Forget FoFA, there's no magic trick to professionalismBY CHRISTOPHER PAGE | TUESDAY, 25 MAR 2014 4:39PM The Future of Financial Advice legislation has had the interesting, but increasingly frustrating virtue of resurfacing each time we all think that the debate is over. As a result ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
Advisers should rethink portfolio construction: La Trobe
La Trobe Financial has urged advisers to broaden portfolio construction beyond traditional equity and bond allocations, arguing that slowing productivity, persistent inflation risks and changing market dynamics require greater focus on real assets and private credit.
Advice complaints see biggest increase in FY26: AFCA
Despite only accounting for less than 10% of the total complaints lodged, investment and advice complaints have seen the steepest increase in FY26, data from AFCA shows.
Acclime acquires Melbourne's Polar 993
Acclime, a provider of corporate, governance, advisory and fund services across Asia Pacific and global markets, has signed an agreement to acquire the independent trustee and fund administration business from Melbourne.
Platforms are not solution providers: AZ NGA
AZ NGA group chief executive Paul Barrett warned platforms should stay in their lane rather than overstep to improve financial adviser productivity, reiterating that it is the advice business' responsibility to do so.
Further Reading
Cover Story
Advice with soul
SACHA BURCHGART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.
Expert Feed
A never ending story of levies
The extensive processing period for Shield and First Guardian complaints means financial advisers will likely not be able to see an end to a series of ...
When 'diversification' stops being diversified
While many are worried about the dominance of US mega-cap companies, the same trend is also transpiring domestically, creating a concentration issue for ...
Secondaries: Handling a double-edged sword
Secondary transaction volume in private markets continue to hit new highs, as does fundraising for secondaries vehicles. Yet the market presents vulnerabilities ...
Operational alpha: How wealth tech is reshaping fund distribution in Australia
Innovative technology emerging across wealth management is transforming how funds are distributed among financial intermediaries, an expert says.
I totally agree with this article.
The intent of most legislation is to force people to do the right thing. The professionals of the financial advice industry who always provide advice in the best interests of customers will feel little impact of FOFA reforms... so why dilute them? Unlike other professions, many financial planners are employed by, or are licenced by product providers. This means that by the very nature of their remuneration they have a conflict. The customer believes they are paying for strategic advice, which the financial planner may genuinely believe they are providing - but in most instances the financial planner also has targets to meet directly related to placement of product. Unfortunately the industry is still driven by product providers, rather than independently owned practises of professional financial planners who offer strategic advice on a genuine fee-for-service basis. Only when this shifts, will we see greater recognition of our profession and a reduced need to rely on legislation to protect consumers.
Thanks for your excelelnt article Christopher, at last, the voice of reason in a world gone mad! This is exactly how we have approached these issues in our business. we have made the changes as prescribed by legislation and await the outcome of any future decisions. Meanwhile we are focussed on our clients, and are working, day by day, client by client, and always acting in our clients best interests.