On Wednesday night a couple of weeks ago the latest round in the Future of Financial Advice (FoFA) saga limped through parliament heading for who knows where. Due successful lobbying by financial institutions, plus noise from incumbent industry associations and funds,...
Advice professionals don’t take commissions. The latest twist in the Future of Financial Advice exposes even more what the real debate is about – trust. Not reducing red tape. ASIC reckoned a couple of years ago only 18% of Australians sought out an adviser. Last year...
Our nascent financial advisory profession needs a ‘turning point’, a breakthrough to accelerate its advancement into the profession it is destined to become. Whilst I applaud much of what has been done in financial planning to improve the professionalism of the...
Does getting clear definitions of Professionalism for financial services really matter? If your doctor’s practice received financial support from the drug companies she recommended, would you view that as professional? If you knew your accountant’s business would be...
Accumulating evidence suggests that the old financial planning industry (OldCo) is entering its death phase. Effects on advisers and their business plans will be profound. There is no single emerging trend, no single piece of legislation. Just a mounting pile of...