financial advice

Financial planning

Advisers need to change how they communicate risk

Advisory firms will need to examine how they communicate risk to clients under FOFA and not trust that old methods will still be suitable in the future. ...

Financial planning

Scaling back advice

It's been an issue that's ruffled feathers across the industry, but is scaled advice finally gaining traction in the planning world? Kate Cowling investigates. ...

Financial planning

Business owners face bleak retirements without succession plans

SME owners are being urged to seek financial advice to develop an exit plan or face a bleak retirement. ...

Superannuation

Mortgage holders averse to financial advice

People aged between 35 and 49 do not place value in going to a financial advisor, with only 15 per cent having done so....

Editorial

Rating an adviser - caveat emptor

The men who brought you One Big Switch have now launched Adviser Ratings, but Mike Taylor writes that the devil is in the detail of their disclaimers. ...

Policy & Regulation

FOFA driving up costs

Efforts to improve the standards of the financial planning sector are driving the cost of advice beyond the reach of average Australians, William Buck reports. ...

Financial planning

Confusion, not trust, the major barrier to advice

Australians are avoiding financial advice because of confusion about what a planner actually does, according to a report. ...

Financial planning

Commissions live within MISs post-FOFA

ASIC warns that commissions may continue to exist within MIS arrangements despite the FOFA changes....

Financial planning

Revisit conflicted remuneration, not risk commissions, policymakers told

Instead of targeting commissions for life insurance products, policy reforms should revisit conflicted remuneration, which hasn’t been properly handled by FOFA, Chan & Na...

Financial planning

FOS chief says industry infighting is blame shifting

Industry infighting has damaged the reputation of financial advice and made it appear the financial services sector is blame shifting instead of placing consumer interest...

Financial planning

Accountants back higher standards for tax advisers

Financial advisers should be required to complete a comprehensive course in Australian taxation law, in line with their accounting counterparts who receive “no free kicks...

Funds management

ASIC says model portfolios fit with best interest duties

The corporate regulator will consider model portfolios as a suitable investment under best interest duties if they do not adopt mechanistic processes on selecting assets ...

Financial planning

User-pays standards body to boost adviser standards: FSC

Adviser competency and professional standards would be boosted by the formation of a new adviser-funded body that sets standards for different advice segments, the Financ...

Policy & Regulation

Bowen says FOFA on agenda until next election

Opposition to consider reworked FOFA policy for next election as industry reports confirm need to oppose amendments....

Financial planning

Thousands of CBA customers sign up for advice review

More than 4000 customers of the CBA's planning businesses have registered for a review of the financial advice they received following the launch of the Open Advice Revie...