With three separate financial advisers facing criminal proceedings this year having struggled with gambling problems, access to client money combined with a stressful job can be a “perfect storm”, according to experts.
Following a loss of 23 advisers over the last two weeks, the licensee’s current adviser numbers sit at just 20 compared to more than 120 in 2019, Wealth Data reports.
Former van Eyk chief executive, Mark Peter Thomas, has been permanently banned by ASIC for performing any function involved in running or controlling a financial services provider.
ASIC has sued the trustee of Australia’s largest super fund, AustralianSuper, alleging failures to address multiple member accounts affecting 90,000 members over a decade, its first case jointly with APRA.
Advice firms should be targeting as much as $700,000 per annum per adviser in ongoing advice fees as clients could be willing to pay higher advice fees than advisers are charging, according to WT Financial.
A clause in the experience pathway legislation passed yesterday could improve the prescriptive rules imposed on new entrants and translate to more flexibility in the courses required, according to the FAAA.
The chief executive of Australia's second-largest super fund, Australian Retirement Trust, is to depart next February.
The experience pathway’s passage through Parliament has been welcomed by the industry as a way to prevent further adviser exodus.
Self-licensed advisers are most likely to have seen their profit margins increase over the past 12 months, according to research by Investment Trends, as fees increase for clients.
The experience pathway has passed in Parliament today, three months after being introduced.
