News : Financial Planning

Education, financial advice, Financial Planning

Technical skills more important than ever

self managed super, self managed superannuation, SMSF, SMSF Association, Technical Summit, Peter Burgess, Louise Biti, Bryce Figot

The SMSF Association is focusing its Technical Summit on helping practitioners deal with difficult real-world scenarios.

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AFCA, financial advice, Financial Planning

AFCA should name and shame

SMSF Association, Australian Financial Complaints Authority, AFCA, publicise determinations, unpaid determinations, Compensation Scheme of Last Resort, CSLR, Peter Burgess, submission

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

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financial advice, Financial Planning, SMSF, Tax

Greater advice tax deductibility for SMSFs

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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financial advice, Financial Planning

Demand for advice, reforms remains high

High numbers of consumers want access to advice and support government action to reduce its cost and complexity.

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financial advice, Financial Planning, SMSF

Advised SMSFs increase as sector grows

SMSF, self managed super, financial advice, Vanguard, Investment Trends, SMSF trustees, Renae Smith, financial adviser, intergenerational wealth transfers, estate planning, unadvised SMSF, advised SMSF, life insurance

The ongoing growth of the SMSF sector has been matched by the number of funds receiving advice, but a major cohort still does not receive any form of professional help.

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financial advice, Financial Planning

CSLR spends less than levy estimate

CSLR, levy, claims, financial advisers, Compensation Scheme of Last Resort, David Barry, Dixon Advisory and Superannuation Services

The slow rate of claims received by the CSLR means it will not use the full amount of levy collected from financial advisers.

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financial advice, Financial Planning

Advice fee deductibility guide issued

Financial advice fee, tax deductibility, guide, tax deduction, Financial Advice Association Australia, FAAA, Chartered Accountants Australia and New Zealand, CAANZ, CPA Australia, Institute of Public Accountants, ATO, Taxation Determination 2024/7, Sarah Abood, Phil Anderson

New joint guidance outlines three means by which advisers can calculate the apportionment of financial advice for tax purposes.

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financial advice, Financial Planning, Technology

AI adopted for basic advice tasks

AI, financial advisers, artificial intelligence, Investment Trends, Irene Guiamatsia, file notes, investment research, Edge Investment Partners, David Pritchard

The adoption of AI among financial advisers has begun noticeably, but the technology is only being used for tasks characterised as tedious.

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ASIC, Compliance, financial advice, Financial Planning

Adviser convicted for dishonesty

Financial adviser, superannuation, dishonest conduct, David Mario Valvo, Downing Centre District Court, Your Financial Freedom, ASIC, Wealthtrac

A former adviser who accessed clients’ superannuation accounts using false documents has been convicted of dishonest conduct and forced to repay his clients.

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Education, financial advice, Financial Planning

Advisers urged to update FAR details

Thousands of advisers are in danger of not being able to practice beyond 2025 as they have failed to update their education details on the FAR.

Thousands of advisers are in danger of not being able to practice beyond 2025 as they have failed to update their education details on the FAR.

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