Future of advice is in peril – it can only be assured by understanding past failings

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If the future and well-being of consumers is truly the highest priority of the federal government and financial services industry, then the quality of judgment has to improve and decisions made based on the lessons embedded in the experiences of the past. The future viability of the advice sector is quite literally at the precipice!

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Govt in denial about industry challenges including unaffordable advice and the need for financial literacy education 

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A year after the Hayne Royal Commission, advice industry commentators continue to debate what the advisory sector will look like going forward.  As the debate rages surveys such as Adviser Ratings, reveal a downward spiral with adviser numbers falling to a four-year low in 2019 and approximately 1,133 practitioners exiting industry in the 4th quarter

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Where to now for financial services post Federal election and Hayne Royal Commission?

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Now that we have a new Morrison Federal Government and the implementation of the Hayne Royal Commission (RC) recommendations will be high on the political agenda, what does it mean for the Australian consumer going forward, especially when retirement planning will be so important to the Baby Boomer generation? Firstly, the RC will see many

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Picking superannuation winners is a ‘political’ solution that disregards best interest of Australians and economy

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The recently released Productivity Commission review of the Australian superannuation industry was written to address political issues with a total disregard for the best interest of members in superannuation funds. I have worked in the superannuation and investment industry for over 40 years and its ‘Common Sense 101’ NOT to engage in picking winners. Picking fund performance

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It’s time to ask where is the financial services industry and planning profession going

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As the federal government, Royal Commission and FASEA continue to reshape the industry and fuel many predictions and much speculation, it’s imperative to take time out to seriously consider the future as the ramifications are so immense. The industry has seen constant change over the past 30 years which started when Paul Keating created the

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Dover’s demise – consumers and advisers abandoned 

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As the fallout and ramifications of Dover Financial Advisers (Dover) demise continue to reverberate following the group’s decision to hand back its AFSL and it has exposed the immense flaws in the Australian licensing regime. It clearly highlights how the current structure favours large institutions and not the advisers and their clients. Not only are

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Royal Commission is an imperative for the future wellbeing of financial services…it must be comprehensive says Paul Tynan

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As the Royal Commission into the Banking, Superannuation & Financial Services Industry gets underway Connect Financial Service Brokers (Connect) CEO Paul Tynan said he expects an acknowledgement of the fundamental issues when you combine banking and advice services. Commenting further Paul Tynan said, “The essential difference is that banking has a short-term time horizon and

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Individual licencing BOLR & platforms – the future for the financial industry is still filled with challenges

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Whether it be the start of a new financial or calendar year, the issues confronting the financial services industry, especially the advice sector, are all the same and actually increasing and intensifying with the vacuum of leadership and direction so clearly evident said Connect Financial Service Brokers CEO Paul Tynan. Commenting further, Paul Tynan said

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Accountants and planners’ expectations continues to fuel sale and exit inertia says Paul Tynan

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Mature age accountants and financial planners are continuing to defer the sale of their practices in the erroneous expectation that their business will attract a higher price amongst a growing pool of prospective buyers said Connect Financial Service Brokers (Connect) founder Paul Tynan. Commenting further, Paul Tynan confirmed that over the summer break, he had

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The pyramid business and government models just don’t work says Paul Tynan

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Although the New Year is now well underway, the debate that vertical integration leads to poor quality of advice and advice that is not in the best interest of clients has continued without a break said Connect Financial Service Brokers (Connect) CEO and founder Paul Tynan. The prospects and future for the industry is truly

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