Editor's Choice
T. Rowe Price appoints local operations chief
|T. Rowe Price, the global asset manager with over US$1.3 trillion in assets under management, has appointed a regional operating chief who will relocate to Sydney from the London office.
Vanguard backs current performance test
|Vanguard has endorsed the current performance test methodology in a submission to Treasury, championing its effectiveness in eliminating underperforming investment options and improving member outcomes.
Sequoia chair steps down
|The chair of Sequoia Financial Group, John Larsen, has resigned from the position and his replacement has been appointed.
Court approves $16m DASS settlement
|The Federal Court has approved the settlement reached in the $16 million class action brought against Dixon Advisory & Superannuation Services (DASS) following a two-week delay.
Further Reading
Sponsored by | Where do advisers invest their time?The stage 3 tax cuts have sparked discussions on bracket creep. Implementing a tax-effective investment strategy is crucial now more than ever. |
Sponsored by | Quality and Yield. A Powerful combination.With central bank rates seemingly peaked, investors are not awaiting yield increases. We're bucking the trend with investment rates at decadal highs |
Sponsored by | Why it could be a good time to be a growth contrarianGrowth-style companies are in vogue, but you may need to think outside the box to ensure you don't overpay. |
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Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
Of course it's over-regulation; in fact overkill.
Of course, there was room for improvement - not necessarily by regulation - throughout the whole financial services industry; there always was, there always will be, as with any area of human activity.
But for ASIC to bulldoze it's way through the financial adviser profession - probably the softest option of course - as if financial advisers were anti-social, self-serving incompetents, has been, and remains a stain on a body that has shamefully failed miserably to serve the public interest.
It's rather like a government's appointing a committee with virtually carte-blanche powers to examine the efficiency of the Armed Forces, then despite the fact of the troops in the trenches fighting to their utmost ability, decide to shoot the troops. Or at least, make their task virtually impossible.
And, of course, the Chiefs of Staff were afraid to speak up for fear of ASIC's charging them with self-interest, and thereby risking being ostracised.
All with one inevitable result.
Maybe we're going to wake up soon and - even if we allow that they had well-meaning intent - realise that ASIC's actions resulted in a disastrous shortage of financial care and guidance for the vast majority of Australia's everyday 'ordinary folk'.
And furthermore, made such care and guidance too costly and unviable to those financial advisers who remain.
Hi I joined the Industry in 1974 all you needed was a rate book a pen and some applications I left recently due to the red tape required to do the simplest of tasks for a client, a lot of really good people have walked away after giving a lifetime of work that most other can,t do, keep it simple was the rule, now unless you are totally process driven and thrive on prepareing totally usless reports, you're gone. In this enviroment how hard is putting stop losses, most new advisers dont understand them with the red tape they are now impossible to use. they have there place.
I'm probably the only person who is going to thank you wonderful people who gave up your nights to make a living and help others look after them selves. You should have been given a medal for service to the community for selling a product that was so desperately needed in tragic circumstances.
Bruce Carter