The wealth divide: Why Australia must re-think its 'sophisticated investor' lawsBY JESSE HAMILTON | FRIDAY, 10 MAY 2024 1:24PMIn a country that values fairness, it's time we asked why our government's investment laws are still stacked against everyday Australians. It has been reported that the government ... Upgrade your subscription to access this article
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FS Power50: Stay open-minded and learn from others
AMANDA RAGKOUSIS
SENIOR FINANCIAL ADVISER
VIRIDIAN ADVISORY PTY LTD
SENIOR FINANCIAL ADVISER
VIRIDIAN ADVISORY PTY LTD
This year's Power50 is a broad mix of familiar and fresh faces, all doing their bit for their clients, their community, and their colleagues, as selected by their peers. Viridian Advisory senior financial adviser Amanda Ragkousis is committed to nurturing a culture of continuous learning and growth in the financial realm.
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.