FAAA slams 'almighty go-slow' on CSLR/Dixons inquiry
While the second tranche of DBFO reforms remain stuck in parliamentary mud, an inquiry into the CSLR design and Dixons Advisory scandal is already falling behind.
'Tale of two halves' for advice industry showing signs of new growth
The industry's struggle to identify new talent is likely to continue, but the outflow of advisers has slowed considerably. And there are plans to source talent from other corners, according to the FAAA.
The advice and investment stories that mattered most to advisers in 2024
It was a year that saw private capital become cool and asset consultants become kings. Advice reform continued to plod its clunky path, while the Dixon's scandal lingered through the much-derided CSLR program. Through it all, surging demand and resilient investment markets fuelled a robust year for advisers, with their businesses streaking ahead of licensees in terms of profitability and value.
'Information overload' creating new paradigm between advisers and clients: WEF
Clients are infinitely more informed in the digital age, but that doesn't necessarily mean they know how to discern the useful information from the misleading. Addressing this divide is the role advisers will need to embrace as the new era unfolds.
Surging appetite for episodic advice validates government's DBFO plan
The government's plan to offer more flexibility around simple and scoped advice dovetails well with the advice format consumers prefer, according to new research from Investment Trends.
Shield Master Fund investigation has ASIC worried about adviser 'professional judgement'
"I wish I could say this is an isolated example," Kirkland said, explaining the regulator's concern about a small cohort of advisers who transfer client funds into high-risk investments after being referred by cold-calling telemarketers.
‘So much wrong’ with CSLR, but Treasury not inclined to act
The industry has little chance of fighting through the legislative backlog and getting immediate wholesale change made to the ill-designed CSLR. There are things the government can do in the interim, said the FAAA, but who's listening?
What advisers want the new class of advisers to look like
The likely advent of a new class of 'simple' advice providers will reshape the industry ecosystem. According to FAAA members, there are four key issues that need addressing before this key reform is implemented.
Investor trust in financial advice building at home and abroad
Consumer trust isn't something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
'Inefficiencies' the number one block to increasing advice practice profitability
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
FAAA doubles down on Indian advice tie-up through CFP partnership
As part of the strategic partnership, Indian CFP aspirants will have a pathway to gain qualifications that meet the Australian regulatory framework. It's a bold plan, but one that could help shore up adviser numbers according to the FAAA.
Industry innovates on advice access models while Govt dithers on reform
The move from Viridian and CFS to provide personal advice in a scaled manner highlights a growing willingness within the industry to fix its own problems in lieu of waiting for the government.
'More professional' adviser cohort sees AFCA complaint levels plummet
The amount of complaints against advisers that reach AFCA has plummeted in the authority's five years of operation, and it's not just falling adviser numbers that are contributing to the improvement in consumer satisfaction.
FAAA resets strategic priorities for new advice era, with growth on the agenda
The merged association has added a new core driver to its strategic objectives for the next six years, with growing the profession now a top priority. But the inherent challenges, and past failures, are forcing the FAAA to try new ways of getting more advisers on the books.
Family offices move up the wealth spectrum, push for sophisticated investment
The investment vehicles of wealthy families are internalising asset management and professionalising their investment teams at a rapid rate, according to Citi Private.
Compliance salaries surge as super funds, private capital hunt for risk talent
Compliance staff have been in high demand for a few years now, but the rise of industry super funds and the private capital sector has created even more demand for talent, both at the top and bottom end of the experience spectrum.
Affluent investors spending more on advice: US report
The customer base for US advisers is growing in the same way that it is in Australia. But the more granular trends that are emerging tell an even more interesting story that Australian advisers would do well to heed.
FAAA highlights 'professional delta' between CFP and non-CFP advisers
"It isn't really a surprise," FAAA chair David Sharpe said, noting that advisers with CFP next to their name go through "blood, sweat and tears" to attain the designation.
Adviser Charlie Viola leads Pitcher Partners buyout to set up new HNW wealth firm
After 21 years building up Pitcher Partners' wealth management division into a $3.6 billion powerhouse, the high-profile adviser will break from the firm to create an advice group focused on servicing HNW clients and their families.
The advice business models that are growing in 2024
It's been a tale of two models in advice, with the accountants that provide holistic advice services going one direction and those that provide SMSF advice another. Meanwhile, the pure financial planning business model has remained steady.
