in Downing Centre Local Court to fraudulently obtaining $5.9 million worth of clients’ money for her own purposes without her
December 17, 2013
CBA busted by ASIC again
The Commonwealth Bank of Australia is in trouble with the Australian Securities and Investments Commission again, with the regulator accepting its second enforceable undertaking from the banking giant in just over two years. CBA-owned CommSec and Australian Investment Exchange have been ordered to appoint an independent expert to review their handling of client money and
December 17, 2013
