Financial services minister Jane Hume defended the industry after ALP senator Jenny McAllister said "shonky" advisers would be the main beneficiaries of a proposal to increase SMSFs to six allowable members.
The ALRC president explained how lifting Chapter 7 from the Corps Act would separate consumer protection obligations from company lifecycle regulation, which would both improve navigability and reduce complexity.
The time is "absolutely" right for the financial advice industry to start discussing the prospect of individual adviser registration and think pragmatically about what that means according to FPA chief Dante De Gori.
A new research project out of WSU will chart the moral development of advisers and clarify how FASEA's mandate has influenced moral awareness in the industry. Unlike the exam, however, the test will provide detailed feedback back to advisers.
The big banks’ collective retreat from wealth management left a giant void in terms of investment in technology and infrastructure. Given tech has been pegged as the saviour of advice, it’s up to platform providers like HUB24 and large groups like IOOF to take up the reigns.
They eschew publicity and don't want to become "another voice" representing advisers, but this group of licensee notables is meeting regularly to not only discuss the challenges before them, but see if they can figure out a few solutions.
Members will ultimately guide the fortunes of the major associations, the FPA's chief executive said, but a merger with the AFA is unlikely given the nuanced views of the respective cohorts. For now, increased collaboration and a united front in Canberra remain the priorities.
Industry participants are expending energy on things like unique fact finds and legal interpretations that add no value to the client, panellists argued, without focussing on what really adds a comparative advantage – the advisers.