Govt told — look to independents, not banks
Independent risk-focused dealer group, Synchron, has urged the newly re-elected Turnbull Government to look to independent financial services entities rather than the banks in seeking to set financial services policy, including the Life Insurance Framework (LIF).
Welcoming the return of "stable Government" resulting from the Coalition election win, Synchron director, Don Trapnell, claimed Synchron was the largest non-institutionally-owned dealer group and therefore had the greatest reach in communicating with "financial advisers whose views are not tainted by corporate influences, product providers or the banking sector".
"With over 400 advisers now, Synchron represents a great source of truth for the Government on the issues that matter in the financial services industry of Australia," he said.
Among those issues was the LIF, with Trapnell claiming it was now time to look at the framework "in the cold light of day and see how it will be implemented".
"The basic thrust of LIF is there but there are certain areas we need to refine," he said.
Recommended for you
The Financial Services and Credit Panel has made a written order to a relevant provider after they gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
