Govt has downgraded financial services – Cormann
The Federal Opposition has accused the Prime Minister, Kevin Rudd, of having downgraded the Financial Services and Superannuation portfolio by defining the relevant minister, David Bradbury, as the "Minister Assisting the Treasurer" rather than having a full grasp on role.
The Shadow Assistant Treasurer, Senator Mathias Cormann, claimed the Rudd Labor Government had "significantly downgraded the importance of financial services and superannuation by eliminating a Minister with dedicated responsibility".
"The Treasurer's responsibilities have always included financial services and superannuation," he said.
"However, in the past a dedicated Minister had specific responsibilities for this important area. Instead, the Government has decided to downgrade financial services and superannuation to a mere ‘Minister Assisting' position."
Cormann claimed this continued the progressive downgrading of financial services and superannuation under the current Labor government, with a part-time Financial Services and Superannuation Minister in Bill Shorten over the past year.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
