Editor's Choice
Asset management tops salaries in product management, marketing
|Professionals in asset and wealth management can command premium salaries in the fields of product management and development, as well as marketing and communications, the latest Parity Consulting Salary Guide and Market Insights reveals.
JPMAM expands private equity strategy to wealth clients
|J.P. Morgan Asset Management (JPMAM) has launched the JPMorgan Private Markets Fund (JPMF) in Australia, in a bid to bring its institutional-grade private equity strategy to private wealth clients.
HESTA follows Cbus on death benefit nomination changes
|HESTA has introduced an option for members to make a non-lapsing binding death benefit nomination.
Allianz Retire+ channels super directly to lifetime income
|Allianz Retire+ has launched a new direct super pathway to access its guaranteed lifetime income solution for eligible Australians.
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Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
How ridiculous. Industry funding the government regulator for the industry. Am I missing something here? The big banks are saying that ASIC needs more resources to police the industry and that industry should fund ASIC. So then the banks raise their fees to cover their contribution to ASIC? Simply unbelievable and naive comment.
The big banks hire financial planners whose main job is sell bank products regardless of the inherent risk to anybody that walks through the branch office doors. Surely the question is, when do the big banks take responsibility for their own actions and actions of their staff, admit their collective mea culpa, change their employment practices and disincentivise /prevent their staff from selling high risk products to unsuspecting customers?
As for ASIC, the question has to be is why ASIC has not suspended or revoked the banks financial planning AFSL. There is ample evidence to take to the courts should the banks appeal the revocation of the AFSL. If it was Mr Fred Nobody, a financial planner in the burbs the AFSL would have revoked in nanoseconds.
So....... implement the recommendations of the Trowbridge report, and of the upfront commissions that insurance companies pay, advisers get $1,200 with the remainder going to ASIC?