The wealth divide: Why Australia must re-think its 'sophisticated investor' lawsBY JESSE HAMILTON | FRIDAY, 10 MAY 2024 1:24PM In a country that values fairness, it's time we asked why our government's investment laws are still stacked against everyday Australians.
 How to make advice affordableIn this second of a two-part editorial, Lifespan Financial Planning Chief Executive Eugene Ardino identifies the key changes required to make advice more ... Advice affordability isn't a licensing issuePublic discussion over the last few months has taken the financial planning sector back to a well worn debate about moving to a system where anyone who ...  The great wealth transfer waveAs businesses adapt to what we hope is a post-COVID world, more will be able to turn their focus from survival and business continuity planning, to longer ...  How COVID-19 should shift your prioritiesThe various challenges brought on by COVID-19 have tested us as a country, with many Australians, organisations and communities feeling the effects of ...  What really drives a fund?How much do your clients really know about the managed funds they invest in? This is the critical question that all financial planners and fund managers ...  The myth of conflicted remuneration loopholesConflicted remuneration is currently under the microscope and ASIC is taking action against those who try to use loopholes to avoid the prohibition. In ...  What active managers should be managingFor the longest time financial advisers have used a concept called "Risk Profiling" to build portfolios for their clients.  Past failures may indicate future failuresI have produced the following commentary out of genuine concern for the future of the financial services advisory sector.  Prepare for the new normalIn September 2019, I wrote a short piece about the financial services sector in Australia and how I believed the industry could, and should, seek to leverage ...  Stop calling product recommendations adviceWould you regard a product recommendation from a Toyota dealer or Apple store as advice? Do you think bias makes a recommendation less valuable? Do you ... |
Latest News
Calls for a simplified path to financial advice
|Financial Advice Association Australia (FAAA) chief executive Sarah Abood said she supports recent proposals around adviser education from the Joint Associations Working Group (JAWG) because "we need far more people with these qualifications" and the current system isn't supporting that need.
ANZ transfers Will bank to Equity Trustees
|ANZ Bank will hand over its 6000-strong Will bank to Equity Trustees, following a decision to cease estate planning services from July.
Budget 2024: Stage 3 tax cuts to take effect July 1
The Stage 3 tax cuts will go ahead as planned after the Albanese government made some adjustments to help those struggling with the cost-of-living crisis.
Budget 2024: Cost of living relief takes centre stage
From tax cuts to investment into financial support services, the Federal Budget aims to reduce cost-of-living pressures for Australians.
Cover Story
Passing the baton
LIAM ROCHE
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
ADVICE ASSOCIATE
EUREKA WHITTAKER MACNAUGHT PTY LTD
Liam Roche's experience in customer relationships and paraplanning has set him up for success as a financial adviser. Now undertaking the Professional Year, the advice associate at Eureka Whittaker Macnaught tells Karren Vergara how a new breed of advisers is flying the flag.
Expert Feed
Five steps to drive high performance in advice firms
Australian financial advice firms have dealt with major industry reforms over recent years, and now encounter a shifting economic environment.
Solving the advice gap challenge
In today's evolving technology landscape, there is rapidly growing interest in leveraging digital solutions to address the various challenges, particularly ...
Engage: How to create enduring client relationships
The not-so-secret source of enduring client relationships is an effective and engaging onboarding process. Do it well and you will likely have clients ...
Financial control
The term financial control generally evokes a weaker party being controlled by a stronger one. This might be in a relationship where one partner controls ...
The current testing is clearly biased towards the wealthy...or those who haven't divorced. It completely ignores people who might previously have qualified based on investible assets, who have gone through a financial settlement. Anyone who's gone through a divorce can tell you it's a wonderful way to destroy wealth!
It must be asked, how is it that people with financial services qualifications are excluded from the current definition used?
The test to which this refers is not the only test. A licensee is also entitled to assess a client's sophistication. See Corporations Act s708(10) and s761GA. it would appear that the advisers/licensees do not want to perform the assessment and take on the obligation.