Dodgier than dentists, better than car salesmen
More ethical than car salesmen but a whole lot dodgier than dentists, financial planners are having little success in changing their public image, according to Roy Morgan research. The Roy Morgan Image of Professions Survey 2013 again found that nurses are most highly regarded, closely followed by doctors and pharmacists, with planners languishing in mid-table.
May 06, 2013
Questions remain over Trio, St John reports
The Financial Planning Association (FPA) and the SMSF Professionals’ Association of Australia (SPAA) have broadly backed the government’s response to the parliamentary inquiry into the collapse of Trio Capital and the Richard St John report. However, both queried elements of the parliamentary response while the opposition accused the government of dragging its feet on the
May 02, 2013
TPB guidance “dismissive” of tax experience
July 1 marks the start of the three-year transition period during which financial planners are deemed to fall under the auspices of the Tax Agent Services Act (TASA) 2009. Professional Planner asked expert Craig Meldrum for his view on initial guidelines proposed by the Tax Practitioners Board. Study period If the terms outlined in the
April 16, 2013
Seven steps when ASIC comes a-calling
You’ve got to know when to hold ’em, know when to fold ’em and know when to walk away advises the old song but if you’ve been served with a notice from the regulator, it might help to start with a deep breath. According to Hillary Ray of legal firm The Fold, working with the
April 16, 2013
Tax provision may send advisers back to school
Financial advisers who provide clients with tax advice, including noting tax implications when accessing superannuation, will soon need to complete a course devised by the Tax Practitioners Board (TPB). While the application of the Tax Agent Services Act 2009 (TASA) to financial planners is pending but still far from resolved, the TPB has wasted little
April 15, 2013
Super tax changes: winners and losers
The superannuation changes proposed by Treasurer Wayne Swan and the Minister for Financial Services and Superannuation Bill Shorten have a range of implications for both investors and their financial advisers. From July 1, 2014 future earnings on assets supporting income streams will be tax free up to $100,000 a year. Earnings above $100,000 will be
April 08, 2013
Accounting rules arrive with compromise on fees
The Accounting Professional and Ethical Standards Board (APESB) has issued APES 230 Financial Planning Services, which sets new requirements for accountants providing financial advice. The controversial guidelines are the result of more than five years of public and industry consultation, which attracted submissions from professional bodies, accounting firms, dealer groups, financial institutions, the regulator, consumer
April 08, 2013
Starting at the finish: a blueprint for scaled advice
Scaled advice is only viable if planners are able to introduce new efficiencies into the way they work, which is why some planners are using technological processes that flip traditional planning scenarios on their head. These planners are starting at the finish line: using their expertise to pick the appropriate strategy and outcome they want,
April 08, 2013
Don’t like these principles?
APESB has others
Groucho Marx once said: “Those are my principles. And if you don’t like them, well, I have others.” The Accounting Professional and Ethical Standards Board (APESB) is beginning to look like a Marx Brothers movie. From April 5, it’s entirely possible that for accountants offering financial planning services, professional standards will effectively be optional. The
April 04, 2013
TASA train wreck awaits hero
The impending application of the Tax Agent Services Act 2009 (TASA) to financial planners has been described as potentially more onerous than the Future of Financial Advice (FoFA) reforms as it will have an impact on the entire financial advice industry. It’s like one of those slow motion action sequences in a Hollywood blockbuster in which
April 04, 2013
April 2013:
Digital content
A guide to the Professional Planner April 2013 edition and links to authors and additional content. features 08 the FoFA countdown Peter Kell puts financial planners on notice as deadline looms 19 in focus – Australian equities A time to buy and a time to sell – and how to tell the difference 24 other people’s money
April 03, 2013
