How advisers are fighting financial abuse
Financial advisers are on the frontline when it comes to fighting financial abuse in Australia.
Alex Burke
August 16, 2018
Financial advisers are on the frontline when it comes to fighting financial abuse in Australia.
I recently had the pleasure of attending the Fund Executives Association (FEAL) conference, where the keynote speaker was foreign correspondent and passionate advocate for free press, Peter Greste.
A new ratings model for advisers and licensees aims to deliver greater transparency and restore trust in the industry – but what does it entail and how will it make use of your data?
With the new standards being released from FASEA that require advisers to undertake 50 hours of CPD per year to stay qualified, it’s time for advisers to start planning how to get the most out of their required learning. This may also be taken in tandem with additional qualifications and continuing to service clients and grow businesses.
While we are all gasping at the findings of the Royal Commission, and our industry enters a shocked and silent limbo, I know more business leaders are thinking of the job ahead post Commission.
Unfortunately, there have been systemic cultural issues in many parts of financial services organisations, that has fostered a culture of self-interest over ethical considerations.
If Dover’s collapse has brought anything into stark relief for the advice industry, it’s the flaws in Australia’s licensing regime – fortunately, going your own way is easier than ever.
Reading the research report released last week from Adviser Ratings, it appears up to 14,000 advisers may leave the industry in the next five years – post findings from the Royal Commission and upgraded education standards from FASEA.
This song is one of my favourite scenes from Phantom of the Opera (and believe me I love that musical so that’s a big call!)
I love it because it represents a decision made, for better or worse, that can’t be undone. We all know those points in our life where we have made those decisions – and it usually is only done knowingly as we get older – when we are younger we don’t even realise that we are making them.
Market research group CoreData says advice is plagued by perceptions of high cost and low value; that individuals don’t believe their current situation warrants the time and effort to seek advice; and there’s an over-arching lack of trust in advisers and their services.
This month’s royal commission hearings could provide a clear demonstration of why new advice laws benefit practitioners as much as they benefit consumers.
No More Practice Education Pty Ltd
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