FSC “churning” proposal a bitter pill for risk advisers
Most financial advisers are opposed to the Financial Services Council’s proposed Replacement Business Framework measures, with many concerned that the medicine may prove worse than the malady. The reforms designed to stop the practice of insurance “churn”, as proposed by the FSC in a recent consultation paper, have divided the industry, with many experienced life-risk specialists warning they may result in unintended negative consequences for clients.
July 05, 2012
Jameson joins AMP to drive SMSF strategy
AMP’s newly formed business unit, AMP SMSF, has appointed Craig Jameson as director of business operations with immediate effect. Jameson was previously managing director at ANZ-owned SMSF specialist Super Concepts.
July 03, 2012
Shared philosophy, Google lead to merger
A “philosophical partnership” between the Brisbane-based Fitzpatricks Financial Group and the West Gosford-based Moneywise Group Australasia signals the emergence of a new, national non-aligned group positioning itself as a true alternative to institutionally-owned advice networks. Same philosophy
July 02, 2012
New financial year:
the outlook for markets
The impact of today’s global uncertainties on the Australian economy, stockmarket and investors this financial year can be separated into those associated with a crisis of confidence and those associated with ongoing debt deleveraging. If anything, it might create a short-term buying opportunity for local investors in the Australian market.
July 02, 2012
The power of parity: re-thinking the Aussie dollar
I don’t think there are many people who would have thought that they’d ever see the Australian dollar not just return to, but significantly exceed, parity with the US dollar in their lifetimes. For many, it’s kind of a badge of national pride
June 26, 2012
FoFA: the unanswered questions
The Association of Financial Advisers (AFA) says the government’s suggestion that licensees and advisers will compete to be FoFA-ready is “unrealistic” given that key components of the reform remain unresolved. While the Future of Financial Advice (FoFA) legislation has now passed through the Senate, the AFA is concerned that key questions still have not been answered.
June 21, 2012
Peter Daly heads down Yellow Brick Road
Peter Daly has been appointed to head a Yellow Brick Road recruitment campaign less than a month after his sudden departure from Australian Financial Services (AFS) Group. While Daly will not be given a specific target to reach by a particular time, Yellow Brick Road CEO Matt Lawler told PPO the demand for a full financial planning service is being driven by the company’s branches.
June 21, 2012
High net worth: so why are they doing it tough?
Spare a thought for the world’s ultra-rich In calendar 2011, ultra high net worth individuals (UHNWIs) got smashed by falling asset prices The Capgemini/RBC Wealth Management 2012 World Wealth Report reveals that the world’s high net worth (HNW), or millionaire, population increased by 0.8 per cent to 11 million – which means that more people reached the threshold level to be classified as a millionaire – yet the global HNW population’s total wealth declined by 1.7 per cent.
June 21, 2012
Are dealer groups a barrier to true professionalism?
President of the Boutique Financial Planning Principals Group Claude Santucci says advisers are seriously questioning the benefits they are receiving from their dealer groups. Professional financial planning comes down to putting clients’ interests first.
June 19, 2012
ATO sounds warning on complex financial products
The Australian Tax Office has urged taxpayers and financial advisers to be cautious about sophisticated structured financial products that claim to offer franking credits and other tax benefits. "The arrangements are currently being dealt with by a new ATO taskforce on retail and wholesale financial products that promise tax or superannuation benefits that may not be available under the law,” he says.
June 19, 2012
Aussie advisers still ignorant of Asia
Australian advisers routinely ignore Asian markets when constructing portfolios for clients and remain resistant to change despite the growth potential. Jonathan Wu, an associate director and head of distribution and operations at Premium China Funds Management, puts this down to a combination of inertia and ignorance.
June 14, 2012
Cashed up but advisers eye return to equities
More than half of advisers are ready to re-balance their customers’ portfolios to hold less cash as part of a swing back into equities over the next six to twelve months. Despite the inherent difficulties in timing a return to shares or direct equities, research released by Zurich’s investment business in Australia found advisers bullish on share markets.
June 13, 2012
