Retirement advice through super will be far better than no advice
Super funds have the responsibility and are well-positioned to assist their members who would otherwise receive no advice as they approach and enter retirement. The Conexus Institute’s David Bell and Geoff Warren argue that outcomes for super fund members will be improved by the provision of financial advice by their fund compared to them not receiving advice at all.
June 05, 2025
ASIC ‘accelerating’ private credit oversight
The corporate regulator will be “accelerating” its work on private credit and will pay close attention to retail distribution following its consultation on public and private markets. After receiving almost 90 submissions, with most released publicly on Wednesday morning, ASIC Commissioner Simone Constant said the asset class can be good for the economy “if done well”.
June 04, 2025
DBFO draft bill lacks ‘simplification and certainty’
Michael Vrisakis, one of Australia’s leading financial services lawyers, has warned the Albanese government’s draft legislation on financial advice reform retains an overly prescriptive regulatory regime and does not act on the conclusions of the Quality of Advice Review in a meaningful way.
June 03, 2025
‘Who cares’: Higher average client fees don’t guarantee profitability
The average client fees provide an ineffective barometer of profitability and success, as higher fees don’t naturally mean bigger profit margins. Peloton Partners principal Rob Jones pointed to an example of two firms – one with an average fee of $38,000 and another with $3300 – with the latter being more profitable.
June 03, 2025
Australians urge government action on financial advice reform
As the industry awaits confirmation the Albanese government will complete its financial advice reform agenda, new research from Colonial First State finds more than two-thirds of Australians want to see advice become more accessible. But consumer representative Super Consumers Australia believes findings of the research are “confusing causation and correlation”.
June 02, 2025
ASIC finds managed funds compliance is ‘lacking’
ASIC has identified widespread poor practice from managed investment schemes, with investigations of potential breaches of compliance plans expected to come. The review found some plans didn’t mention the Design and Distribution Obligations, suggesting updates haven’t been done since 2021 at the latest.
June 02, 2025
Unadvised investors face acute private market risks: FSC
In response to ASIC's major report into private market risks, the Financial Services Council has recommended any potential regulatory changes pertaining to retail investors should only target the unadvised cohort, arguing existing laws and regulations sufficiently protect the profession's clients.
May 30, 2025
Reactive, populist super tax grab no match for real reform
Treasurer Jim Chalmers’ proposed levy on unrealised gains in super funds isn’t reform, it’s our home-grown equivalent to “Liberation Day”: reactive, populist and a money grab as a budget filler, write University of Technology Sydney's Rob Prugue and Lorenzo Casavecchia. Reform is indeed needed, but one which equally builds a moat around our $4 trillion super from self-serving political grabs from both sides of the political fence.
May 30, 2025
Coalition back to the drawing board on financial services policy
New Shadow Minister for Financial Services Pat Conaghan says the Coalition will review the policies taken to the election by Peter Dutton and his portfolio predecessor Luke Howarth. The National Party MP tells Professional Planner he will work with industry bodies and put a big focus on regional and rural issues in any policy position.
May 29, 2025
Advisers need ‘to be Beyoncé’ and spend more time performing
Advisers spending a minority of their time in front clients is like Beyoncé acting as her own road crew: practitioners should be spending more time in front of their audience rather than backstage tasks.
May 29, 2025
Count cleared in fees for no service class action
The Federal Court has dismissed a class action suit brought against Count subsidiary Count Financial over fees for no service and failure to act in client best interests. The class action alleged the formerly big four bank-owned licensee failed to ensure adviser remuneration was free from conflict after the FOFA reforms were brought into place.
May 28, 2025
