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Financial Planning

PJC points finger at Storm model

MICHAEL HOBBS  |  TUESDAY, 24 NOV 2009
The Parliamentary Joint Committee (PJC) has found the lack of information that banks could provide on margin loan accounts "deeply troubling" but also found Storm Financial's investment model significantly contributed to the problem.

AFA calls for more consultation on education

COMPANY RELEASE  |  MONDAY, 23 NOV 2009
The Association of Financial Advisers (AFA) said the Financial Planning Association of Australia's (FPA) education consultation paper includes some "good ideas" and called for a truly consultative approach to developing education standards.

Remuneration dilemma

MICHAEL HOBBS  |  MONDAY, 23 NOV 2009
Pauline Vamos, chief executive at ASFA, said debate on whether financial planners should receive payment by the hour, charge a fee or accept a commission is irrelevant because all forms of remuneration present a conflict of interest.

AMP exec joins planning standards board

AMP ANNOUNCEMENT  |  FRIDAY, 20 NOV 2009
The Australian financial planning industry gets a local representative in a global standards-setting body after Steve Helmich from AMP was selected to join the board of the Financial Planning Standards Board Ltd. (FPSB).

Bans and charges for advisers: ASIC

ASIC RELEASE  |  FRIDAY, 20 NOV 2009
ASIC has embarked on a major crackdown on "advisers" who have broken the law - including those linked with Westpoint, and SMSF and agribusiness specialists.

FPA names Value of Advice winners

MICHAEL HOBBS  |  FRIDAY, 20 NOV 2009
Peter Wilson from Strategic Wealth Management Solutions; Paul Little, Landmark Financial Management; Josef Stadler, PSK Financial Services and Chris Craggs from Argurion Financial Group have won the FPA's Value of Advice Awards.

Libs reject planner commissions ban

MICHAEL HOBBS  |  FRIDAY, 20 NOV 2009
Joe Hockey, shadow treasurer, said the Liberal Party does not agree with banning commissions, arguing that mandating planners to have a fiduciary obligation towards their clients takes away the need for planner remuneration reforms.

Faith in fee for service

MICHAEL HOBBS  |  FRIDAY, 20 NOV 2009
The success of a fee-for-service planning business rests in a well-defined strategy and planners making the "mental shift" to charging fees upfront, said a panel of experts.

Perceived conflicts lethal to planners

MICHELLE BALTAZAR  |  THURSDAY, 19 NOV 2009
Commission-based financial advice may not necessarily lead to real conflicts of interest but even 'perceived' conflicts threaten to undermine the industry's future, said Chris Bowen, the minister for financial services and superannuation.

FPA calls for whistleblowers and more planner education

MICHAEL HOBBS  |  THURSDAY, 19 NOV 2009
The Financial Planning Association of Australia (FPA) has set up a whistleblowing service and has flagged tougher educational requirements for people who want to become financial planners.