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Showing 21 - 30 of 952 results for %22SOA%22

FSCP issues slap on the wrist to adviser

KARREN VERGARA  |  FRIDAY, 11 AUG 2023
The Financial Services and Credit Panel reprimanded a financial adviser who inadequately assessed the consequences of rolling over superannuation and life insurance cover, labelled the panel's least serious disciplinary action yet. Keeping the adviser's ...

US inflation rises 3.2%

KARREN VERGARA  |  FRIDAY, 11 AUG 2023
New data from the US shows that while inflation ticked up in July to 3.2%, several indicators find that soaring prices are finally moderating. According to the US Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 0.2% in July on a seasonally ...

High rates impacting REITs: Quay

CHLOE WALKER  |  FRIDAY, 11 AUG 2023
Expectations of a global recession caused by an unprecedented interest rate increase has seen sentiment towards listed global real estate soar, according to Quay Global Investors (Quay) principal and portfolio manager Justin Blaess. While the listed ...

Mortgage holders, retailers relax after rate pause

KARREN VERGARA  |  WEDNESDAY, 2 AUG 2023
Mortgage holders and retailers breathed a resounding sigh of relief when the Reserve Bank of Australia (RBA) steadied the cash rate for the second month in a row. In leaving the base rate at 4.1%, the RBA signalled that its monetary policy strategy ...

RBA sustains cash rate at 4.1%

KARREN VERGARA  |  TUESDAY, 1 AUG 2023
The Reserve Bank of Australia (RBA) left the cash rate unchanged again at 4.1% but warns that more hikes are necessary to tame inflation. Outgoing governor Philip Lowe said Australia's central bank remains "resolute in its determination to return ...

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 ...