Cheque, savings, credit… or Bitcoin?
Digital currency is in its infancy and early versions presently pose little threat to those behemoths of online transaction, Visa and MasterCard. While not a ride for the faint hearted, Patrick Noble argues that the Bitcoin siren may be hard to resist. If, like me, you’re late to the party, Bitcoin is a virtual currency
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
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
Licensed accountants to boost SMSF safeguards
The licensing of accountants may go some way to addressing knowledge gaps around self-managed superannuation funds, says Citi consultant and former minister for superannuation and corporate law Nick Sherry. However, he warned that lack of diversity and mis-selling in the SMSF sector are cause for concern. “There are far too many SMSFs that are sub-economic,
June 25, 2013
ASIC defends “complex” Commonwealth probe
Australian Securities and Investments Commission (ASIC) deputy chairman Peter Kell has defended the regulator’s actions in assessing illegal activity and conflicts of interest within Commonwealth Financial Planning (CFPL). With the watchdog facing a Senate inquiry over it’s handling of the high-profile investigation, Kell said ASIC welcomed the opportunity to explain “what we do, what we
June 24, 2013
Industry feedback key in first weeks of FoFA
With just a week to go until the arrival of the Future of Financial Advice (FoFA) reforms, the regulator has one message for the financial advice industry: keep talking to us. A spokesperson for the Australian Securities and Investments Commission (ASIC) was not prepared to answer specific questions on what it will be doing operationally
June 24, 2013
Aussie market outlook: more than a resources play
As most developed market economies work towards a recovery, Australia continues to outperform them in terms of growth rates. Paul Taylor, portfolio manager of the Fidelity Australian Equities Fund looks at the state of local equities and outlines the key drivers of the Australian economy. What’s your outlook for Australia’s economy? The Australian economy has
June 24, 2013
Associations back TASA delay as a win for all
The Financial Planning Association (FPA) and Association of Financial Advisers (AFA) have welcomed the government’s concessions on the Tax Agents Services Act (TASA), including a 12-month extension for financial planners to be brought into the regime. While the bill will be debated in parliament again today – and likely passed by the house of representatives
June 20, 2013
