News : Financial Planning

Financial Planning, Superannuation

Advisers still unclear on SMSF set-up

SMSF personal advice

Advisers are still uncertain as to what is considered advice when setting up a fund for a client, with trustee structures being a trap for the unaware.

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Financial Planning

Best interest duty a catch-all for adviser misconduct

best interest duty advisers

Best interest duty is being used as a new benchmark for adviser behaviour, but the term carries different meanings for advisers and consumers, according to a financial services lawyer.

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ASIC, Financial Planning

SMSF advice process key to better client outcomes

SMSF advice process

Risks, alternatives and detailed record-keeping are critical for advisers discussing the potential establishment of an SMSF with clients, an SMSF expert says.

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Financial Planning, Superannuation

Large lump sum death benefits hard to swallow

lump sum death benefits

Large lump sum death benefits can place surviving SMSF members with higher balances in a vulnerable situation, a wealth management expert says.

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Administration, Financial Planning

Debate sparked over adequacy of single SOA

SMSF statement of advice

A debate has fired up as to whether more than one statement of advice is needed for SMSF clients to adequately disclose the significant risks associated with this type of super structure.

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Accounting, Financial Planning

Accountants not solution for financial advice gap

accountants financial advice gap

Accountants are unlikely to complete further education to step into the financial advice sector as its revenues decline and practitioners leave.

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ASIC, Financial Planning

ASIC bans SMSF adviser for dishonest loans

ASIC bans SMSF adviser

A former Victorian SMSF adviser has been banned by ASIC after it found he had borrowed money from clients’ accounts and had breached a range of financial services laws.

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Financial Planning

Never good time to stop grandfathered commissions

advisers grandfathered commissions

Advisers most affected by the removal of grandfathered commissions will never agree there is a good time to implement the measure.

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Financial Planning

Challenging times not deterring advisers

number of financial advisers

The anticipated reduction in financial adviser numbers is less significant than predicted, a recent survey has shown.

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Financial Planning, Regulation

Government puts an end to grandfathered commissions

end grandfathered commissions advisers

The government is set to introduce legislation that will end the grandfathering of conflicted remuneration to financial advisers by 1 January 2021.

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