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An aspect of the Hayne royal commission largely overlooked by the financial services industry has been adviser access to data, according to the head of IRESS.
Write comment (4 Comments) " ["fulltext"]=> string(1955) "Speaking exclusively to ifa, IRESS chief executive Andrew Walsh said the most noticeable challenge was advisers being able to access data records in order to respond to institutions such as ASIC and the Hayne commission.
According to Mr Walsh, a large part of that issue stemmed from the requirement for advice firms to access records and acquire information in physical form, which had therefore limited their ability to have real-time oversight of their compliance.
“We've seen responses [from firms] where people started to consolidate systems they've got from some of the institutional clients, however they've got multiple systems and those systems don't often talk to each other,” Mr Walsh said.
As a result of the royal commission, he noticed a real trend from advice firms to consolidate those systems and better enable data access.
Further, Mr Walsh said there's been a lot of focus on digitising paper records. In response, he said IRESS had several projects with large clients to ensure that their assets are digitised or their records are digitised, so it can be searchable and indexable and can be seen within XPLAN.
“There is now a real focus on what does the data mean and the problem has been that data isn't there because people aren't using systems in a consistent way or in a co-ordinated way and so there is a similar emphasis on process,” Mr Walsh said.
“What is the process? Where is the data captured? What is mandatory? What is optional? Because unless you define that, you don't get the data in order to use.
“I think that 2018 for me was a real recognition that AI (artificial intelligence) and machine learning and all these other things are good but unless you've got the data in the first place you're stuffed. So there's been a real focus on making sure that people have got data.”
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Write comment (4 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#5567 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-09-05 01:40:34" ["created_user_id"]=> string(4) "1090" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5522 (3) { ["data":protected]=> object(stdClass)#5379 (1) { ["options"]=> object(stdClass)#5526 (2) { ["options0"]=> object(stdClass)#5527 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#5523 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5524 (3) { ["data":protected]=> object(stdClass)#5530 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "0" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(7) "Digital" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(61) "/news/26670-data-issues-ignored-during-hayne-commission-iress" ["image"]=> string(31) "images/News/andrewwalsh-ifa.jpg" ["image_alt"]=> string(12) "Andrew Walsh" } [1]=> object(stdClass)#5400 (59) { ["id"]=> string(5) "26669" ["title"]=> string(52) "Adviser exodus recovery unlikely by 2030: Whitepaper" ["alias"]=> string(51) "adviser-exodus-recovery-unlikely-by-2030-whitepaper" ["introtext"]=> string(364) "A new whitepaper predicts that the number of advisers in the industry in 2030 will not have been fully reversed from the expected exodus in the early 2020s.
Write comment (7 Comments) " ["fulltext"]=> string(2063) "The knowITdigital whitepaper suggested that the number of advisers in the industry in 2030 will be lower than is currently the case.
While the exodus of the early 2020s will not have been fully reversed, it said a steady flow of new, younger advisers will see the numbers back above 20,000.
“This lower baseline of adviser numbers will reflect the reduced areas in which advice can be provided to middle Australia in 2030,” the whitepaper said.
“Advice on non-SMSF super will be largely the preserve of the super funds and insurance advice will be a very small fraction of total advice provided.
“The Professional Standards of Financial Advisers reforms will reduce the competition in the advice marketplace, but the post-banking royal commission and Productivity Commission reforms will shrink the size of the marketplace.”
The whitepaper noted the Hayne commission’s assertion that there were 25,386 financial advisers registered in Australia in April 2018.
It said it was probable that the eventual reduction in numbers would be somewhere between 35 and 50 per cent at the peak, resulting in an eventual adviser population of between 12,500 and 15,000.
Further, the whitepaper cited a CoreData report that “clearly identified that advisers’ level of desire to leave the industry was split along age demographics”.
More than half of advisers aged 60 or older surveyed planned to leave the industry in the next five years, while this percentage fell in each 10-year age bracket, down to less than 5 per cent of advisers in their 30s, and almost no advisers in their 20s, planning to exit the industry.
“The upshot is that adviser numbers can be expected to drop significantly in the short term, led by the large departure of older planners and that the average age of planners will reduce significantly,” said the whitepaper.
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Write comment (4 Comments) " ["fulltext"]=> string(1735) "Treasurer Josh Frydenberg said that all AFSL holders will be required to co-operate with the Australian Financial Complaints Authority in the resolution of disputes.
The news follows the royal commission’s recommendation and will include AFSL’s making available to AFCA all relevant documents and records relating to the issues in dispute.
Commissioner Hayne in his report said there was “little benefit in mandating the existence of systems if there is no obligation to comply with those systems”, and with the government's new announcement a breach of the requirement can give rise to a civil penalty.
The government also extended the co-operation requirement to all AFCA members, which includes Australian Credit Licence holders and registrable superannuation entities.
The announcement was welcomed by AFCA, whose chief ombudsman and chief executive David Locke said it was an important step in ensuring complaints were resolved.
“Commissioner Hayne recommended the law be amended to require AFCA members to take reasonable steps to co-operate with us in the resolution of disputes,” said Mr Locke.
“This was an important recommendation and we are pleased that from today, financial firms will be required by law to provide all relevant documents and records relating to complaints.”
Mr Locke said the authority expected all firms to co-operate fully and conduct themselves ethically, and any that did not would be called out.
“If we see any failure to co-operate fully and honestly with AFCA we will call this out in the strongest possible terms and work with regulators to see appropriate regulatory action taken,” he said.
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Write comment (4 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#5573 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-09-05 01:40:34" ["created_user_id"]=> string(4) "1090" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5522 (3) { ["data":protected]=> object(stdClass)#5379 (1) { ["options"]=> object(stdClass)#5526 (2) { ["options0"]=> object(stdClass)#5527 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#5523 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5524 (3) { ["data":protected]=> object(stdClass)#5530 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "0" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(7) "Digital" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(55) "/news/26667-advice-firms-forced-to-co-operate-with-afca" ["image"]=> string(24) "images/News/afca-ifa.jpg" ["image_alt"]=> string(4) "AFCA" } [3]=> object(stdClass)#5402 (59) { ["id"]=> string(5) "26668" ["title"]=> string(39) "Managed Accounts adds to executive team" ["alias"]=> string(39) "managed-accounts-adds-to-executive-team" ["introtext"]=> string(338) "Managed Accounts has announced several internal promotions to its executive and distribution teams as part of larger plans for future growth.
Write comment (0 Comments) " ["fulltext"]=> string(1476) "The new appointments include Craig Giffin as chief risk officer, Sanja Petrovic as head of information technology and Luke Peterson as relationship manager within the distribution team.
Mr Giffin joined the group in 2016 as a consultant and most recently held the role of head of risk management, legal and compliance.
Ms Petrovic joined the group in 2008 as a programmer analyst and most recently held the position of head of IT for the managed discretionary account (MDA) division.
As head of IT, Ms Petrovic will be responsible for aligning the technology strategy and solutions with the company’s business plan.
Mr Peterson has been promoted to the role of relationship manager within the distribution team effective 1 July. He joined the group in 2012 and most recently held the role of client service officer.
“The calibre of these internal promotions is testament to the breadth of experience we have within the business,” said Managed Accounts non-executive chairman Peter Brook.
“These appointments, complemented by the recent announcement that Bruce Hawkins will be joining as CFO, strengthen the company’s plans for future growth.”
Shareholders of Managed Accounts Holdings Limited will vote on the new name, Xplore Wealth Limited, on 12 April.
Managed Accounts has announced several internal promotions to its executive and distribution teams as part of larger plans for future growth.
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