News : Financial Planning

Number of adviser exits grow

August 12, 2020

The financial adviser population declined again during the second quarter of 2020, contributing to a sharp increase in advised wealth moving from advisers exiting the industry.

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Financial Planning

FOFA-based class action afoot

August 10, 2020

Darin Tyson-Chan

A class action has been brought against the financial planning arms of AMP, CBA and Westpac for Future of Financial Advice reform contraventions.

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ASIC, FASEA, Financial Planning

Individual adviser oversight still unclear

August 6, 2020

Jason Spits

ASIC is still unsure whether it will have oversight over individual advisers from 2022, stating its authority only covered licensees under current legislation.

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FASEA, Financial Planning

Test ethical judgments through questioning

financial advisers professional judgement

July 30, 2020

Jason Spits

Financial advisers can show their professional judgement is also ethical by viewing their actions from the point of view of an impartial third-party.

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Financial Planning, Regulation

ASIC unveils new dispute framework

July 30, 2020

Jason Spits

Financial advisers will fall under a new internal dispute resolution system from late 2020 that requires quick, but detailed, responses to complaints.

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Financial Planning

Specialist advice needed more than ever

July 29, 2020

Darin Tyson-Chan

The SMSF Association has stated there has never been a more critical time for trustees to receive specialist SMSF financial advice.

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Financial Planning

AMP advisers begin BOLR class action

July 29, 2020

Jason Spits

AMP advisers have started an open class action against their licensee after the latter changed the terms of a buyer-of-last-resort arrangement.

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Financial Planning, Retirement

Cheap advice a must for retirement system

July 22, 2020

Jason Spits

Low-cost, mass-market financial advice must be available to those facing retirement and should be built into Australia’s retirement savings system.

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Accounting, Financial Planning

Licensing forces industry to rethink roles

July 14, 2020

Tharshini Ashokan

AFS licensing requirements will push more advisers to specialise over time, allowing accountants to take on the role of the generalist for the SMSF sector.

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Financial Planning

Advice curbs COVID-19 financial worries

July 8, 2020

Tharshini Ashokan

Australians who seek financial advice are less concerned with the financial impact of COVID-19 compared to those who don’t seek advice, a survey has shown.

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