Why financial planning licensees who don’t support raising education standards hurt the profession
In the third and final part of a series focusing on notable Certified Financial Planners (CFPs), Randall Stout reflects on the support he received to complete his CFP studies, and the obligation that licensees have to nurture the development of a profession. Randall Stout is incredulous: “A listed company making $8 to $10 billion profit
March 30, 2015
Murray inquiry struggles with some complexities of retirement income
Financial planning for individuals entering retirement is not adequately incentivised in Australia or internationally, according to John Piggott, professor of economics, University of New South Wales (UNSW). He is also director of the Australian Centre of Excellence in Population Ageing Research. “No country requires or provides incentives for default advice. And yet surely as you
March 30, 2015
Now is not the time for financial planners to abandon investment management
Last week BT Financial Group announced a managed portfolio component to its Panorama operating system resulting in some interesting commentary. The main benefit highlighted was that managed account structures provide efficiencies to advisers around some aspects of administration. It would provide advisers a simple way to access shares, managed funds and cash through a range
March 30, 2015
PIMCO: In a challenging environment, policy easing sweeps through Asia
A new Asia-Pacific Cyclical Outlook by PIMCO has just been released In the interview, Adam Bowe, executive vice president and fixed income portfolio manager in the Sydney office, Tomoya Masanao, managing director and head of portfolio management Japan, and Isaac Meng, senior vice president and emerging markets portfolio manager in Hong Kong, discuss the conclusions
March 27, 2015
Trowbridge divides life insurance industry with radical commissions blueprint
The two organisations behind establishing the Life Insurance and Advice Working Group, the Association of Financial Advisers (AFA) and the Financial Services Council (FSC) have adopted divergent views on the final report presented by John Trowbridge (pictured). The FSC says it welcomes the report, referring to the process as an initiative of both the AFA
March 27, 2015
Shortlists of nominees announced in Conexus Financial Superannuation Awards
Shortlists for the Conexus Financial Superannuation Awards have been released. The funds recognised as having the best MySuper defaults, the best member engaged services, the best pension funds and those that have created the most far reaching innovation in the past year, as well as nominees for the large, medium-sized and small fund of the
March 27, 2015
Trowbridge hands down final report on reform of life insurance
The author of the Trowbridge report into life insurance practices and remuneration says his proposed package of reforms will shift insurers’ focus from competing to win advisers and licensees to more effectively competing for the business of individual clients. In a report handed down this morning, John Trowbridge makes a total of 11 recommendations –
March 26, 2015
Life insurance can protect your dreams say Aussies
Two thirds of Aussies say that life insurance can protect the things they have created in life and their dreams for the future, a nation-wide poll has found. Those with a mortgage are the highest believers in financial protection (74%), followed by Generation X (73%) and those who say they are risk takers (71%). These
March 26, 2015
PJC proposals should create one set of professional standards to unite them all
The government’s consultation paper on lifting the professional, ethical and education standards in the financial services industry, issued today, notes that adopting the recommendations of the Parliamentary Joint Committee (PJC) report would “represent a substantial change to the current regulatory environment for financial advisers”. Further, the proposed PJC model would “apply equally to advisers working
March 25, 2015
VICSUPER leads push to diversify emerging market exposures
Investors who are concerned about the short-to–medium–term outlook for emerging markets but reluctant to disengage from the asset class entirely can explore ways to diversify their exposure, global asset manager AllianceBernstein (AB) said today. The remarks were prompted by the award of an A$100 mandate from superannuation fund VicSuper for AB’s Emerging Consumer strategy. “This
March 25, 2015
New PIMCO head convenes task force to tackle retirement income solutions
Seven months into the job as an executive vice president of PIMCO and head of the $2 trillion fund manager’s operations in Australia and New Zealand, Adrian Stewart is putting together a task force to combine the firm’s own strengths with the clout of Allianz – PIMCO’s parent company, and the largest life insurance company
March 25, 2015
ADF Financial Services, Clearview heads at odds over financial advice remuneration
Two senior financial industry figures vigorously debated their opposing views on adviser remuneration during an Australian Securities and Investments Commission (ASIC) conference panel session yesterday. Robert M C Brown AM, chairman, ADF Financial Services Consumer Council, believes fee-for-service advice in life insurance is a viable model. “Could it be that the industry’s claim that many
March 25, 2015
