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Showing 1 - 9 of 9 results for Jamie Williamson

Announced today, we celebrate the seventh annual FS Power50, highlighting the 50 most influential financial advisers in Australia. Compiling such a list is no mean feat; the four rounds of due diligence ... Announced today, we celebrate the seventh annual FS Power50, highlighting the 50 most influential financial advisers in Australia. Compiling such a list is no mean feat; the four rounds of due diligence conducted on finalists alone is monumental. After several months of preparations, nominations, box ticking and interviewing, the final 50 is here and Financial Standard couldn't be more proud to congratulate them. This year's line-up is strong, featuring a diverse range of talent from across the nation, along with varied specialisations and reasons for being deemed 'influential'. Some are influencing the advice industry, be it through regulatory bodies or peer groups, others are influencing the delivery of advice and the client experience through technology and innovative business models. And others are leveraging their role as an adviser to make a meaningful difference in their community or communities abroad. There's plenty of fresh faces achieving all this too, with 23 appearing in the Power50 for the first time. However, there's no beating experience, as I'm sure the 218 Power50 alumni can tell you. And we are not going backwards in terms of gender either, with females representing 38% of the list. All said, this year's crop of advisers have a lot to be proud of. As with anything, particularly since the advent of social media, there are those that look to discount others' achievements or to muddy their experience - but they are the minority. Despite all that's gone on in recent years, advisers - Power50 or no - shouldn't be discouraged from publicising and celebrating their successes. The job they do is a tough one and it's only getting tougher. At the recent Association of Financial Advisers annual conference, Senator Jane Hume confirmed that after much delay the single disciplinary body and compensation scheme of last resort will be legislated by mid-2021, describing them as "game changers". Just days later, the Financial Services Council released its Future of Advice report, calling for an overhaul of the industry in order to ensure affordability and sustainability. One of its recommendations was splitting advice into the two distinct categories of 'strategic advice' and 'financial product advice'. Within those categories would be sub-categories such as general information, simple personal advice and complex personal advice. These are just two examples of the constant change the advice community faces and the pressure mounting on advisers. To still be able to do the job that they do each and every day is to be commended, and they should feel free to commend themselves whenever and wherever they please - and don't forget to tag Financial Standard so we can celebrate with you! For the full list: Click here. Read more

2020 vision

JAMIE WILLIAMSON

How am I going to get through 2020? It was the question on everyone's lips at the recent Financial Planning Association of Australia Professionals Congress. We all know the advice landscape is changing ... Read more

The planning backbone

JAMIE WILLIAMSON | In Applied Financial Planning

Having steadily evolved over time, the traditional role of the paraplanner is no more. With advice practices demanding more from support staff, the benefits of outsourcing becoming increasingly apparent ... Having steadily evolved over time, the traditional role of the paraplanner is no more. With advice practices demanding more from support staff, the benefits of outsourcing becoming increasingly apparent and a constant drip-feed of financial planning software enhancements, to suggest that paraplanning is at an inflection point would be an understatement. Revered as the backbone of an advice practice's back office, paraplanning was typically seen as a stepping stone for people wanting to gain a foothold in the advice industry before transitioning to other roles. Now, it is seen as a career path in its own right with the titles of 'paraplanner' and 'associate adviser' now interchangeable. Having discussed this among paraplanners she works with, IOOF head of group paraplanning Melinda Bates says motivating factors for this are generally consistent. "They have a genuine passion for the value of financial advice, but don't necessarily want to be involved in client-facing roles. Being a professional paraplanner provides the opportunity to apply the same level of knowledge as an adviser to a client's situation without necessarily having to deal with clients directly," she says. However, paraplanners working in-house do, with their responsibilities having also evolved. From producing Statements of Advice and performing administrative tasks within a practice, paraplanners now regularly sit in on client meetings and update model portfolios. "The role of the paraplanner has become increasingly integral to the success of financial advisers and their businesses. They are effectively implementing the advice, administration and collateral development, leaving the advisers to focus on developing client relationships and attaining new leads," Bell Direct chief executive Arnie Selvarajah says. Despite this, the Investment Trends 2017 Planner Business Model Report shows that only 59% of advice practices employ paraplanners in-house; 30% have just one on staff, while the balance employ two or more. Offering a possible explanation - and making the evolution even more interesting - is the fact that it is happening in tandem with technological innovation, with the potential for complete automation of paraplanning functionality fast becoming a reality.Read more

Taking flight

JAMIE WILLIAMSON | In Applied Financial Planning

Australia's financial advice industry is evolving and new thought leaders are emerging. Here the 2017 AFA/ANZ Wealth Rising Star of the Year Award finalists share their thoughts on the future of the ... Australia's financial advice industry is evolving and new thought leaders are emerging. Here the 2017 AFA/ANZ Wealth Rising Star of the Year Award finalists share their thoughts on the future of the industry and why financial advice is the career for them. Q1. Why did you choose a career in financial advice? Karlee Hoog-Antink: I saw a career in financial advice as an opportunity to use my natural skills and enthusiasm in helping people improve their lives. I have a very honest, upfront personality and I'm also good at making people feel comfortable, so being an adviser proved to be a good fit for me. Andrew de Bono: I studied economics and applied finance at university and supported myself by working in retail, my favourite part of which was the customer service aspect. I really enjoyed speaking to people and wanted to find the perfect job where I could combine that with my passion for finance - financial advice ticked that box and I haven't looked back since. Mia Taylor: I didn't know I wanted to be an adviser, I'd never even considered it. I fell into the industry and once I learned what the job was about I thought it was great that I could actually use the skills I'm learning to help others who may not be as financially literate to learn more about the basics of money and grow from there. Sam Jewell: I finished university and didn't really know exactly what I wanted to do. One of my father's friends was a financial adviser so I bought him a coffee and asked what it was all about. I came away feeling as though this was something that I could do and see myself doing long-term. Lauren Walker: My dad's actually a financial adviser, so I was always exposed to the career, to what they did, and when I was 19 and getting my first job out of school I started working at a financial planning office and fell in love. I didn't set out to be an adviser but once I was in the industry I knew very quickly that I wanted to stay. Keats Brydon: I'd been working in the financial services industry for 15 years before jumping in head first to start my own financial advice business. My sales and marketing background really helped me shape a business that puts the client at the centre of everything we do. I'm passionate about advice, I love making new connections with people and I genuinely want to improve the lives of the people we help.Read more

Back to school: what advisers think of the new education standards

JAMIE WILLIAMSON | In Applied Financial Planning

On 9 February 2017 the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishing a new education and professional standards framework for the financial advice industry ... On 9 February 2017 the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishing a new education and professional standards framework for the financial advice industry was legislated. Under the reforms all new financial advisers will be required to be degree-qualified, to undertake a professional year and to pass an exam. All financial planners will be required to undertake Continuing Professional Development (by 1 January 2019), be subject to a code of ethics (from 1 January 2020) and pass an exam (by 1 January 2021). Existing financial planners who need to undertake additional study to meet the new education requirements will have until 1 January 2024 to do so. The Financial Adviser Standards and Ethics Authority Limited (FASEA) was established on 11 April charged with setting the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients. At the same time, the FASEA board was named and four months later Deen Sanders was appointed as its inaugural chief executive. As the body tasked with deciding what shape the 'equivalent' of a degree will take and the extent to which an adviser's past experience should be considered, FASEA is yet to formalise any determinations. As such, despite the landmark amendments having passed some time ago and the level of industry support the reforms received, many of Australia's financial adviser network - particularly senior advisers - are in limbo; anxiety as to their future as a financial adviser remains dominant in their minds as they endure uncertainty around their need to undertake additional study. In the lead up to the 2017 Association of Financial Advisers National Adviser Conference on the Gold Coast this month, Financial Standard spoke with finalists of the Adviser of the Year and Excellence in Education awards to gauge how industry leaders view the new standards and exactly how they think the final requirements should look.Read more

Infrastructure: Financing Australia's future

JAMIE WILLIAMSON | In Investment

It's hard to ignore the appeal of infrastructure as an investment option with chronic under investment in the asset class and the world's population booming. Offering a diverse range of assets ... It's hard to ignore the appeal of infrastructure as an investment option with chronic under investment in the asset class and the world's population booming. Offering a diverse range of assets and attractive levels of defensiveness, as an asset class infrastructure presents huge growth potential. It is also seen to be an attractive investment opportunity throughout a market cycle, with relatively high barriers to entry and the monopolistic nature of typical infrastructure assets making them less susceptible to downturns in the economic cycle. National Australia Bank's latest infrastructure report, Reimagining Australia's Future Infrastructure 2017, says Australia's population growth is about three times that of China and expected to hit 40 million by 2055 - almost three quarters of which will occur in Sydney, Melbourne, Brisbane and Perth (see Figure 1). In the 2017 Federal Budget, the Government committed $75 billion to infrastructure, almost $70 billion of which was allocated to funding transport services, including Sydney's second airport in Badgerys Creek. Globally it's predicted that an investment of US$60 trillion will be required to meet the need of building and upgrading the world's infrastructure over the next 15 years, with much of that money anticipated to come from the private sector. Despite the immense scale of most projects, infrastructure is not just the domain of institutional investors. While still a relatively new phenomenon, individual investors can also diversify their portfolios by investing in listed infrastructure companies such as Transurban and Sydney Airport. Further influencing the infrastructure sector is the emergence of the middle class in evolving economies, which is driving need for infrastructure development in emerging markets and also in Australia. Although less than 10% of Chinese nationals own a car, car sales in China have outpaced the United States since 2010, requiring significant investment in roads. Further, while just 5% of Chinese nationals hold a passport - Sydney, Auckland, Bangkok and some European airports have seen record numbers of Chinese passengers in the last 12 to 18 months. Tourism Australia estimates that by 2025, about 3.2 million Chinese tourists will be arriving each year, accounting for 26% of all inbound traffic. To see the full article, click below.Read more

Taking control of your SMSF

JAMIE WILLIAMSON | In Administration & Management

Advisers and SMSF trustees are gearing up for the changes facing the industry. Jamie Williamson discusses the key issues ahead of the SMSF Association National Conference. Read more

mFund: Platform to the future?

JAMIE WILLIAMSON | In Investment

Despite having what many have described as a slow start, the ASX's mFund platform has gained considerable traction amongst investment managers since its 2014 inception, particularly in the last 12 ... Read more

Platforms: Planning for the great growth story

JAMIE WILLIAMSON | In Investment

First, there was the proliferation of managed funds that saw the advent of master trusts. Then a surge in popularity of direct share ownership saw the creation of investment wraps that quickly infiltrated ... First, there was the proliferation of managed funds that saw the advent of master trusts. Then a surge in popularity of direct share ownership saw the creation of investment wraps that quickly infiltrated advice practices, promising efficacy and better business outcomes. The major institutions, having long dominated virtually every aspect of financial services, soon did the same in the platform market. But, where they were once ahead of their time, offerings became homogenised and the supremacy lost. In the last decade in particular, technological developments, legislative reform and the changing expectations of both consumers and financial advisers have given rise to innovation. Enter the new players. Collaborating on practice management as opposed to simply delivering product, independent, specialist operators are transforming the humble platform into a whole of business solution - one that traditional providers simply can't or won't match. Strategic Insights data from December 2017 shows the likes of Netwealth, OneVue, HUB24, Praemium and Powerwrap combined command less than 10% of the Australian market's total $821.4 billion in funds under administration. And, Netwealth only just scrapes into the top 10 with 1.9%. The top five comprises Westpac/BT Financial Group (18.4%), AMP (17.6%), Commonwealth Bank/ Colonial First State (14.8%) and NAB/MLC (14.3%). However, this domination is not reflected by net fund flows. Sitting just outside the top five with 9.8% of market share, Macquarie saw the greatest flows in the 12 months to December 2017, servicing 21.9% of the $21.3 billion generated in total net flows over the period. Perhaps what's even more interesting though is Netwealth was hottest on Macquarie's tail with 21.2% of net flows - a number that is almost 11 times its market share. The success is uniform across all of the key smaller providers, with Netwealth, OneVue, HUB24, Praemium and Powerwrap accounting for 40.8% of net flows in the 12 month period - almost five times the providers' combined market share.Read more

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FPA overcharges members KARREN VERGARA The Financial Planning Association of Australia has admitted to overcharging members but declined to reveal exactly how much.	Tribeca Financial acquires advice practice KARREN VERGARA A Financial Standard Power50 financial adviser and practice owner has sold his firm to Tribeca Financial.

Count Financial adds advice firm KARREN VERGARA A Victorian financial advice business is the latest to join Count Financial, making it the 23rd addition to the group this year.	Future2 commits over $1.5m in grants CHLOE WALKER Future2, the foundation of the Financial Planning Association of Australia (FPA), has announced the awarding of $148,600 in new grants to 15 not-for-profit organisations in 2021.

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