Time to drive the ‘spruikers’ out of investment property: DomaCom
Regulation of the investment property sector will help financial planners to push spruikers out of the area and provide clients with more protection, DomaCom believes.
DomaCom head of sales and marketing, Warren Gibson, called on planners, accountants and mortgage brokers to get behind the drive to regulate the sector by joining the Property Investment Association of Australia (PIAA) or Property Investment Professionals of Australia (PIPA).
Gibson said regulation of the sector would enable planners with qualifications from bodies such as the PIAA and PIPA to attract new clients and to provide quality advice to customers, while driving out "the spruiker element".
"If financial planners, accountants and brokers support these bodies and gain the credentials being offered they can increase their client reach extend their revenue potential and bring property into a regulated space," he said.
"This will help protect their client base and deliver better outcomes."
Gibson said that regulation would improve the image of the property investment sector at a time when concerns were being raised about the appropriateness of self-managed superannuation funds (SMSFs) investing in property.
Recommended for you
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “gamechanger” for a fund’s demand with advisers.
Asset manager Janus Henderson has made two acquisitions in the ETFs and emerging markets space as it takes strategic steps to meet client needs.
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.