IOOF Holdings and SFG Australia enter into scheme implementation agreement
FULL ASX ANNOUNCEMENT FULL INVESTOR PRESENTATION * IOOF and SFGA have entered into an agreement under which IOOF proposes to acquire all of the shares in SFGA via a Scheme of Arrangement * SFGA shareholders will be offered 0.104 of an IOOF share for each SFGA share which implies a value per SFGA share of
May 16, 2014
Financial planning licensees need to boost their levels of self-promotion
Financial planning licensees need to boost their individual profiles, partly in response to the Future of Financial Advice (FoFA) reforms, according to the head of National Australia Bank-owned licensee Meritum Financial Group. Speaking about his own organisation, Stephen Trist, general manager of Meritum, said: “We’re in an environment where there’s other licenses within the bigger
May 16, 2014
Three clear reasons why the time has come to commit to self-regulation
Without wanting to pre-empt the findings of the Senate Standing Committee on Economics’ inquiry into the performance of the Australian Securities and Investments Commission, it’s fair to say that it’s not likely to conclude that ASIC has covered itself in glory – particularly in relation to Commonwealth Financial Planning Ltd (CFPL). So the announcement in
May 16, 2014
Web feature: Best practice for implementing managed accounts
Before introducing managed accounts into client portfolios, there are a number of things that financial planners need to consider. Tim Wedd explains. Financial planners wanting to operate managed accounts for their clients need to ensure their businesses are ready for, and aware of, the trade-offs involved, in order to meet growing client demand for investment
May 16, 2014
Budget reaction: Financial planning and allied industries respond to Federal Budget 2014
In the wake of the Federal Government’s handing down of Budget 2014, Professional Planner brings you reaction from across the financial planning industry and allied sectors. This page will be updated regularly, so keep an eye on this link as the day unfolds. From independent consulting business StrategySteps: The Government delivered a tough budget that was
May 14, 2014
Financial planners not fleeing banks any time soon: MLC
Shifting consumer dynamics will have a greater impact on the number of bank-owned versus non-institutional financial planning businesses than regulatory reform, according to the head of a leading Australian institutional licensee. James Meade, general manager of Garvan and MLC Financial Planning, agrees the industry is cyclical in the way financial planners shift between institutionally owned
May 14, 2014
Buying or selling a financial planning business, it’s always a challenge
Whether it’s the purchase or sale of a financial planning business, the success of the transaction hinges on several critical areas. Ray Henderson explains. The ageing of the population – including financial advisers and the broader community – is well documented; and the challenges are significant to ensure that the future is bright and indeed prosperous
May 14, 2014
FPA boosts senior ranks ahead of next phase professionalism push
The Financial Planning Association of Australia (FPA) has bolstered its senior ranks with a new executive role designed to promote and strengthen the growth of the financial planning profession in Australia. FPA CEO Mark Rantall has today announced the appointment of respected financial planning executive Tom Reddacliff to the new role of General Manager, Member
May 13, 2014
Former Godfrey Pembroke GM to spearhead FPA membership drive
The former head of the National Australia Bank-owned financial planning dealer group Godfrey Pembroke, Tom Reddacliff, has joined the Financial Planning Association of Australia (FPA) as general manager of membership growth and marketing. Reddacliff starts on June 2 with a brief to oversee the FPA’s ongoing drive to professionalise the financial planning industry, and to
May 13, 2014
New way for financial planners to bypass property spruikers
Getting direct property into clients’ investment portfolios has traditionally been a somewhat convoluted and fraught process for financial planners, involving multiple stakeholders and various challenges. One of these was highlighted recently by Fiona Navarro, general manager of Apogee: “We’ve got this issue where, we’ve got a segment of the market that’s property spruiking, and lending
May 12, 2014
If financial planners don’t ‘get’ professionalism now, we never will
Unless financial planners are truly serious about reform, they will continue to suffer the consequences, as Robert MC Brown explains. The reputation of the financial planning industry is surely in deep trouble when our ethics are mocked and satirised on Shaun Micallef’s TV show, Mad as Hell. In a recent segment, a financial planner, looking every bit the
May 12, 2014
What history tells us about where share returns are heading
In the last few years, the extraordinary policy measures of major central banks – especially the US Federal Reserve (the Fed) – have provided enormous support to share prices globally. Short-term interest rates close to zero and historically low bond yields have encouraged investors into higher risk assets, like shares, in search of higher returns.
May 12, 2014
