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Showing 101 - 110 of 1027 results for "SoA"

Advisers lacking PII sidestep AFCA rulings

KARREN VERGARA  |  FRIDAY, 28 JUL 2023
Financial advice firms are "problematically" sidestepping compensation payments after the Australian Financial Complaints Authority (AFCA) hands down a decision, using the excuse that they do not have professional indemnity insurance (PII). Out of 5400 ...

Advice firm revenues jump 45%

KARREN VERGARA  |  WEDNESDAY, 12 JUL 2023
... constructing a strategy paper for a new client now takes four hours. Two years ago, it took 5.6 hours. A basic Statement of Advice (SoA) for a new client took 8.1 hours but now takes 6.7 hours. For complex new clients, an adviser spent 14.6 hours on ...

FSCP hands down second order, audits adviser

KARREN VERGARA  |  WEDNESDAY, 28 JUN 2023
... consider the client's life, TPD and income protection policy in the prior super fund when recommending the switch in the SoA. Furthermore, Mr. M recommended a high-growth investment portfolio in the new super fund despite the client's growth ...

Anti-hawking laws could dampen super fund advice: Academic

KARREN VERGARA  |  TUESDAY, 27 JUN 2023
... suggestion is that financial institutions including superannuation trustees should be permitted to offer all advice and that the SoA requirements be reduced," he said. "Their advice should however be "good advice" - or presumably they should pay customers ...

Advisers embrace less back-office burden

KARREN VERGARA  |  FRIDAY, 23 JUN 2023
... disclosure documents into one form achieves that goal without taking away from our responsibilities to clients," she said. The SoA, Pham said, is designed to protect consumers but can "lead to information overload" for clients and often adds to the time ...

Treasury to scrap advice admin burdens, boosts intra-fund advice

KARREN VERGARA  |  TUESDAY, 13 JUN 2023
... as a wholesale or sophisticated client (accepted in principle as per Recommendation 11). More details about the replacement SoA and the Financial Adviser Code of Ethics will be released in due course. As for conflicted remuneration, Jones accepted many ...

Adviser numbers drop, FAAA strengthens recruitment

KARREN VERGARA  |  MONDAY, 15 MAY 2023
As adviser numbers drop below 16,000, the Financial Advice Association Australia (FAAA) is ramping up its initiatives to curb the attrition rate and meet the soaring demand for advice. The FAAA's chief executive Sarah Abood, who spoke at the newly merged ...

What you need to know about the 2023-24 budget

KARREN VERGARA  |  TUESDAY, 9 MAY 2023
Cost of living pressures and the transition to clean energy took centre stage on federal budget night as the Labor Party unveiled a package of measures in response to mounting economic uncertainties. Federal treasurer Jim Chalmers delivered the 2023-24 ...

Industry fund market share soars: KPMG

ANDREW MCKEAN  |  THURSDAY, 4 MAY 2023
Industry funds have solidified their dominance with a remarkable increase in market share, largely at the expense of public sector funds, according to a KPMG report. The KPMG report revealed a "massive" market share increase for industry funds, growing ...

ASX red alert: Soaring negative cash flows raise concerns

ANDREW MCKEAN  |  MONDAY, 1 MAY 2023
Research by Plato Investment Management found 28% of ASX-listed companies have negative cash flow - more than any nation in the MSCI World index. Plato's head of long short strategies David Allen warned of the prevalence of negative operating cash ...