Reality Check: 23rd May 2013

In this issue of Reality Check,

• Liz Ward on creating confidence in an adviser’s SMSF expertise
• Chris Batchelor on equity advice made simple
• Is accountant, adviser, and broker under one roof the future of advice, asks Vanessa Stoykov
• Simon Harris on how very productive advisers focus only on their core business

SMSF Education: Regulatory needs versus Industry expectation

This independent certification of a SMSF professionals’ competence provides trustees with confidence in an adviser’s SMSF expertise, writes Liz Ward 0Read More

Reality Check: 16th May 2013

In this issue of Reality Check,

• What are your best opportunities for cross-selling, asks Daniel Lowinger
• Kim Payne discusses the top 10 ways to engage new clients
• Marianne Perkovic on the 3 keys to maximising staff retention through a sale
• Vanessa Stoykov on what SMSF courses accountants, advisers and brokers need to help them grow their client revenue

10 strategies to engage new and existing clients

Many advisers are unable to clearly explain why a client should work with them, stay with them, pay them and refer them, writes Kim Payne 0Read More

The top 6 steps to fee disclosure statements

You might need to start sending Fee Disclosure Statements to new and existing retail clients, writes Claire Wivell Plater 0Read More

7 steps to getting the most out of professional development

There are a number of ways you can leverage professional development to ensure a growing, robust practice, writes Anne Graham 0Read More

SMSFs and the importance of separation

A recent change to SIS regulations has given the ATO enforcement powers over administering proper treatment of assets in regulating SMSFs, writes Darin Tyson-Chan 0Read More

How to develop a true culture of compliance

There are a number of steps practice owners can take in order to improve their compliance processes and culture, writes Christina Kalantzis 0Read More

SMSFs and the importance of separation

A recent change to SIS regulations has given the ATO enforcement powers over administering proper treatment of assets in regulating SMSFs, writes Darin Tyson-Chan 1Read More

You’ve been served with an ASIC notice. What now?

Financial services businesses should not underestimate how helpful it can be in working with ASIC after a breach, writes Claire Wivell Plater 0Read More

How to prepare for the accountants licensing regime

Accountants need to follow a three-stage process in preparing for compliance with the accountants licensing regime, writes Nick Hilton 0Read More

Are your fee models sustainable post-FoFA?

Practice owners will need to reexamine their revenue models and point of differentiation in a post-FoFA world, says Marianne Perkovic 0Read More

A case study in building a great SMSF practice

Sam Henderson is on a journey to grow an already thriving SMSF practice, and there are many lessons that advisers can learn from his journey through No More Practice, writes Vanessa Stoykov 0Read More

What you need to do now to prepare for APES 230

While the implementation date of APES 230 has been postponed, there are some critical elements of the draft standard that accountants and advisers need to be aware of, writes Nick Hilton 0Read More

Choosing a lawyer? 5 types to avoid …

Most practices will need to consult a lawyer at some point in their evolution. Claire Wivell Plater looks at what kind of lawyers you will want to both partner with and avoid 0Read More

What’s in the accountants’ licence for advisers?

Now is the time to revisit and review relationships with accountants in order to explore commercial opportunities, writes Brian Boggs 0Read More

Hawke, Howard and the Good Old Days

Tougher times lead to innovation, and advisers and accountants should embrace the future and all it potentially holds, writes Vanessa Stoykov. 0Read More

How short SOAs can convert new clients

New clients need simple and straightforward SOAs that will help them, not confuse them, writes Terry McMaster. 3Read More

Why financial advice needs a game changer

The financial advice industry needs a game changer and can learn a number of lessons from Kerry Packer’s approach to cricket, writes Brian Boggs. 2Read More

Why consumers are going to buy you

A collective effort is needed on behalf of the financial planning industry to educate consumers about the value of advice, writes Vanessa Stoykov. 0Read More

Tackling the 10-year challenge for the advice industry

A collaborative strategy is needed to address the multiple challenges facing the financial advice industry in Australia, writes Vanessa Stoykov. 0Read More

4 steps to effective leadership for advisers

In times of change for the advice industry, leadership of self, team, clients and your community will help leave a legacy of true value, writes Annick Donat. 0Read More

Diversifying into advice: what’s in it for accountants?

Diversifying into advice provides accountants with a number of benefits in building an integrated business model, writes Nick Hilton. 0Read More

Why accountants should get into advice

Accountants have a unique opportunity to capitalise on the provision of financial advice under FoFA reforms. Matt Englund outlines the benefits to accountants in doing so and details the steps they can take to get into the advice space. 0Read More

What value do institutions bring to the advice table?

Financial advisers do look to provide good quality, strategic advice to their clients. However, Matt Englund says the level of experience that is behind that advice can play an important role in shaping its quality. 0Read More

Why advisers need to have confidence in themselves

There are a number of reasons why financial planners should be confident about their ability to make a difference in people’s lives, according to Shadow Minister for Financial Services and Superannuation Senator Mathias Cormann. 0Read More

Accountants and advisers: opportunities for collaboration

Some industry pundits have predicted a showdown between accountants and financial planners under FoFA. However, Alex Malley believes there are valuable opportunities for collaboration that will benefit both advisers and accountants. 0Read More

Should conflicted advisers be called agents?

The advice industry is now 90 per cent institutionalised at licensing level. Ian Knox says this has reduced the number of truly independent advisers while those that push product should be called agents. 0Read More

CPD accreditation made easy with No More Practice

No More Practice is now CPD accredited, and viewers can earn 6 CPD points for watching No More Practice 3 while No More Practice Live attendees will receive 6.5 points. 0Read More

How to move to a fee-for-advice model

Many advisers are actively moving towards a fee-for-advice model. With this shift, however, Craig Donaldson says quantifying and communicating your value proposition is critical in getting clients to pay for advice. 0Read More

The bonds vs equities debate: a planner’s perspective

A concern for many clients saving for retirement is whether they have too much exposure to equities and not enough to bonds. However, building a portfolio targeting a defined outcome is more important and Liability Driven Investment (LDI) strategies are worth considering in this process. 0Read More

The future of FoFA: what will change under the Coalition

There has been much debate about the value of financial advisers with FoFA. The best judge of what is good value for a client is the client themselves, and a Coalition government of the future would make numerous changes to FoFA as it currently stands. 0Read More

Making fees an easy pill to swallow for clients

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. 0Read More

A profession in conflict?

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. 0Read More

Opt in: much ado about nothing?

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. 0Read More

Happiness and the role of financial adviser

The study of happiness has come a long way in recent years, thanks to the development of behavioural finance and the entry of economists into the field, which was formerly the bailiwick of psychologists, sociologists and psychiatrists. Like all matters to do with the mind, it seems, happiness is a very complex thing. 0Read More

Is it a good time to buy or sell your financial planning business?

There has been a lot of discussion over the past few months about the lingering impact of the GFC, and potential effects of FoFA, on financial planning businesses... 1Read More

The problem is licensing not commissions

The Future of Financial Advice (FoFA) reforms present the financial planning industry with a number of issues. The ban on commissions in particular is problematic, because there are many areas of finance where commissions are allowed... 0Read More

Would Abbott repeal FoFA?

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. 0Read More

Two industry bodies, one big goal

This week as we examine the contribution our industry advocates make, it is easy to see why there is room in the industry for two separate bodies, both advocating for financial planners and financial advice. 0Read More

FoFA: the law of unintended consequences

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. 0Read More

A bipartisan approach to FoFA reform

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. 0Read More

FoFA – is there a middle way?

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. 1Read More

FoFA: needed or nonsense?

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. 0Read More