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Cost of advice soars as red tape growsBY ELIZA BAVIN | WEDNESDAY, 21 OCT 2020 12:15PM
With research showing the average cost for a Statement of Advice has increased 10% in 12 months, the Financial Planning Association of Australia (FPA) is warning of the detrimental impact ongoing reform is having on financial advisers and consumers.
Read more: Advice, FPA, Financial Planning Association of Australia, Dante De Gori, ASIC, Best Interest Duty, FASEA
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AIA Australia's newly launched advice business has named a chief executive to lead its efforts, as the life insurer brings some Commonwealth Financial Planning advisers into the fold.
Yesterday's Standing Committee hearings on financial advice suggested the corporate regulator and industry superannuation funds are the only ones benefiting from increasing costs.
The superannuation startup geared at self-employed workers is looking to raise $1.5 million, as it sets it sights on 60,000 members in five years.
The Australian Financial Complaints Authority (AFCA) has made changes to its procedures to weed out complaints where the consumer didn't really suffer any financial harm.
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