PIS under pressure
Centrepoint Alliance, owner of Professional Investment Services, hopes a new management team will be able to turn around the beleaguered dealer group after the regulator expressed concerns over compliance. An independent expert will monitor the financial advice given by Professional Investment Services (PIS) representatives for the next nine months under standards set out by the
July 18, 2013
Succession planning: easy except for the leaving
A conversation with a friend and veteran financial planner has Matt Fogarty contemplating post-FoFA succession planning but one thing remains the same: exiting a business takes almost as much time, effort and consideration as setting up a business from scratch. “I am happy to sell down my ownership progressively over the next five-to-seven years, but
July 16, 2013
Technology, innovation key to cash products
Financial advisers are generally satisfied with the cash products available, with ease of opening and ongoing management of cash accounts cited as the most important considerations. According to a survey by Macquarie Adviser Services, product features and online adviser services were also among the top three drivers of satisfaction, suggesting that features and functionality of
July 11, 2013
Liberals reheat FoFA concerns in policy paper
A Liberal government would revisit the Future of Financial Advice (FoFA) reforms as part of new policy paper aimed at formalising a wider commitment to cutting costs. The Policy to Boost Productivity and Reduce Regulation paper outlines coalition plans for reducing the regulatory burden on individuals, businesses and community organisations by establishing and meeting a
July 09, 2013
FPA, AMP push professionalism
The Financial Planning Association of Australia (FPA) has backed calls by one of the country’s largest dealer groups that all of its financial planners become members of a professional association. AMP’s director of financial planning advice and services, Steve Helmich, last week reportedly stated that it will become mandatory for all planners in the AMP
July 08, 2013
NAB advisers most likely to jump ship
Advisers from NAB Financial Planning are more likely than their industry peers to switch licensees over the next year, with about a third considering a future elsewhere. According to research conducted by CoreData on adviser satisfaction with their licensee, financial advisers at NAB FP were the most likely of 19 licensees surveyed (3.6 out of
July 04, 2013
Zero to FoFA: Top tips on fee disclosure statements
The 1st of July has come and gone, the Future of Financial Advice (FoFA) reforms are here and many advisers are still hitting hurdles when it comes to generating fee disclosure statements (FDS). Professional Planner asked Midwinter Financial Services managing director Julian Plummer (pictured below) how advisers can streamline this process given his experience in
July 04, 2013
Why I handed back my AFSL
A previous winner of the Association of Financial Advisers (AFA) adviser of the year award says increased compliance obligations are behind the decision to disband his boutique Australian Financial Services Licence and sign up with a dealer group. Troy Edmondson held an AFSL for three years, during which time the number of authorised representatives grew from
July 02, 2013
Cormann slams taxation bill ram raid
Financial planners will eventually need to register as tax agents after three taxation bills passed through the Senate on Friday afternoon, despite opposition outrage. While financial advisers have a further 12-month exemption, they face the vagaries of a second regulator and education requirements that are yet to be determined. Senator Mathias Cormann was left fuming.
July 01, 2013
The birth of a profession as FoFA lands
A lot of attention has justifiably been focused on the Future of Financial Advice (FoFA) changes, which start today. As a whole, FoFA represents arguably the greatest shake-up of regulation in the financial planning space. But an equally, if not more, significant change also takes place on the very same day. From July 1, it
July 01, 2013
Planner education: when a degree isn’t enough
Treasury and the Australian Securities and Investments Commission (ASIC) have again missed a trick by failing to address the integration of education standards for financial planners. While welcoming the proposed raising of training standards generally, Dante De Gori, general manager of policy and conduct at the Financial Planning Association (FPA), expressed frustration with ASIC’s Consultation
June 27, 2013
