AMP: raise quality of advisers
Financial advisers have little hope of becoming fully fledged professionals while rogue advisers are allowed to jump between dealer groups with impunity. AMP Financial Planning managing director Michael Guggenheimer believes the problem is ongoing and that it is time for dealer group heads to take action. “I would welcome a conversation among licensee heads… about
June 03, 2013
Enshrinement bill passes but policy questioned
The financial advice industry has welcomed enshrinement of the terms “financial planner” and “financial adviser” after the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013 passed through the House of Representatives last night. The bill must still be approved by the Senate but this now seems inevitable given the coalition’s decision not to oppose
May 29, 2013
Budget wrap: industry welcomes continuity
Sighs of relief greeted Tuesday’s federal budget, which contained few surprises and no further changes to personal superannuation. While some in the industry had predicted changes that would reduce incentives and benefits, Treasurer Wayne Swan resisted the urge to further tinker with the superannuation system. The Financial Planning Association (FPA) said there were plenty of
May 15, 2013
Bill Shorten: super nerd
A self-confessed superannuation nerd, Minister Bill Shorten has confessed to being “utterly excited by superannuation” and, in quieter moments, reflecting on the “sheer size of our system”. Speaking on Friday at the Australian Council of Trade Unions (ACTU) Investment Forum in Melbourne, Shorten used the opportunity to again sell the benefits of the council of
May 13, 2013
ASIC: “Wise up and do the right thing”
Regulating investment complexity without stifling innovation will increasingly challenge the Australian Securities and Investments Commission (ASIC) as global financial systems undergo significant structural change. Speaking at the Australian Shareholders’ Association (ASA) Conference, ASIC chairman Greg Medcraft committed the watchdog to addressing emerging risks to ensure confident and informed investors, and fair, efficient markets. Globally, new
May 13, 2013
Myth-busting life insurance ensures protection
Cost remains the main reason for people not holding life insurance but several myths persist about life cover, potentially to the detriment of Australian households. Online research conducted by Galaxy Research for the TAL Group found misconceptions such as “health insurance provides the same sort of cover as life insurance”, “the government will look after
May 13, 2013
Government reveals shape of super changes
Minister for Financial Services and Superannuation Bill Shorten has confirmed the government’s intention to introduce legislation supporting two of its superannuation changes announced in April. It believes the changes will encourage Australians to contribute more to their superannuation later in life while allowing investors to withdraw or retain excess concessional contributions without penalty. “The government
May 07, 2013
Hillross rebrand attracts independents
Hugh Humphrey, managing director of Hillross, acknowledges that the Future of Financial Advice (FoFA) reforms have “many moving parts” but, aside from a few clarifications, the regulator has declared the AMP dealer group ready for the July 1 start. “There is still a bit more information to come particularly around final clarity on conflicted remuneration, implications
May 07, 2013
