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Latest Comments

Advice regulation unbalanced: AMP Aus boss
It's very simple. Provide the client a statement of advice, and every time you do a SoA/RoA, you disclose your on-going fees. But now grandfathering has ended, "Opt-Ins" have to be changed to Opt-Outs, if small retail clients are to get any serious service support. Otherwise ongoing intrafund advice fees have to go. To have a level playing field, it is simply impossible to have both operating at the same time, without massive market distortion. End of story.
18 hours ago.
Advice regulation unbalanced: AMP Aus boss
Not to mention now the soon to be legislated requirement to have clients sign yet another agreement so an adviser can get paid off the super and in some cases investment platform (thanks for nothing BT). Oh please, pleeeease can I get paid for my work? Letter of engagement, opt in, soon to be annual renewal, application stating advice fees will be paid from the super fund, ongoing service agreement. Give me a break. We should all just work at ASIC or their mates the ISFs so all that is required is to stick your card in the wall and the money drop out. It s a disgrace and the useless FPA and AFA are doing nothing about it.
19 hours ago.
FASEA bungles restricting advice access
FASEA was initiated by the Liberal / National Party and the legislation and all the time lines were set out before the government had even appointed the Board, before any staff were employed, and with very little funding.
Your option of going back to how things were just wont cut it. Things needed to change as there was no change coming from within. You accuse others of making decisions that benefit their own positions but that's exactly what you're advocating with a relaxation of educational needs & ethical requirements, which makes you a bit of a hypocrite...
19 hours ago.
ASIC reveals more details of scaled advice consultation
Asic, Here is where to start to make thing simple. Get rid of the the words Scaled Advice.
This is regulatory Lingo and Advisers/clients don't use
19 hours ago.
Advice regulation unbalanced: AMP Aus boss
Sure, its extremely frustrating. But ironically, the compliance is this strict due to companies like AMP and their previous 'advice'
20 hours ago.
New appointment could see AMP acting chief stick around
"Blair Vernon, who stepped into the role of acting chief executive of AMP Australia after the ignominious departure of Alex Wade, has now been appointed to the board of the FSC, which hailed his “ability to create sustainable value for all financial services stakeholders” through “creative thinking” and “strategic insight”. Who writes this stuff? That is simply a piece of fiction - just ask the kiwi planners and AMP's kiwi customers how things have gone for them....
20 hours ago.
Advice regulation unbalanced: AMP Aus boss
So everyone has spent an excessive amount of time studying and changing how they operate in order to be a professional only to be replaced with Robo advice as the Government now are saying people’s needs aren’t complex??? So which one is it???
20 hours ago.
The conversation has changed – but advisers still fear ASIC overreach
"somebody is going to turn around in 10 years’ time and I’m going to get in trouble" - very true...
20 hours ago.
Advice regulation unbalanced: AMP Aus boss
So AMP admits that their roboadvice is a failure as most clients wont engage with it even if and when it is operational (AMP failed to deliver any meaningful IT project to date), yet AMP terminated a whole heap of highly professional advisers, poaching their clients, now having to recruit in house advisers as it can't service the clients it poached.
21 hours ago.
Advice regulation unbalanced: AMP Aus boss
Not that I expect this comment to be released as the IFA's editors seem hell bent on blocking everything I say lately but while we have a regulator running things, that is so biased to left its now become an absolute disaster, the enormous compliance burden advisers (and consumers indirectly now) will always be an issue.

The left are obsessed with treating people like 5-year children who can't think for themselves and who aren't responsible for anything they do so they do everything they can to pin all blame on the advisers for anything that goes wrong, or could even 'potentially' go wrong even - if it hasn't! You only have to look at Daniel Andrews behaviour the last six months to realise this mantra.

ASIC are an absolute joke, as are FASEA.

I'm so depressed about the future of this industry and my ability to continue doing work for my clients, I'm almost paralysed with fear now that every action I take for a client will now be judged as a compliance breach.
21 hours ago.
ASIC wants industry to improve advice access
Perhaps Ms Metz should actually speak to Advisers - especially those who've been spoken to by ASIC. They come in hard and fast with all sorts of (incorrect) assumptions and accusations rather than asking questions about things they don't understand. What else would you call handing someone I know a banning-hearing demand based on an Analyst's incorrect calculations (gearing costs are tax deductible, Junior) and misunderstanding (just because someone calls their Fund "Balanced" doesn't actually mean it's a 50/50 growth/defensive split, especially when it's an industry fund with a 86/14 split); AND using 2007 guidance to state a recommendation is incorrect - by 2007 guidance standards not 2020!
21 hours ago.
Labor yet to be convinced on insurance commissions
A simple answer you will understand Mr Jones---I WILL NOT VOTE LABOR IF THAT IS YOUR POLICY
21 hours ago.
Advice regulation unbalanced: AMP Aus boss
Listening Jane?
21 hours ago.
Sam Henderson sentenced, fined
Wow, so blatant fraud = a $10k fine.

Seems commensurate / sarcasm.
21 hours ago.
Sam Henderson sentenced, fined
Has he finished his Masters yet?
21 hours ago.
What are the most in demand pieces of tech for advisers?
I use Astute Wheel for online fact finding, it's great and has just integrated with xplan. Get the guys at Astute to give you a demo.
22 hours ago.
What are the most in demand pieces of tech for advisers?
1 day ago.
ASIC reveals more details of scaled advice consultation
For starters the risk of providing advice for a small fee and ten years later ASIC asking you to pay it back because you didn’t tick the right box about limited scope.
1 day ago.
Sam Henderson sentenced, fined
So a slap on the wrist?
1 day ago.
ASIC reveals more details of scaled advice consultation
Good to see that we are well on the way to a class based system of haves and have nots. I have, so no complaints from me.

My only fear is that this will lead to another Royal Commission where the have nots want a slice of the pie, will ASIC stand up for what we worked so hard for? Surely the ha e nots can’t have what we are entitled to.
1 day ago.

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