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
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
