Peter Johnston, on behalf of Association of Independently Owned Financial Planners, released a discussion paper entitled “FOFA – a chance to get it right” with recommendations for changes to proposed FOFA legislation. The objective of this paper is to demonstrate that politicians of all persuasions over the past 30 years have failed to make critical [...]
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Apr
2011
SPAA is pleased the Government is considering scaled advice to replace the accountants’ exemption but disappointed risk commissions have been dealt with separately inside and outside of super. The Self Managed Super Fund Professionals’ Association (SPAA) has today welcomed the announcement of the detail of the Federal Government’s Future of Financial Advice (FOFA) reforms which seek to improve the [...]
continue readingFPA welcomes recognition of value of professional advice The Financial Planning Association (FPA) welcomes all moves that promote the value of financial planning advice, encouraging ISN members to make sure their advice meets with the professional standards of the FPA. “We know it’s difficult for Super Fund members to trust whether they’re in the right [...]
continue readingThe Association of Financial Advisers (AFA) is again calling on the Minister for Financial Services and Superannuation, Bill Shorten, to become a true advocate of the financial advice industry and focus squarely on the impact of proposed reform on consumers. Mr Klipin said that endless debate about adviser remuneration is clouding the real issues which [...]
continue readingThe Financial Planning Association (FPA) has released to members a comprehensive ‘FoFA Pack’ detailing the key issues raised by the Future of Financial Advice (FoFA) reforms. Recently sent to all 8,000 FPA ‘practitioner’ members, the pack encourages financial planners to engage with their local MP to ensure that as many politicians as possible have a [...]
continue readingAdvisers optimistic in the face of reform Financial advisers have the determination and ability to adapt and grow despite ongoing industry changes, according to research released yesterday by the Association of Financial Advisers (AFA). AFA CEO Richard Klipin said that the “Tides of Change” research into adviser attitudes towards the Future of Financial Advice (FOFA) [...]
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Jan
2011
Editors Note The AFA, in partnership with NAB Financial Planner Banking, commissioned the “Tides of Change” research to better understand the current mindset of advisers and to understand their views around the impacts of impending FOFA reforms. This is important to both the AFA and NAB as we both work across the market and need [...]
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There has been an inordinate amount of discussion concerning the Government Reviews that are currently underway and which have the potential to forever change the face of the Australian financial planning industry. (This story first appeared in the Journal of Financial Advice , Volume 3, Issue 4, 2010) Not least of the topics being argued [...]
continue readingDRAFT A Discussion Paper Presented to Minister Bill Shorten 1. Fiduciary Duty While there is currently no statutory fiduciary duty, the vast majority of advisers already behave in a manner that is consistent with such a duty. i.e., they act in the best interests of clients and place their client’s interests ahead of their own. [...]
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MLC today completed the transition of its advice businesses to fee for advice, a process it began in 2006 when MLC first challenged the industry to drop commissions, improve transparency and engender greater trust in the advice profession. Garvan Financial Planning, Apogee Financial Planning and MLC Financial Planning have now completed the transition to fee [...]
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