Hard work ahead: Welsh
Although 1999 was a great year for advisers, 2000 will provide many challenges to the industry, Frank Welsh told delegates at the AMP Financial Planning conference in Sydney recently.
Although 1999 was a great year for advisers, 2000 will provide many challenges to the industry, Frank Welsh told delegates at the AMP Financial Planning conference in Sydney recently.
Welsh, president of ABOM, the association representing AMP advisers, said his organisation would work closely with AMP to ensure the “extraordinary” legisla-tive and cultural changes of the next twelve months, which include CLERP 6 and the integration of GIO into AMP’s operations, go smoothly.
“One of our major goals is helping AMP achieve theirs. We understand AMP’s de-sire to provide maximum value to its shareholders,” he said.
Other areas of concern Welsh flagged were the implications of the Ralph reforms and the GST. He warned advisers not to be complacent after enjoying “a great year in 1999”.
“We must be vigilant. We cannot take for granted what we have here today.”
ABOM is in the process of forming a Hillross agents’ association and will be joined by a full-time industrial consultant this year, Welsh says. It will also build a closer relationship with the Financial Planning Association (FPA).
“We will seek to align ourselves closely to the FPA which we see as the peak body for advisers.”
Recommended for you
The restructure of Insignia Financial’s advice network into two parts could lead to further adviser attrition than initially forecast if advisers shun the salaried model, Morningstar believes.
The Australian Wealth Advisors Group has taken a 20 per cent stake in two Australian wealth management firms, having also made two investments last year.
A decade after being permanently banned from financial services, a former financial adviser will finally face court in WA following a failed bid to avoid extradition.
Only a third of Australians are willing to pay more than $500 for advice, thousands of dollars behind what advisers need to charge just to stay in business.
