Sydney adviser banned for life
Former senior client adviser at Bell Potter Securities Glenn Russell Evans has been banned from providing financial services for life by the Australian Securities and Investments Commission, after he was jailed for defrauding self-managed superannuation funds of more than $1.6 million. In May, Evans, who is 44 years old and from Leichhardt in Sydney, was
November 12, 2013
New corporate super fund hits the market
The $27 billion industry superannuation fund REST has become the first industry fund to launch a MySuper product for the corporate sector. REST Corporate is an employer-sponsored MySuper offering with salary-based insurance, designed to make compliance with the government’s Stronger Super regulations simple for employers. REST chief executive Damian Hill said the MySuper rules had
November 12, 2013
Market update on ASIC’s CP 216
Industry stakeholders and consumers have voiced their overall support for the Australian Securities and Investments Commission’s Consultation Paper 216, which sets out additional disclosure requirements on advisers to self-managed superannuation funds. In two separate stakeholder roundtables held by the regulator in October, many participants indicated that they already complied with the new rules being proposed,
November 08, 2013
Zurich in search to replace Fabris
Zurich Financial Services Australia has won a place on eight new approved product lists in the last 12 months, including AMP Financial Planning, Matrix Planning Solutions, Mercer, Aon Hewitt Financial Advice and Suncorp Life’s Guardian Advice. The group, which will soon begin a search to replace manager of sales strategies and research Marc Fabris, was also
November 08, 2013
Boost clients’ willingness to pay for advice
Financial planning has never been more competitive. There has been a proliferation of alternative advice models in the last few years while the cost of delivering advice, in many cases, is increasing. Advice firms, now more than ever, must have a deep understanding of their revenue and expenses, and how they impact on profitability. They
November 08, 2013
Accountants ponder Premium price
Dealer groups that have already developed licensing solutions for accountants, in preparation for the removal of the accountants’ exemption, will be forced to regularly reprice their offer before July 1, 2016 to stay relevant, according to Premium Wealth Management chief executive Paul Harding-Davis. Premium Wealth Management, the accounting and financial planning firm that spun out
November 07, 2013
Review to create level playing field
Boutique dealer, Madison Financial Group has reaffirmed its intention to pursue a vertically-integrated model, as Assistant Treasurer Arthur Sinodinos announced a review into whether vertical integration created an unfair advantage. Speaking at the Association of Independently-Owned Financial Planners national conference in Hobart on Thursday, Sinodinos said the government intended to look at whether the vertically-integrated
November 07, 2013
FPA ready to appear before Senate Inquiry
The Australian Securities and Investments Commission is inadequately resourced to fulfill its responsibilities, which has made it an ineffective, reactionary regulator, according to the Financial Planning Association. In its 53-page submission to the Senate Economics References Committee Inquiry into the performance of the corporate watchdog, the FPA said the regulator needed to do more work
November 07, 2013
A ClearView of the future as adviser numbers swell
Listed wealth manager ClearView has increased its adviser numbers by 46 per cent during a time when its fiercest rivals have struggled with deteriorating lapse rates and mounting claims on legacy products, according to the group’s managing director Simon Swanson. ClearView also established distribution agreements with 53 new dealer groups in the year ended June
November 06, 2013
Are the bulls preparing for a charge?
I’m a great fan of short investment books on the grounds that while investing is not easy, its underlying principles are simple. Kerry Balenthiran’s The 17.6 Year Stock Market Cycle certainly meets the brevity test – I’d read it twice this week within a day of the author handing me a copy. You’re into the
November 05, 2013
SSFS seeks referral deals for advice
State Super Financial Services, the advice business owned by SAS Trustee Corporation, will create formal referral arrangements with industry superannuation funds and other institutions to provide ongoing personal advice to more Australians. Peeyush Gupta, SSFS chair, said the group is actively seeking to partner with superannuation funds in a similar way to the recent deal
November 01, 2013
