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
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
Opportunity in debt: PIMCO
Debt – with a capital D. That is the most important issue facing investors today. Quite simply, there is simply too much debt, especially in the developed world, and it is constraining growth, as well as adversely affecting fiscal and monetary policies. And there is no easy – or quick – solution in sight. Sadly,
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
The revival of the West
There is growing evidence of an industrial resurgence in developed economies, thanks to some powerful structural drivers that are allowing companies to localise production and take greater control over their supply chains: • Bringing production back to developed economies, or onshoring, is an emerging trend expected to strengthen, thanks to narrowing wage differentials with developing
April 29, 2013
Reform puts focus on asset mix, client targets
Van Eyk’s Jonathan Ramsay recently warned that new guidelines for financial products could potentially lead to big losses for investors if they encouraged the industry to take a shallow approach to risk management. He argues that ASIC’s Regulatory Guide 175 could result in poor outcomes if it encourages the industry to fall back on investment
April 23, 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
