Manage conflict and you’ll be bulletproof: ASIC
The conflict of interests provision under the Future of Financial Advice (FoFA) reforms is a clear recognition by the regulator that consumers have no idea whether their financial adviser is independent or tied to a distribution channel. It follows, therefore, that clients can’t be blamed for failing to recognise the differences between a glorified salesman
January 22, 2013
Can financial planning survive the recovery?
One of the odd things about financial planning is that the public’s confidence in its practitioners is lowest when investment markets are firing (“Why do I need to pay someone to do this?”). However, it’s just as low when investment markets have tanked (“Planners – what are they good for if they didn’t see this
January 22, 2013
NAB planners divided on FoFA change, union acts
National Australia Bank’s NAB Wealth and MLC have defended an internal restructure of the bank’s overarching financial planning strategy that has drawn criticism from the Finance Sector Union (FSU). The union says its members have expressed a number of concerns, with most centering on planned alterations to the remuneration model for financial planners. In November
January 14, 2013
Conflicted remuneration: the heart of FoFA
The Australian Securities and Investments Commission’s Peter Kell, the Financial Planning Association’s Dante De Gori and Westpac financial planner Louise Lakomy discuss the finer points of conflicted remuneration. Professional Planner and the Financial Planning Association of Australia (FPA) have produced a series of videos on “Bulletproof financial planning” – a financial planner’s guide to complying
January 10, 2013
Lead or get out of the way
Congratulations to the Financial Planning Association on turning 20 last month, celebrated by a five-city tour featuring technical workshops and recognition of the association’s best and brightest. More importantly, congratulations on the massive transformation the FPA board has achieved, and is in the process of continuing, for the association’s 10,000 members. To download a full
December 13, 2012
An open discussion on professionalism
Professional Planner’s editorials and cover story on the role of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) in professionalising financial planning prompted a significant response from readers. Many responses have been in the form of private correspondence with the authors. Not all responses are fit for publication, but where a respondent
December 13, 2012
2012: The year in review
What would a year in financial planning be without a healthy dose of regulatory uncertainty, complaints about the regulator and the banning of a handful of financial planners? The year just past is no different in this respect, but it was also a year when the industry demonstrated its remarkable resilience – when great businesses
December 13, 2012
Bulletproof financial planning in a FoFA world
The future of financial advice is almost here Professional Planner and the Financial Planning Association of Australia (FPA) have produced a series of videos on “Bulletproof financial planning” – a financial planner’s guide to complying with the new FoFA rules, and how adhering to the FPA’s code of professional practice can help negotiate a potential minefield.
December 12, 2012
Lawyers and FoFA: answers to curly questions
Can dealer groups retain volume bonuses under the Future of Financial Advice (FoFA) reforms Do you need to be a mind reader to figure out what the Australian Securities and Investments Commission wants in terms of Codes of Conduct Can you keep paying commissions under FoFA? So straight answers is what we will be giving them.”
December 10, 2012
Dec 2012 – Jan 2013:
Digital content
A guide to the Professional Planner December 2012 - January 2013 edition and links to authors and additional content. 04 - from the CEO Lead, or get out of the way 05 - from the editor 08 - planner profile
December 03, 2012
APES 230 could harm risk advice industry
The Accounting Professional and Ethical Standards Board (APESB) financial planning standard will negatively impact advisers with links to accounting firms, by increasing advice fees and reducing client affordability.
November 29, 2012
Financial planning defined in “national interest”
The Financial Planning Association (FPA) has welcomed the government’s release of the draft legislation for enshrining the terms financial planner and financial adviser in Australian law. The draft legislation, released today (November 28), follows extensive consultation with the financial planning industry.
November 28, 2012
