Licensee transparency far more urgent than advice registerBY LAURA MILLAN | THURSDAY, 14 AUG 2014 12:40PMEstablishing a clear and transparent standard for licensees to provide references when an adviser leaves a dealer group is more urgent than the government's advice register, the Association of Financial Advisers (AFA) chief executive Brad Fox said. Related News |
Editor's Choice
Former Income AM director launches fixed income advisory
A former Income Asset Management executive director has launched Ancora Fixed Income Advisory for high-net-worth clients targeting the defensive asset class.
TAL names super fund partnership lead
TAL has named a new partnership leader who will focus on its collaboration with a super fund, replacing Mel Jose, who left in August to join Netwealth after a two-year stint.
Capital Group expands into Middle East
Capital Group said the Middle East is a strategically important region for the business and its clients.
UniSuper says Firmus float was 'priced to perfection'
UniSuper chief investment officer John Pearce said the $175 billion super fund decided to not take part in the Firmus float, describing the neo-cloud company as "priced to perfection", before the initial public offering (IPO) was abandoned today.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Cliff Man
CHIEF EXECUTIVE OFFICER
ETF SHARES MANAGEMENT LTD
ETF SHARES MANAGEMENT LTD
ETF Shares chief executive Cliff Man spent his career automating, building and challenging established systems. Now, he is betting that Australia's ETF market has room for something different. Vinny Vucago writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Both concepts are vital to the broader community for different reasons.
Brad is correct, transparency in why advisers move licensees has very good chance of "weeding out any bad apples" thus protecting the community from the few remaining unethical advisers.
But the adviser register, if constructed properly, should allow every member of the publlic to instanty assess whether "their adviser or prospective adviser" is a true fiduciary or a well intentioned but conflicted planner who serves a product manufacturer or platform provider.
Nice idea, but what about if an adviser leaves a Dealer Group who has been acting fraudulently?
What if the adviser has reported the dodgy dealer group to ASIC and no action has been taken and the fraud not uncovered even through ASIC were told exactly where to investigate?
I agree totally with Peter's second point