Restoring planner trust a key priority
Restoring trust in financial advisers through professional standards has been voted the most important challenge facing the industry at Money Management's Fintech Platforms and Wraps Conference on the Gold Coast.
Two-thirds of delegates to the conference ranked the restoration of trust in financial advice through higher professional standards ahead of other issues including embracing innovation and preparedness for disruption.
Asked to rank the issues, more than 70 per cent of delegates listed the restoration of trust as the priority issue needing to be addressed by the industry, well ahead of other factors such as such eliminating ambiguity in compliance requirements.
Delegates voted on the trust and professional standards issue after hearing from Australian Securities and Investments Commission (ASIC) senior executive leader, Ged Fitzpatrick about the current regulatory focus including ASIC’s approach to managed discretionary accounts (MDAs).
It also came a day after answers provided by ASIC to Senate Estimates revealed a continuing focus on life/risk churn and breach notifications by the major institutional players.
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.
