Shorten moves to enshrine "financial planner/adviser"
Minister for Financial Services and Superannuation, Bill Shorten, has released draft legislation which will prevent anyone who is not a qualified financial planner or financial adviser from telling consumers that they are.
"This measure will ensure that only persons authorised to give personal financial advice to retail clients can hold themselves out to be a "financial adviser" and "financial planner" (or use terms of like meaning)," Shorten said in a statement.
The measure will help to protect consumers from "product spruikers" who might hold themselves out to be authorised financial advisers when they are not, according to the statement.
Recommended for you
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research shows, as market conditions prove favourable for boutique practices.
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.