The trillion-dollar opportunity for Australian financial planners
An underinsurance gap of about $1.1 trillion for working Australians represents a significant opportunity for financial planners, according to a study commissioned by the Financial Services Council (FSC). Around three in four people believe life insurance is purely “death cover”, with financial planners facing an uphill battle to convince clients of the value of life insurance,
March 31, 2014
Financial planners seeking alternative approaches to bridging the risk gap
Following the GFC, more investors have been turning to strategic risk allocation as a way of combating the excessive potential risks associated with equities, as James Walker-Powell and Louis Seco explain. When you look at the movements between traditional growth assets – such as Australian shares, international shares and listed property – over the past
March 31, 2014
Association of Real Return Investment Advisers (ARRIA) has been established
A new association has been formed to help advisers incorporate real return strategies in their businesses and provide practical guidance in the areas of regulations, insurance, portfolio construction, implementation and administration. The Association of Real Return Investment Advisers (ARRIA) assists advisers in the practicalities of building, implementing and incorporating client investment portfolios that can better perform
March 28, 2014
FoFA delay provides a welcome chance to clarify ‘advice’: AMP
The word “advice” as used in the term “general advice” is a problem, says Steve Helmich, executive director of financial planning at AMP. “You could argue that it should be called ‘general information’, because general advice is basically advice around product, not whether the product is right for the individual,” says Helmich, the head of
March 28, 2014
This road leads to financial planning, mortgage broking expansion
It’s coincidence, but Yellow Brick Road’s announcement of an ambitious non-bank financial services strategy could hardly have been made at a better time. As banks continue to cop flack for their apparent efforts to reintroduce conflicted remuneration to the financial planning scene, YBR has unveiled a strategy to substantially extend the reach of its financial
March 28, 2014
Genesys advisers raise $1 million for Children First
AMP’s Genesys Wealth Advisers has raised over $1 million for children’s charity Children First Foundation, with a recent surge in fundraising of $51,000 tipping the total raised by Genesys into seven figures since the first donation in 1999. Children First Foundation aids children from developing and war torn countries to have life changing surgery in
March 27, 2014
AFA Foundation appoints AIA Australia’s Pina Sciarrone as chair
The Association of Financial Advisers (AFA) has appointed Pina Sciarrone as Chair of the AFA Foundation. AFA CEO Brad Fox said the AFA is looking forward to working with Ms Sciarrone who has a career in financial services spanning more than 20 years. “We are delighted to now have Pina working with us to lead
March 26, 2014
Financial planning industry ‘quietly confident’ FoFA delay will allow consensus
The financial planning community remains confident it can reach a timely, satisfactory outcome on the government’s FoFA reforms, despite the pause announced this week by Finance Minister and acting Assistant Treasurer Mathias Cormann. “We’ll be able to find a landing spot on this, as long as there are not embedded product commissions,” says Matthew Rowe,
March 26, 2014
ASIC still has teeth to police financial planners, despite FoFA delay
The Federal Government’s pausing of its Future of Financial Advice (FoFA) amendments is adding to regulatory uncertainty for financial planners and industry regulators, according to Richard Batten a partner in law firm Minter Ellison. “It’s a difficult position for everybody, and it does increase the risk and uncertainty for everyone,” Batten says. According to a
March 26, 2014
While FoFA is on pause, let’s remember what it’s all about
A newspaper editor once described reporters as being like lightbulbs: when one goes “phut!” you just screw in a new one; they all generate about the same amount of light and heat. Politicians are a bit the same. Take one out, put another one in – the heat and the light is pretty much unchanged.
March 26, 2014
Charter awards honour valued partnerships financial planners form with their clients
AMP’s Charter Financial Planning has announced the winners of its two national financial planning awards, the Gerald Lippman Perpetual Trophy and the National Value of Advice Award. Mr Dennis Bateman of TFC Financial was awarded the Gerald Lippman Perpetual Trophy and Troy Mickan of KTA Financial Services was recognised with the National Value of Advice
March 25, 2014
Bill Bachrach’s guide to staying sane and surviving FoFA: First, turn off the TV
Sometimes it takes a fresh set of eyes to put long-running events into a manageable perspective. Bill Bachrach, the renowned consultant based in the US but a regular visitor to Australia, has some sage advice for financial planners who have suffered through the five-year Future of Financial Advice reform process. As Bill Bachrach sits down
March 23, 2014
