FOFA causing havoc, says business broker
The fee disclosure requirements of the Future of Financial Advice reforms are hindering the movement of clients to a fee-for-service model, says an industry M&A consultant.
In a statement issued yesterday, Radar Results principal John Birt, a business broker specialising in financial planning practices, said in practice the FOFA reforms – and FDS requirements in particular – are running counter to their original intention.
“FOFA was introduced to give more Australians better advice at a lower cost,” he said.
“Some aspects of FOFA are doing the opposite; stopping planners from moving some clients from a commission system to a fee arrangement, basically to save the planner from more 'paperwork' and responsibility.”
The statement also announced that Radar Results will be a sponsor of the 2013 Financial Planning Association conference in October.
CountPlus hints at more advice firms as profit grows
CountPlus has reported its profit rose by 7 per cent for the half year, with the...
Morningstar flags rise in ‘disconnected expectations’
New research from Morningstar shows that there’s a growing disconnect between ...
AFA launches charitable grants program
The AFA has opened its AFA Foundation Grants Program for its second year, offeri...