With the ongoing fee arrangement obligations coming into place in two weeks, the corporate regulator needs to explain its guidance surrounding ‘consent’ on the payment of commissions on life insurance products as it will confuse advisers, according to an industry association.
While a fixed-term fee agreement is a valid alternative for advisers finding difficulty in the ongoing fee arrangement requirements, they need to ensure their fee charging systems do not charge over 12 months, a lawyer has warned.
The Listed Investment Companies and Trusts Association has disputed claims made by Monash Investors that the closed-ended structure is difficult to run, indicating the structure is only suitable for long-term investors.
With the end of the financial year coming up, financial advisers need to have indexation, the downsizer contribution, bring-forward contributions, Pension Loans Scheme eligibility, and opt-in fees top of mind, according to BT.
The bill to allow non-concessional contributions of up to $300,000 for those under 67 is set to pass the Senate today but, if it does not, advisers should ensure clients with excess contributions wait to be issued a determination, according to Colonial First State.
WT Financial Group Limited, the ASX-listed parent company of national financial advisory dealer group Wealth Today, has entered into an agreement to acquire 100% of its industry peer, Sentry Group Pty Limited.
Career break is unlikely to be a reason to give relief on professional standards, according to guidance from the corporate regulator, and an industry association has called on the standards authority to give clarity on alternate pathways.
Administration and compliance accounts for nearly 30% of all financial adviser work tasks and those factors along with education requirements look to be barriers to business growth and productivity, according to a report.