The latest issue of Financial Standard now available as an e-newspaper FASEA chief unaware of dwindling adviser numbers BY JAMIE WILLIAMSON | FRIDAY, 1 NOV 2019 4:23PMFASEA chief executive Stephen Glenfield refused to acknowledge the impact increased education requirements has had on financial adviser numbers during a recent Senate Estimates hearing. Sponsored by Insight Investment
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| | JAMIE WILLIAMSON A former financial adviser and licensee director has been sentenced to six years' imprisonment for misappropriating close to $2 million for his own use. | KANIKA SOOD Pinnacle Investment Management's 16 affiliates tallied up only $3 billion in net inflows in FY20 as institutional allocators deferred mandate decisions in COVID-19 but the firm managed to grow NPAT by 5.6% to $32.2 million. | | | ALLY SELBY ASX-listed trading platform SelfWealth has renewed its clearing, settlement and execution (CS&E) mandate with retail broker OpenMarkets, in a move that it says demonstrates the two fintech's shared objective of disrupting the status quo. | ALLY SELBY The self-managed super fund administration and software provider has appointed two new technology leads, set to help Class continue to grow and innovate. |
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It sounds like FASEA needs a CEO who understands that this legislation will lead to a significant loss of the most experienced advisers. These advisers are the people who really understand market cycles, having remained loyal to their clients through massive market falls and more than one global financial crisis. They are mentors to the younger advisers in their practice and no amount of exams on ethics can take the place of hard earned experience. I'm glad that at least Amanda Stoker has enough foresight and intelligence to ask these questions. No amount of degrees can replace 30 years of experience. Surely, these advisers deserve respect and far more recognition for the years of service to their clients and the hugely valuable mentoring they can provide to younger advisers. Well done Amanda!