Editor's Choice
Praemium's new leadership toughens earnings yardstick
Praemium's new leadership will be keeping a close eye on costs, with new chief executive Denis Orrock noting he will make sure the technology upgrade underway translates into stronger earnings and better returns for shareholders.
Australian Ethical FUM drops by $70m
Australian Ethical saw a net outflow of $100 million in its investment business in the first quarter of the financial year.
Perennial expands wholesale offer for pre-IPOs
Perennial Partners is launching a new strategy for wholesale investors to capitalise on global pre-IPO opportunities, requiring a minimum investment of $100,000.
Macquarie wealth investment chief to depart
Macquarie chief investment officer for wealth will take on a new role at a New Zealand-based investment management firm after serving in the position for close to three years.
Further Reading
Products
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.







This will shake the tree better than any thing else I can think of.
I know a number of very experienced yet extremely incompetent advisers who were massaged through by former licensees and who now have RG146 status via decidedly dodgy internal training and examination programs. Why? Because they were huge writers of business showing that ultimately it is a sales culture that drives the model and this has to be flawed. Even today, it isn't about the quality of the advice but the quantity of FUM.
I too will put up with the pain of getting my head into the books again but rest assured; this single reform will do more than anything to move us from industry to profession.
Go for it ASIC! One hundred percent in support of this.
So, let me understand this....extra training means less fraud and dodgy dealings. Maybe someone should check out the stats on police fraud investigations that involve solicitors and accountants. It would be interesting to compare those percentages to frauds involving financial planners. Medcraft might be surprised.
hahaha......testing competence, when all else fails.....
Perhaps ASIC should some of the other procedures followed by SEC. How about the disclosure of additional information requests to issuers of debentures? They chose not to follow that policy but instead obsess about advisor education.
I have a suggestion. Why not have a government operation that doesn't go to sleep at the wheel and then grab at straws to try and cover their incompetence.
No amount of education will change a thief or stop criminal behaviour. ASIC with teeth would do fine.
Here we go again. I studied through Deakin University and then achieved my CFP. Why should I have to sit an exam or anyone else who has been practicing as long as I have? Since when is that going to gaurantee, if I had one ounce of dishonesty in me, that I do not act fraudulently or inappropriately when advising my clients?
I agree with Tony R and Stephen C.
Have any of these people in parliament, ASIC or other government junket attendees considered that those of us who specialize in life-risk consulting with clients (and that alone) would have to waste our time and money going through fully unnecessary exams that have absolutely nothing to do with advising clients on insurance? What happens if we fail the exam, does that mean we are incapable or can't be trusted to advise on insurance then? What utter rot.
If they can separate us from the 'financial planners' and understand we don't need this (or most of the stuff forced on us by various CPD providers) then the word segregation would start to bring sanity to this circus. "Debt instruments, packaged securities and options" . . . please; give me a break! It would be like having accountants study and sit for exams on life-risk advising - it would make as much sense as that.