Advisers call for exam, standards clarityBY KARREN VERGARA | WEDNESDAY, 29 NOV 2017 12:18PMAdvisers are calling for much needed clarity around the new education standards, the code of ethics and what the formidable exam entails. Related News |
Editor's Choice
The top investment funds over the past year
The top-performing investment funds for the year ending March 31 have been announced, with all being ETFs focused on international equities.
AFCA finds more Dixon Advisory victims
The Australian Financial Complaints Authority added 544 more Dixon Advisory-specific victims to total 2492 complaints at the end of April, which will further exacerbate the levy financial advisers must pay.
Senior Cbus investment manager exits
Cbus' head of total portfolio management has left the fund, while a former JANA executive has joined its infrastructure team.
Quality of retirement does not depend on super balance: Bragg
The Senate Economics Committee has released its interim report into using super for housing.
Products
Featured Profile
Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
I think it's called, reinventing the wheel again again!
So we continue to become a country of over regulation and checking with no positive outcome.
These ill conceived government changes in respect to risk advisers had 3 major objectives as I understand it:
- they were meant to stop churning and reduce premiums (by slashing adviser upfront remuneration).
- but premiums continue to rise and this will not stop "churning " assuming churning exists to the levels they portray and I dont believe it does and could have easily been fixed if the insurers showed some desire to fix it.
- advisers must be degree qualified - the inference being this will lead to better advice and ethics - hasnt worked for accountants and lawyers has it.
- better advice to clients - despite the continued intrusion of compliance processes and the cost of "checking" clients are now in a worse position than ever - advice statements have become so de-personalised and paper-heavy that people are simply not reading them and hence the advice outcomes are heavily compromised.
As for adviser education, what a joke this is for risk advisers - any course I have been forced to attend on retaining risk qualifications is top heavy with everything but risk training that would assist in helping a risk adviser achieve better standards.
Stop meddling and let an industry, albeit not a perfect one, get on with its important role in the community or risk advice will end up in the hands of the bank, industry super funds, online insurers and TV providers - what a disaster that has proven to be.