When can SMSFs be treated as wholesale?
It's a vexed question as to when SMSFs can be treated as wholesale investors. Here, senior AFCA representatives run through what financial advisers need to know.
AI in advice a matter of how, not if: Complii
Advice groups may still be grappling with the best use cases for artificial intelligence tools, but the ones that aren't at least trying are at risk of being seen as behind the curve according to Complii's Craig Mason.
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.
Compliance is 'hollow, empty' without the right culture: ASIC's Longo
Rather than striving to tick legal boxes, the commissioner said, compliance teams should build their work practice around the right ethical pillars to engender trust with consumers and investors.
Advisers shift out of one-man shops as more 'Micro-AFSLs' close doors in 2024
After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months, however, that trend has taken an abrupt turn.
Savvy market moves pitch Complii as 'new asset class' in financial services for 2024
The moves made by Complii across 2023 should position the firm well for a rebound in advice industry numbers, which is entirely foreseeable given the proposals stemming from the government's Quality of Advice review.
Advice compliance measures need to add up: Mintegrity
Advisers should take a proactive approach to compliance, which can enhance the reputation of their firm and reduce the risk of regulatory enforcement action according to Mintegrity.
Death benefit litigation puts SMSF management in focus
Litigation involving estate planning and superannuation is ramping up, with major impacts on self-managed super funds, and in particular trustee obligations. Cooper Grace Ward partner Hayley Mitchell discusses key recent case law and what it means for estate planning and SMSF management.
ASIC 'neutral' on SOA format, video statements good to go
The Corporations Act is "technology neutral" according to ASIC, so video SOAs are acceptable as long as they include the eight or so standard compliance requirements.
Advisers urged to tread carefully with 'wholesale investor' status
Specialist self-managed super fund advisers need to tread cautiously before giving a client "wholesale investor" status.
Advice complaints trend remains positive
The fact that just 281 complaints were lodged about 'failure to act in client's best interests' and 241 for the providing "inappropriate advice', shows the legislative changes may well be having a positive impact on the industry.
ASIC updates guidance for 'warnings and reprimands'
ASIC has just released an information sheet allowing it to issue warnings and reprimands to financial advisers that do the wrong thing. If you're a financial adviser, you'll definitely want to take note of the key messages from the document.
AFCA confirms a new user pays model to cover costs
Following on from last week's article titled, 'Ombudsman seeks to simplify complaint treatment,' The Australian Financial Complaints Authority (AFCA) today confirmed it will put into place a 'user-pays' funding model that is fair, transparent and equitable.
Ombudsman seeks to simplify complaint treatment
The Australian Financial Complaints Authority, the external dispute resolution group of which all financial advisers must be members, this week announced significant changes to their assessment process of new complaints.
Funding model, wholesale test lead FPA's election platform
The Financial Planning Association (FPA) has outlined its policy platform, or target areas for the next Federal Government.
