Planners wait and see on codes
New research suggests many financial advisers are far from committed to signing up to codes of conduct to obviate the need for opt-in.
Preliminary results of research undertaken by Wealth Insights has revealed up to a third of planners have decided they will likely not be signing up to a code of conduct, while a further third are undecided about the merits of doing so.
The survey results, which are regarded as very preliminary, appear to reflect a belief that the requirements embedded in the codes of conduct likely to be approved by the Australian Securities and Investments Commission (ASIC) are just as onerous as the two-year opt-in arrangements which are part of the Future of Financial Advice (FOFA) changes.
As well, there appears to be a strong belief among some financial planners that a Coalition victory at the forthcoming Federal Election will see the removal of the opt-in provisions as a factor in the FOFA changes.
The Opposition spokesman on Financial Services and Superannuation, Senator Mathias Cormann, has listed opt-in as one of the FOFA measures which would be repealed under a Coalition Government.
Commenting on the survey findings, Premium Wealth Management chief executive Paul Harding-Davis said he believed it reflected the reality of the industry, with many planners aware of the underlying timetables and therefore choosing to take a wait-and-see approach.
"It's a very rational outcome given the timeframes," he said.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
