Wronged clients of Commonwealth’s financial planning still on hold
A number of former customers of Commonwealth Bank of Australia-owned financial planning licensee Financial Wisdom (FinWiz) remain unclear about where they stand in seeking compensation for bad financial advice they received between 2008 and 2010. Professional Planner has learned from two former clients of disgraced North Queensland financial planner Rollo Sheriff, who was a co-owner
June 02, 2014
Licensees to thrill: the best financial planning licensees of 2014
A number of common themes unite the top five licensees in this year’s CoreData survey of financial advisers’ attitudes toward their dealer groups. And the top-five list also reveals some outliers. Glenn Freeman reports. The Licensee of the Year survey conducted by CoreData has been run and won for another year, with a number of
June 02, 2014
Can you do your job better than I could do it? OK, but how would anyone know?
Over the years – over many years – I have delighted in baiting successive chief executives of various financial planning associations with the thought that if it’s possible for me to join their association then its barriers to entry are too low. Last July, to my dismay, one avenue for such petty bastardy was closed
June 02, 2014
Killing off innovation is not the regulatory outcome we are looking for
Financial planning industry consolidation driven by regulatory uncertainty is stifling product innovation to the detriment of both financial planners and their clients, according to the managing director of Instreet Investment, George Lucas. “That’s already started happening, and in future there will definitely be less products offered by independent financial advisers,” Lucas says. He describes this
May 30, 2014
Are you willing to pay the price for a ticket on the gravy train?
Of all the revelations that have been uncovered in investigations by the ABC and Fairfax Media into Commonwealth Financial Planning (CFPL), the one that stood out was the former CFPL financial planner Don Nguyen’s claim that “he did not know” that what he was doing was wrong. We’re not privy to exactly what Nguyen means
May 30, 2014
Some light birthday reading: Five go on a taper tantrum
May marks the one-year anniversary of the Bernanke bombshell, remarks from the then chairman of the Federal Reserve that sent shockwaves through financial markets. What he said was uncontroversial but it sent a powerful message. The US monetary stimulus that had underpinned global markets could not continue indefinitely. For investors in denial about the eventual
May 30, 2014
Launch of 2014 AFA Female Excellence in Advice Award
The Association of Financial Advisers (AFA) and leading life insurer TAL have jointly launched and opened nominations for the 2014 Female Excellence in Advice Award (the Award) at the AFA Inspire ‘Stand up and step up’ event today. The Award, developed in 2011 as a joint initiative by the AFA and TAL and supported by
May 29, 2014
Over 55s now account for four out of five dollars under advice
Key findings of the Investment Trends December 2013 Retirement Planner Report: – Retirees and pre-retirees now account for 82 per cent of planner funds under advice – North and Asgard Infinity eWrap lead the market in growing their share of the increasingly important retiree and pre-retiree segments – Annuities are increasingly popular among financial planners
May 29, 2014
ASIC gives thumbs-up to 10-point plan to raise standards, weed out bad apples
The Australian Securities and Investments Commission (ASIC) has given the thumbs-up to a 10-point plan produced by the Financial Planning Association of Australia (FPA), with ASIC commissioner and deputy chair Peter Kell labelling it “important” for industry bodies to be proactive in raising standards across the board. “ASIC is very pleased to see the FPA
May 28, 2014
Why effective communication is the key to a healthy mentoring relationship
Based on a number of my recent conversations, it appears that there is a healthy respect for the value of mentoring – formal or informal – among financial advisers. At the same time, in the context of last month’s article on governance, I think that more people could benefit from a mentoring relationship; and some
May 28, 2014
High-quality professional advice aligns the service with the fee, not the product
The opportunities for self-managed super fund (SMSF) specialists have never been greater. That’s the only conclusion that can be drawn from the latest research by SPAA and Russell Investments. The fourth annual Intimate with Self-Managed Superannuation report shows that despite a softening in net SMSF establishments in 2013, the sector continues to enjoy solid growth,
May 28, 2014
SPAA makes two key appointments to executive team
The SMSF Professionals’ Association of Australia (SPAA) has made two key appointments to its executive team. Richard Hockney has been appointed General Manager, Corporate Development, and Joshua Geers is the Finance and Corporate Services Manager. Both managers bring a breadth of experience and knowledge to their respective positions. Before taking this position with SPAA, Hockney
May 27, 2014
