Focus on older men will kill financial planningBY ALEX BURKE | FRIDAY, 22 JUL 2016 9:46AMThe over-representation of over-50 men in financial advice spells doom for the industry, according to Affinia head Marcus O'Sullivan. Related News |
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IFM continues global infra drive with appointment, acquisition
|IFM Investors head of infrastructure for North America will retire following an 18-year tenure, with the investment company simultaneously announcing the acquisition of a majority stake in a UK-based company from Canadian Pension Plan Investments and OMERS.
ART rolls out new investment technology platform
|Australian Retirement Trust (ART) has launched a new portfolio management system as the $375 billion superannuation fund strengthens its investment capabilities targeting further growth.
Advised cover faces claims data test
|Group superannuation insurance appears to outperform individual advised cover on some claim's measures, raising questions about the value of advice when it comes to protecting clients against disability.
Trustees drop the ball on advice fee oversight
|In line with the government's push to tighten the gap in oversight on financial advice fee deductions from super funds, a solution provider is observing a spike in trustees reaching out for expertise, but highlighted the move is not to assess the quality of advice provided.
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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. |  |
What can one expect, after the Industry funds have been allowed to demonise the profession for years with 24/7 TV advertising, designed to create a negative stereotype. Then you have the sensation seeking media who tend to blow the slightest scandal completely out of proportion and generalise like hell about all industry participants.
Like any other, this industry has had it's rogues but by-enlarge the majority are professionals seeking to do the right thing by their clients. Vested interests and an irresponsible media have damaged the profession's reputation almost beyond repair.
Is it therefore any wonder that not many young graduates are seeking a career in Financial Planning? Is it also any wonder that over the next five years you are likely to see a mass retirement of industry stalwarts, who are sick to death of endless inquiries, reforms and politicisation, leading to an over complication of the advice process? Anybody who hasn't seen this coming must have had their head buried in the sand. This story is no great revelation.