Greetings and a few thoughts on the current state of the profession from the perspective of a self-licensed adviser. Starting with FOFA, which after the fanfare of the original ministerial statement two years ago on Anzac Day, ended with barely a whimper. In essence, most of the contentious areas being pushed back into regulations which [...]
continue readingThe following is a trascript of a speech given to a financial services lunch in Sydney on Monday 5 December 2011 outlining the Opposition’s views on FOFA. It has been a long process, this whole FOFA process. To think that it’s been two years now since the Ripoll Inquiry which made all sorts of sensible [...]
continue readingThere’s one thing that can be said with great certainty about superannuation and that is that for more than two decades it has languished in a vacuum of politics and ideology. While on an international comparison basis Australia has a highly advanced retirement savings system, it’s far from perfect and one of its biggest failings [...]
continue readingApart from European debt crises and world market doldrums, it’s been a big year for financial planning in Australia. The ongoing Future of Financial Advice legislation plus the FPA’s landmark vote at the Extraordinary General Meeting validating the changes to push financial planning toward being recognised as a profession have made for a busy year [...]
continue readingA few thoughts on the current state of play with FOFA Tranche 1 as it begins to be debated in Parliament. A helpful document from Treasury accompanying the draft legislation called an Explanatory Memorandum goes through the strategic intent of the Government in formulating policy, the various options open to it and the impact of these [...]
continue readingI’ve heard that the worst thing about being an author is that everyone else thinks that they can write a book too. Everyone has a story, everyone reads…so everyone thinks that, ipso facto, they are an author. The years of study, thought, toil, constant revision and drafting are taken for granted. The lack of income, [...]
continue readingAnd now for something entirely different! I know this is a weird way to start a column in a financial planners website but with our industry under challenge from the Federal Government and with uncertainty reigning, the same old same old is totally inappropriate. And that’s why I maintain that regulation won’t lift our collective reputation and our individual [...]
continue readingBelow is a market comment from Jason Pidcock, head of the Asian Equities desk at Newton, part of BNY Mellon Asset Management, on the outlook for equity income investing in the Asia-Pacific region (ex-Japan). Jason is based in London. x Key points: Asian companies are realising the benefits of paying a dividend Inflation concerns exist, [...]
continue readingGreetings to you all. I have taken the opportunity to reflect on the Minister Shorten’s Statement last week to seek to ban commissions from life insurance sold within Superannuation arrangements, including level payments. My comments are made in the context of a self licensed advisor of 21 years experience with 1500 in-force policies within both individual and [...]
continue readingIt seems the people most effected by the proposed reforms of the financial advice industry have had very little say in what reforms are needed and how they should be implemented. Of course I am talking about the financial planning practitioners themselves. However, parties who’s sole interest is in seeing the destruction of the financial [...]
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