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
MLC AM targets EM strategy with fresh mandate
|MLC Asset Management has selected a global investment manager to leverage its 16-year-old emerging markets strategy.
Digital assets on the right path: Industry
|Digital asset providers have evaluated the October deadline and ASIC's consultation on the looming digital asset laws and determined that these developments mark a pivotal point on the sector's implementation journey.
NCAs unlikely to solve retirement advice gap: HUB24, CFS
|HUB24 and Colonial First State (CFS) say the New Class of Advisers (NCA) will unlikely solve the retirement advice gap Australians face, noting the focus needs to be on helping reduce friction for those with complex advice needs.
AustralianSuper rolls out new investment data platform
|AustralianSuper has implemented a new investment data platform designed to improve portfolio oversight, risk management and decision-making as the superannuation fund expands its global operations.
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
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
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?