Better use of client information essential to adviser successBY LAURA MILLAN | THURSDAY, 31 JUL 2014 12:30PMFinancial advisers have more information about their clients than almost any other industry and they should be using it to improve their service, netwealth executive director Matt Heine said. Related News |
Editor's Choice
AIA Australia rejigs retail team, appoints new lead
AIA Australia's restructure of its retail business will see two senior leaders depart while a new chief retail insurance officer has been appointed to take charge of the next phase of growth.
JANA launches private credit trust
JANA is expanding its investment trust offering with the launch of an institutional-quality private credit solution.
FAAA welcomes 'widow's tax' changes in CGT, negative gearing reforms
FAAA says it welcomes the legislative changes aimed at addressing the so-called "widow's tax," noting the amendments will protect grieving families and individuals navigating relationship breakdowns from unintended tax consequences.
ART strikes $883m QLD Westfield deal
Australian Retirement Trust (ART) has agreed to acquire a 50% interest in Brisbane's Westfield Mt Gravatt from Scentre Group for $882.5 million, in what is expected to be Australia's largest single-asset retail transaction this year.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
This is completely absurd, the Corporations Act has been there for a long time and clearly states the obligations a financial adviser has to their clients and the procedures when recommending or switching products. Unauthorized transactions, switching into high risk products, misleading deceptive conduct and other fraudulent criminal activities can only happen when the procedures of the Corporations Act is not adhered to.
So the question remains, how do immoral and illegal conduct and known by the adviser at the time as dishonest conduct in relation to ordinary people occur?
Are we not missing the point here? People didn't lose money because the adviser didn't know their clients well enough......they knew very well that their clients were naive and trusting and used that to their financial advantage. The Corporations Act is already there, if the rules and laws were adhered to perhaps the financial damage to clients would have been substantially less. So who oversees these laws are being adhered to, and who enforces the Corporations Act and the laws?