Major planning groups in policy discussions
Australia’s major financial planning representative organisations have conducted high level informal talks around the construction of a united approach to issues arising out of the Australian Securities and Investments Commission’s (ASIC’s) affordable advice review.
The high level discussions have also occurred against the backdrop of the Financial Services Council (FSC) having earlier this month released its financial advice green paper which generated pushback from advisers about the involvement of the FSC in circumstances where it seen to largely represent product manufacturers rather than the advice industry.
Money Management understands that the informal discussions have occurred between the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Stockbrokers and Financial Advisers Association (SAFAA) and the SMSF Association.
It represents the first significant coming together of the planning sector organisations since their failed pursuit of code-monitoring status under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
A number of those involved in the talks said that there had been ongoing discourse between the organisations and that the genesis of the most recent meeting occurred “well in advance of the release of the FSC green paper”.
They said that the objective was to identify a common set of solutions for pursuit beyond whatever recommendations came out of the ASIC affordable advice review.
It was a case of seeking to have input into the legislative process which followed the ASIC review, particularly with respect to the future status of general advice and intra-fund advice.
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.