Andrew Gale

A new framework published by the Actuaries Institute yesterday could greatly assist millions of Australians to access a broader range of support to improve their financial decision-making and wellbeing.

The Help, Guidance and Advice (HGA) framework would provide a structure under which financial institutions could confidently deliver a wide spectrum of quality and affordable support to their customers.

Experienced non-executive director and chair of the Institute’s HGA Working Group, Andrew Gale, said this would ensure people have access to basic financial facts through to guidance and suggestions on retirement goals, as well as comprehensive personal advice on a range of financial issues.

“Middle Australia stands to benefit most because comprehensive personal advice is out of reach for many, but help, guidance and specific purpose simple advice at pivotal moments would significantly improve their financial wellbeing,” he says.

“Our framework provides the architecture that will enable millions of people of all ages to receive support in different levels of complexity and that fits their individual needs.

“We have a tsunami of retirees coming over the next decade, but many don’t want or need or cannot afford full, comprehensive financial advice. Giving them help and guidance on common issues – such as Age Pension entitlements, and how to think about paying down debt and moving superannuation to a retirement phase account – would allow them to retire with greater confidence.

“Many younger people would also benefit from greater help and guidance – on things like how to consolidate superannuation accounts, better budgeting and the amount and kind of life insurance they should consider.”

The Institute’s paper by the Working Group, Financial Advice Reform and Help, Guidance and Advice, was developed after extensive consultation with superannuation funds, consumer groups, industry and professional bodies.

If implemented, it would significantly expand the capacity of financial advisers, accountants, superannuation funds and digital tools to provide support, including to the estimated 710,000 Australians who are intending to retire in the next five years.

Mr Gale says the HGA framework is needed because existing regulations treat all financial advice as equally complex and fail to distinguish between what is simple guidance compared to comprehensive planning.

“Guidance currently operates in a regulatory grey area between Help and Advice. It provides an important bridge between providing someone with basic financial information and personalised advice. It is widely seen as a scalable and cost-effective mechanism for delivering meaningful support.

“We would like to see greater regulatory and legislative recognition for Guidance so, for example, super funds and their trustees have more certainty in the support they can provide their members.”

“Overall, we believe the emerging Delivering Better Financial Outcomes (DBFO) reforms and legislation represent good reform initiatives. We also believe that further regulatory reform will be required post the DBFO reforms, particularly relating to the acknowledgement and greater utilisation of guidance.”

The Actuaries Institute looks forward to seeing the Delivering Better Financial Outcomes (DBFO) legislation, which is due soon, and critical for increasing access to affordable help, guidance and advice.

Read the paper.

The post Super funds and government urged to adopt new financial advice framework appeared first on AdviserVoice.

Shorte, who has chaired the Association’s NSW Local Community since 2015 and is a member of the Magnitude Advisory Committee, will join the Board on 1 September 2018.

He will replace Andrew Gale, who is stepping down after being a Board member since 2012, including chairman for two years between February 2016 and 2018.

SMSF Association chairperson Professor Deborah Ralston says: “It was a carefully considered choice to appoint Liam. His practical knowledge of the sector derived over many years from dealing directly with clients will be of enormous value to the Board, the Association, and the wider SMSF community.

“Liam has established a deserved reputation as an expert in this field. His blog, The SMSF Coach, which helps break down strategies and industry jargon into plain English for SMSF trustees, has a keen following.”

Ralston also paid tribute to Andrew Gale’s contribution to the Association over the past six years.

“Andrew’s lead as a strong and effective chairman of the Board, his contribution to strategic thinking for the Association, oversight of a smooth CEO succession, and service through the Public Policy Committee has been highly appreciated.”

Shorte, who has a Bachelor of Business majoring in accounting and economics, boasts 27 years’ experience in financial services, having worked in Ireland, the UK and the Middle East before moving to Australia in 2001. His experience and knowledge comes from working in banking, insurance, accounting and financial planning firms before starting his own business in 2006.

Liam, who was awarded SMSF and accounting professional of the year – NSW metropolitan in the SMSF and Accounting Awards, says he is delighted to join the Association’s Board.

“Having joined the Association in 2008, I appreciate its enormous contribution to the policy and technical debates in the SMSF sector, as well as recognising the genuine regard it is held in Canberra for its positive contribution, and I look forward to adding my voice to this collective effort.

“In particular, I am hoping that the practical lessons I have learnt since establishing my own SMSF business will afford me the opportunity to bring a practitioner’s perspective and insights to the Board.”

The post Liam Shorte brings practical knowledge to SMSF Association board appeared first on AdviserVoice.

Prof. Deborah Ralston

The SMSF Association has announced the appointment of Professor Deborah Ralston as its new chairperson, effective from the end of this year’s National Conference.

Prof Ralston, who joined the board in July 2016, takes over from Andrew Gale, who will remain a director. Vanguard’s Head of Market Strategy & Communications, Robin Bowerman, will remain deputy chair.

Ralston brings an illustrious academic career and longstanding role as a company director in the private and public sectors, with a strong background in innovation and start-ups, to the position.

Boasting a Master of Economics from the University of New England and a Ph.D from Bond University, she is a recognised authority in financial services research and strategy, with a particular capability in superannuation, financial regulation and digital finance innovation.

She has also published widely in these areas, completed research consultancies with major corporations, and worked extensively with start-ups.

Gale says the Association was delighted when Ralston accepted its invitation to join the Board, and her contributions since, both as a director and on the Public Policy Committee, have been invaluable in what has been an exacting period for the Association and the SMSF sector following the major changes to the superannuation legislative framework in 2016.

“Deborah brings to the table her vast knowledge of financial services research and strategy, with its special focus on superannuation, financial regulation and digital finance innovation.

“Coupled with a deep pedigree in public policy, especially in the role of leading the Monash-based Australian Centre for Financial Studies, she is an experienced company director in the private and public sectors, with board appointments including the Reserve Bank of Australia Payments System Board, the publicly listed Mortgage Choice, and the YBR FinTech Hub Advisory Board.”

Ralston says: “It’s an honour to have the opportunity to chair this organisation for the next two years.

“Since its inception 15 years ago, this organisation has never strayed from its core belief that every Australian has the right to a good quality of life in retirement and that every Australian has the right to control their own retirement destiny.

“This is the proud legacy I have been bequeathed, and it’s one that I will nurture, in partnership with the Board, Executive team and members, during my two-year stewardship.”

The post Professor Ralston appointed to chair SMSF Association appeared first on AdviserVoice.

He succeeds Sir Anthony Mason, a former Chief Justice of the High Court of Australia, who was the Association’s inaugural Patron when he was appointed in February 2007.
Speaking on behalf of the Board, Association Chairman Andrew Gale says: “Tim is the ideal person to step into the very big shoes of Sir Anthony and fill this important position.

He is one of Australia’s best known community leaders and a sought-after voice on social justice issues, leadership and ethics. “We are certain the Association will benefit greatly from having someone of Tim’s integrity, values, and life experiences as the Patron of our Association.”

Costello brings a rich and varied background to the position. For 13 years until October 2016, he was Chief Executive of World Vision Australia, placing the challenges of global poverty on the national agenda. His current role is Chief Advocate.

In addition, Tim is Chair of the Community Council of Australia, and is a member of the Multi-Stakeholder Steering Committee of the EU-Australia Leadership Forum, Australian National Development Index, Concern Australia Advisory Group and the Campaign for Australian Aid.

In earlier roles, Tim, who studied law and education at Monash University as well as theology at the International Baptist Seminary in Rueschlikon, Switzerland, was National President of the Baptist Union of Australia and Mayor of St Kilda.

He has been Baptist Minister at St Kilda Baptist and Collins Street Baptist churches in Melbourne, as well as Executive Director of Urban Seed. In these roles, he spearheaded public debate on problem gambling, urban poverty, homelessness, reconciliation and substance abuse.

Costello says it’s a privilege and honour to be asked to be patron of the SMSF Association.

“I am pleased to take up this role in an organisation that believes in the right to a good quality of life in retirement for every Australian,” Costello says.

“The SMSF Association is committed to helping Australians take greater control of their own destiny.”

Gale says the Board, on behalf of all members, wants to extend its sincere gratitude to Sir Anthony for his contribution to both the SMSF Association and the self-managed super fund sector more broadly.

“As one of this country’s foremost legal minds, Sir Anthony brought enormous gravitas to the Association. He was always generous with his time and advice, and for that contribution we are indebted.

“In particular, his annual addresses to the National Conference were well-considered, thought provoking, and informative, and I know from speaking to members they were always well received.”

The post SMSF Association appoints new Patron appeared first on AdviserVoice.

Peter Crump

The SMSF Professionals’ Association of Australia (SPAA) has appointed a new chair and deputy chair.

Peter Crump steps up from deputy chair, a position he has held since 2012, to become the chair, and Andrew Gale, a co-owner and Executive Director at Chase Corporate Advisory, has been appointed deputy chair.

Crump, a Specialist Superannuation Adviser, a Fellow of the Institute of Actuaries of Australia, a Chartered Tax Adviser and licensed financial adviser, brings a wealth of knowledge about SPAA and the SMSF sector to his new role.

He is an executive director and the superannuation strategist at ipac South Australia (an ipac equity partner), providing personal and SMSF financial planning and consulting advice, as well as actuarial consulting services. He has been with ipac South Australia for more than 13 years.

He has held include various consulting and consulting management roles before joining ipac in South Australia.

He has recently co-authored a book, Control your own super fund, which provides guidance on the merits of SMSFs and how to run one, with veteran personal finance writer Paul Clitheroe.

Outgoing chair Andrew Hamilton, whose services to SPAA were widely acknowledged at last week’s national conference, says Crump is an outstanding choice to head the board over the next two years.

“Peter has extensive industry knowledge and has demonstrated a strong commitment to SPAA since joining the board in 2010 and becoming vice chair in 2012.

“The next two years are very exciting for SPAA. We have a vision and thought leadership program for the SMSF sector – the largest part of the superannuation industry that is predicted to be one of Australia’s five growth engines in the next 20 years – where Peter’s leadership will be invaluable,” he says.

The post SPAA announces new chair, deputy chair appeared first on AdviserVoice.

The firm today announced the immediate appointment of Chris Jordan, AO as Executive Chairman and Andrew Gale as Executive Director.

Chase is a boutique corporate advisory and M&A business focused on the financial services and accountancy practices sector. It typically acts on behalf of vendors or entities looking to sell, change ownership structure or merge. Financial service entities include financial planning practices, licensees, fund managers and superannuation funds.

The firm seeks to capture and service growing demand created by significant consolidation activity within the financial services and accountancy practices sectors.

“The directors of Chase Corporate Advisory (CCA) have extensive experience in strategy, equity capital markets, syndication and M&A, complemented by deep experience and an extensive network of strong & relevant relationships in the Financial Services sector,” said Chase founder, Mr Jeff Singh.

“We are delighted to welcome Chris and Andrew to the firm. Their appointments will significantly expand the clientele served by Chase.”

Andrew Gale has also acquired a significant equity stake in Chase Corporate Advisory. Jeff Singh said “This is a strong indication of Andrew’s commitment to the business.”

Chase Corporate Advisory was founded by Managing Director, Jeff Singh, in early 2011 following a 23 year investment banking career with Barclays Capital, GE Capital and Macquarie Bank Ltd. Chase has already completed eight transactions covering circa $2.5 billion in FUA nationally and has further mandates with circa $6 billion in FUA already engaged.

A number of distinctive elements signify Chase’s services – a tight industry focus; acting on behalf of vendors; strong personal networks of contacts with both acquirer and vendor entities;  the high personal engagement of senior principals; and a very high success rate in achieving outcomes.

Andrew Gale said “Over the next five years in particular, there will be a major change in ownership of both accounting and financial planning practices. For example, over 34% of financial planners are aged over 50, and 14% of all planners are expected to retire or seek a managed exit in the next five years. In many cases, there will also be increasing integration between accounting and planning practices.

“In addition, there is expected to be continued strong consolidation of AFSL licensees, driven largely by regulatory reform, and also strong consolidation in both the funds management sector and superannuation funds sector, driven by industry dynamics. The aim of Chase is to serve vendor or merger clients in each of these areas.”

Chase Corporate Advisory also appointed Richard English as a Director, effective as from July 1. Richard was admitted as barrister in the UK in 1995 and previously had senior roles in the Private Wealth division of Macquarie Bank.

The post Chase expands to meet sector growth for M&A activity appeared first on AdviserVoice.