Building a financial planning profession: renovate, or start again?
If the financial planning industry were a house and you were considering renovating and improving it, would you work with the foundation already in place or would you consider it a ‘knock down rebuild’? Since the government’s December 20 decision to significantly reduce the extent of last year’s Future of Financial Advice (FoFA) legislation, there
January 17, 2014
Professionalism first, daylight second. Who is in this race?
In the current debate about the public image of financial planning, there’s a clear opportunity for planners who adhere to a code of professional conduct to put daylight between themselves and those who don’t. The benefit that an individual enjoys if they are perceived to genuinely be a professional is sometimes referred to as the
January 17, 2014
Gupta’s grand plans
Peeyush Gupta wants to forge strategic referral relationships with industry and corporate super funds, hire more advisers, open new offices, and see it lead the debate on post-retirement in Australia. The group has also commenced a research project on managing longevity risk. According to Gupta, the high and rising cost of providing ongoing personal advice
January 17, 2014
A safe job doesn’t change the need for adequate insurance
Any job has risks and a client needn’t have one of the most dangerous jobs in Australia to require adequate protection to safeguard them against the unexpected. Findings from the Actuaries Institute show that one in three working Australians are likely to become disabled and unable to work for up to three months before turning 65.
January 17, 2014
Helmich elevated, Waddell out in AMP reshuffle
Financial planning industry stalwart Steve Helmich has been promoted to executive director of financial planning at AMP in a management reshuffle that will see Andrew Waddell leave the company. Waddell, who was director of advice – strategy and development, will leave AMP on a date to be announced. The restructuring simplifies the top-level management of
January 16, 2014
End-to-end connections coming to life
Insurance technology business integration provider Konnect Net has created an end-to- end hosted referral system solution for a major general insurance company. It is an example of the efficiency the company has already brought to the life insurance sector in New Zealand, and plans to bring to the Australian life insurance market in 2014. “We got
January 16, 2014
How to handle the major investment risks of 2014
At a time of growing optimism in markets, worrying about risk isn’t in vogue. But the current investment environment, and the ways it could develop, are complex, uncertain and risky. An investor needs to be as aware of risk as they are about finding opportunities for returns. Their investment portfolio needs a robust, forward-looking investment
January 16, 2014
Treasury paper quantifies “big four” FoFA cost-saving measures
A Regulation Impact Statement prepared by Treasury has quantified the “big four” largest cost savings in proposed amendments to the Future of Financial Advice (FoFA) rules. The paper, published in November last year, calculates an ongoing total cost saving figure of $191.3 million a year from the government’s proposed amendments, and $87.7 million a year
January 16, 2014
AMP announces key leadership appointments
AMP has announced key leadership appointments for its two newly created business divisions – Insurance and Superannuation, and Advice and Banking effective 20 January 2014. The appointments come after AMP CEO Craig Meller announced his leadership team in October and are the next step in creating a leaner, more efficient and increasingly customer-driven organisation. AMP
January 16, 2014
Financial Index keeps on acquisition path
Financial Index Wealth Accountants is still on the hunt for large accounting firms and quality advice businesses, following the announcement of the group’s 46thacquisition. Financial Index Wealth Accountants, which announced its acquisition of Centric Wealth on Sunday, will keep and invest in the Centric Wealth brand but move to a shared back-office arrangement for compliance,
January 14, 2014
A year of transactions: Chase
Merger and acquisition activity in the financial planning and accounting space is heating up with 2014 shaping up to be a year of transactions, according to Chase Corporate Advisory, who advised Financial Index on its recent acquisition of Centric Wealth. The firm, which is a specialist adviser to mid-tier financial services and professional services firms,
January 14, 2014
AMP backs corporate super
A number of AMP Financial Planning practices have recently sold their corporate superannuation books back to AMP under Buyer of Last Resort arrangements, as the value of corporate super businesses suffers due to the Future of Financial Advice reforms. A spokeswoman for AMP said it was not uncommon for financial planning firms to review and
January 14, 2014
