Industry seeks meetings with Sinodinos
While the fine detail of ministerial arrangements remains to be clarified, Australia's major financial planning organisations expect that the Assistant Treasurer, Senator Arthur Sinodinos, will have carriage of the financial services elements of the Treasury portfolio.
However there is also a belief that the Treasurer, Joe Hockey will take a direct interest when the Government initiates a further review of the Australian financial services system in what will represent a follow-up to the so-called Wallis inquiry and which has already been dubbed "Son of Wallis".
Financial Planning Association (FPA) chief executive Mark Rantall said today his organisation would be looking to meet with the new ministers in coming weeks after they had had time to settle into their portfolios.
Association of Financial Advisers chief executive Brad Fox said that while some elements of the ministerial arrangements remained unclear, his organisation would similarly be seeking to meet with the new ministers.
Fox noted that the AFA had last year worked with Senator Sinodinos with respect to his oversight of the Coalition's approach to reducing red tape and that the new Parliamentary Secretary to the Treasury, Steve Ciaobo, had actually opened the AFA's annual conference on the Gold Coast last year.
"We know them and look forward to working with them now they are in Government," he said.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
