Why creating a financial planning profession may be easier said than done
The word “profession” has been liberally thrown around in the various reports, articles and opinion pieces on the proposed Future of Financial Advice (FoFA) amendments. Let me state at the outset that I am very interested in the concept, and I facilitate the professionalism course for the Actuaries Institute three times each year. That course
April 23, 2014
The 20c Paddle Pop – and why I was doomed to be an economist
I started school on the Gold Coast in 1973. During that first year of school, my weekly banana Paddle Pop cost five cents from the school tuckshop. By the end of 1974, the price of that same Paddle Pop had risen fourfold to the princely sum of 20 cents. I asked the tuck shop lady
April 23, 2014
A prism approach to profitability in a FoFA world
With the FoFA laws being debated once again, it is a herculean task for any financial advisory business to construct a formula for profitability, whilst navigating through layers of compliance that range from law to regulatory guidance to best practice. Irrespective of what the outcome is relating to grandfathering, the costs of doing business in
April 23, 2014
Senior advice executive joins the Future2 board
One of the financial advice sector’s most prominent senior executives has joined the board of Future2 Foundation. Marianne Perkovic, Executive General Manager Advice at Commonwealth Bank, was unanimously endorsed as a Future2 director/trustee at a recent board meeting, for a three year term. Future2 Chair Steve Helmich warmly welcomed Ms Perkovic to the board. “Marianne
April 22, 2014
Call to delay TASA financial adviser regime as key compliance information remains unclear
The professional standards manager for Centrepoint Alliance, Rhett Das, has called for a delay to the June 30 implementation of the Tax Agent Services Act (TASA) for financial planners because key pieces of compliance information still are not confirmed. Das (pictured) told the Professional Investment Services (PIS) conference in Shanghai that it is impossible for
April 16, 2014
Young people take more active interest in superannuation
In a break with tradition, young people are taking a more active interest in their superannuation with the 30-49 year old group being the most concerned about planning for retirement, according to the latest quarterly MLC Wealth Sentiment Survey. Both men and women in this age group rated their concern about having adequate funds for
April 15, 2014
Financial planners create a brighter future for kids in need
Cyclists in the financial planning community can now register online to join the 2014 Future2 Wheel Classic. Their challenge is raise $100,000 by riding from Melbourne to Adelaide, 13-19 November, arriving to a reception on the eve of the FPA Professionals Congress. Now in its fifth year, the Future2 Wheel Classic has become an iconic
April 15, 2014
Be good, add value and be available: the secret to ‘guaranteed’ referrals
A benchmarking study of the top practices in the Professional Investment Services (PIS) network will create the foundation of a program to reduce expenses and increase revenue and profit for practices across the network. PIS has worked with the research firm Beddoes Institute to benchmark its top practices against the top practices in the Beddoes
April 14, 2014
Three in 10 clients at risk of leaving their adviser
Close to three in 10 (28.6%) Australians who currently receive financial advice are at risk of leaving their adviser, according to new research from CoreData. However the research suggests a huge growth opportunity for advisers among both the advised and unadvised if they focus their efforts in the right areas. CoreData’s 2014 Keys to Growth
April 14, 2014
Leading consultants reveal the secrets to practices made perfect
Professional Planner and MLC brought together some of the industry’s leading consultants to identify the steps that all financial planning business owners can take right now to create businesses that will thrive and prosper regardless of the regulatory and industry challenges they may be facing. PARTICIPANTS: Rod Bertino, principal, Business Health; Andrew Inwood, principal, CoreData Market Research; Tony McDonald, co-founder and
April 14, 2014
Professional Planner in Shanghai.
What could possibly go wrong?
The 2014 Shanghai Professional Investment Services Conference kicked off on Monday, as more than 180 PIS planners, accountants and support staff gathered in Shanghai, a city with a population roughly equal to the whole of Australia. PIS’s 18th annual conference spans five days and is focused on helping advisers improve business performance and deliver high-quality
April 14, 2014
