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Everyone has an opinion, and some people feel compelled to speak out. Share your views, opinions and insights with financial advisers accross Australia today. If you'd like to write a blog or to submit a letter to the editor please contact the editorial team on [email protected] or call 02 9922 3300.
CFP brand in Australia was made void as soon as Dante de Gori appeared at the Royal Commission along with other FPA members such as AMPFP, CBA. These are "members" in that there payments are reported as "member fees" on their balance sheet. Godfrey Pembroke should be asked immediate questions given their relationship with the FPA via the professional partner program otherwise to do nothing implies those cash payments are just bribes from NAB....and the $13 million sitting in cash at the FPA at the moment is blood money.
If he has his CFP then how is he not adequately trained ??
peak of crap more like it.
Intra fund advice works the same way advisers were being paid for until commissions were stopped.
Section 99D prohibits the trustee from including ‘in any fee charged to any member of the fund an amount that relates to costs incurred by any person, directly or indirectly, in relation to personal advice provided by any person to an employer of one or more members of the fund’. Section 99F prohibits the trustee or the trustees of a regulated superannuation entity from directly or indirectly passing on the cost of providing [personal] financial product advice in relation to a member of the fund on to any other member of the fund, to the extent that the advice is provided by the trustee or another person acting as an employee of, or under an arrangement with, the trustee in prescribed circumstances.
The RSE licensee may collectively charge for personal advice where the advice is not ongoing and does not fall within one of the prohibitions in s 99F of the SIS Act. ASIC says that ‘the types of advice for which a superannuation trustee is likely to be allowed to collectively charge, where the advice is not ongoing, include advice to a member about:
• the extent of cover provided by the insurance arrangements that apply to the member’s interest in the fund and the types of cover that may be suitable for them
• increasing contributions, and
• changing investment options within a fund.
RSE licensees may not collectively charge members for various types of personal advice, including advice that is likely to be more complex and ongoing in nature, as set out in s 99F of the SIS Act. The cost of this advice must be borne directly by the recipient. This includes personal advice that is given in one or more of the following circumstances:
1. Did the investigation into him by ASIC only start after he left Godfrey Pembroke?
2. What penalties are there for the staff at Godfrey Pembroke that should have been responsible for ensuring his advice/behaviour was ok?
There are so many great things that advisers do every day to help improve their client's financial lives yet things like this are another example of what is wrong with our industry. Hayne missed a wonderful opportunity to make relevant and meaningful changes at the RC that could have seen more Australians receiving affordable advice in the future.
What we got instead were some of the things you have mentioned... Real shame is Hayne used data supplied by the big end of town being the banks and their best friend former minister Kelly O'Dwyer, plus industry funds and insurance companies who also weighed in. Conveniently advisers were then blamed which deflected attention away from those instos. Brilliant strategy well played!
Good luck with your campaign to the PM.
The self licensed model can be much simpler and more focused if it only needs to apply to your own practice. All of the services provided by dealer groups such as PI, CPD, compliance consultants, software, research etc are readily available on the open market for self licensed practices to purchase directly as needed.