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Apostle taps former Platinum AM chief
|Apostle Funds Management has appointed a new chief executive following the departure of managing director Mitchell Gunman earlier this year.
LRBA ban raises questions as new details emerge
|New data indicates the impact of the LRBAs ban for SMSFs may have been underestimated, which will affect a market significantly larger than what officials suggested, with major implications for housing supply and competition in the mortgage market.
IFM acquires shopping centre portfolio for $300m
|IFM Investors has acquired a shopping centre portfolio to be developed and built by Australian-owned developer-builder Oreana with a value of approximately $300 million, as it seeks to harness a surge in convenience-based shopping.
VanEck targets tech thematics with trifecta launch
|VanEck is bringing three ETFs to life for local investors to access thematic investments across several emerging technology sectors, including what it says is "Australia's first dedicated quantum computing ETF."
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Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
When will the banks and ASIC get it? It's about a sales culture. Re-training, particularly if it applies just to advisers, cures nothing.
I know a few bank advisers. If left to their own devices, and to be paid a decent salary without sales/points justification, these folks will give good advice.
But the old Tied Office "push push" mentality is still there, now mixed with bank culture of flog, flog, flog-product is king. Follow the bonus trail all the way to the top.
If they haven't started, the banks should go to a fee for advice model on all advice scenarios, with a % of the fee to the advisers - say 65%. Encourage advisers to build a business the bank, and don't look at them as just another talking head flogging their products.
Should be a no brainer. But those management bonuses, based on production, replicating the old tied agent industry some of us experienced, is too ingrained.
Management has snouts in the trough. An easy way of counting those nostrils is to count the management types on the annual conference tour.
Better still, separate product from sales, industry wide.
Where has common sense gone? Bill Brown can see it, in the eyes of a normal person it is not ok to place clients into high risk products without their knowledge or authorization. It is also not ok to blatantly lie to their clients and make false and misleading statements. You don't have to train advisers that it is not ok to do these things. Start on why this is allowed to happen in the first place.