Monday, 30 April 2012
The financial advice industry seriously needs to rethink its approach to charging for advice. Financial planners should look at success-based fees in considering what model they might adopt in a fee-for-service post-FoFA world. Read More
Monday, 2 April 2012
There is scope for significant improvement in the provision of good quality retirement advice in Australia. However, removing conflicts of interest in the financial advice industry is easier said than done. Read More
Monday, 26 March 2012
With Minister Bill Shorten's recent concession to the FPA on opt-in under FoFA, this raises significant questions about industry associations' need and ability to police their members. Self-regulation comes with its own set of pitfalls, and it will be important to take note of these if the associations are to be successful in stepping up to the plate. Read More
Monday, 12 March 2012
Creating and communicating value is a cornerstone of your practice value. It is important to understand the value you bring to the table - both for your clients and potential acquirers - to boost the value of your practice. Read More
Friday, 27 January 2012
The financial planning profession faces a number of challenges as a result of FoFA. However, the reforms present financial planners with a number of opportunities to run more efficient, collaborative practices with a strong focus on value. Read More
Monday, 7 November 2011
The government's recent introduction of legislation to gradually increase compulsory superannuation contributions from 9 per cent to 12 per cent has generally been welcomed by the financial planning community. An increase in the Superannuation Guarantee means that Australians will have larger superannuation account balances - and this represents a prime opportunity for financial planners to deliver real value for their clients and assist them with the very real and pressing need to adequately prepare for retirement. Read More
Wednesday, 2 November 2011
Almost a third of financial advisers have managed to grow their profit levels back to a point that matched pre-GFC levels, and financial advisers who have reengineered their businesses to turn a profit have embraced a fee-for-service model. However, it would seem that the financial planning industry as a whole has a long way to go in embracing this model – not just for the purposes of compliance with FOFA – but for the sake of the bottom line. Read More
Thursday, 25 August 2011
The Future of Financial Advice (FoFA) reforms are already having an impact on the financial planning industry. Some planners are looking to reduce their reliance on outsourcing investment services through fund managers via an increase in direct equity services as well as separately managed accounts (SMAs) Read More
Tuesday, 23 August 2011
Financial planners need to communicate and demonstrate the value they add for clients under FoFA. Times of market volatility present a great opportunity to take a proactive role with clients in demonstrating the value advisers can add in good times and bad. Read More
Wednesday, 17 August 2011
The government’s proposed Future of Financial Advice (FoFA) reforms have drawn both praise and criticism. However, with key independents yet to be convinced of FoFA’s value, it is clear that the government faces an uphill battle in getting FoFA across the line. Read More
Monday, 8 August 2011
The Future of Financial Advice (FoFA) reforms will have a significant impact upon the financial planning industry. One of the areas that will be most affected is revenue models, and the development of scalable advice under FoFA could mean the difference between annihilation and healthy business success for financial planners. Read More
Tuesday, 2 August 2011
Alternate revenue models will be critical for the financial planning industry with a ban on commissions under the government’s proposed Future of Financial Advice (FoFA) reforms. FoFA presents planners with the opportunity to seriously reevaluate the value of advice and how this is articulated and communicated to clients in order to bridge the gap between what they are prepared to pay. Read More
Monday, 1 August 2011
Financial planners really need to know their customer, understand their needs and provide truly tailored service. FoFA is more about evolution for forward-thinking planners who are willing to think about different ways of articulating the value they bring to the table. Read More
Friday, 29 July 2011
The financial planning industry has a bee in its bonnet about the Future of Financial Advice (FoFA) reforms. It will be interesting to see just how much Minister Shorten has listened to the financial planning community with the release its draft FoFA legislation next month. Read More
Wednesday, 27 July 2011
Financial planners would be wise to start preparing for a post-FoFA regime and it will be critical to have strong service models for high net worth clients to readily opt-in Read More
Monday, 25 July 2011
One of the likely outcomes of the government’s proposed reforms to volume-related payments is significant acquisition and consolidation activity in the small- to mid-size non-aligned and independently-owned financial planning sector. The government needs take a long-term view well beyond its current parliamentary term to ensure that the execution of FoFA is in line with its overriding principles. Read More
Friday, 22 July 2011
The Future of Financial Advice (FoFA) reforms present the financial planning industry with some major changes, and Minister Shorten would do well to take a bipartisanship approach with the FoFA legislation. Read More
Thursday, 21 July 2011
The financial planning community has come out strongly against FoFA and the Association of Financial Advisers believes the reforms will leave consumers hung out to dry. However when Minister Shorten believes most financial planners would accept most of the changes and that issues will be worked out. Read More
Monday, 18 July 2011
The government argues that its reforms are needed to regulate an industry that has been damaged by a few greedy cowboys and collapses such as Westpoint and Opes Prime. On the other hand, the financial planning industry says the reforms will increase costs and red tape, drive clients away and make it harder to do business. Read More
