News

Financial Planning

ASIC notes unease on affordable advice

ASIC affordable advice

The financial advice sector views affordable advice regulations as too complex and against the needs of clients, according to feedback received by ASIC.

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FASEA, Financial Planning

Best interest comes from self-aware advisers

best interest advisers

The best interest duty around SMSF advice can be met by practitioners questioning their own advice and reviewing the reasons for it each year.

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Investments

Misaligned strategies will create audit delay

investment strategy audit delay

In order to prevent audit delays down the track, an SMSF’s investments must align with its investment strategy, an audit expert has said.

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Superannuation

SMSFs to continue spousal appeal

SMSFs couples

SMSFs established by husbands and wives will continue their popularity into the future, according to a superannuation sector research firm.

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Superannuation

New cost data makes impact

SMSF cost data

The most recent study into SMSF costs is already having an effect on sector information provided by government agencies.

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Financial Planning

SMSF advice of high quality

SMSF advice high quality

The quality of SMSF advice being provided to consumers has been found to be of very high quality and the number of complaints are low, according to the Australian Financial Complaints Authority.

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Pensions

Drawdown rates to return to pre-COVID levels

pension drawdown rates

The SMSF Association has predicted minimum pension drawdown rates will return to pre-COVID-19 levels, but remain static at that point despite changes in life expectancy.

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Strategy

Unit trust protections misunderstood

Unit trust protections SMSFs

SMSFs using unit trusts should how the underlying assets are protected as limited liability does not automatically apply to unit holders unless dictated in trust documents.

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Financial Planning, Technology

Technology key to better advice

advice technology

Advisers struggling to manage the multiple demands of their business should embrace advice technology, a fund manager has said.

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Auditing

Independence evidence outlined

auditor independence evidence

The evidence accounting firms will need to have to prove no breach of the amended auditor independence standards has occurred has been specified.

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