News

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A consulting firm has responded to growing unease from advisers and their businesses adjusting to industry change by launching a new program to further support them.

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WA-based Elixir Consulting’s national initiative aims to provide provide independent practice management support to advisers in two of the biggest key areas required to get their business through the changes they’re currently facing – business planning and pricing.

Elixir Consulting founder Sue Viskovic said advisers are entering an era where almost every business will have to reshape its business model.

“The end of grandfathered commissions, greater transparency over service standards, declining business valuations, decreasing insurance commissions, greater compliance and education standards … all of these things will affect businesses in some way,” Ms Viskovic said.

“And right now, we’re hearing that many licensees are so focused on wrestling with their own resourcing and business planning that their capacity to assist their advisers is low.”

Ms Viskovic said she’s been inundated with advisers requiring assistance, and has found a consistent need for help with business planning, and pricing.

Calling her program a Business Evolution Blitz, she said the sheer volume of advisers who need help, and the urgency with which they need it has led Elixir to create a solution that provides the best of private coaching, peer support and group workshops to solve these challenges in a series of short, intensive interventions.

“Research has consistently shown us in the past that only one-third of advice businesses have had an effective business plan,” Ms Viskovic said.

“Those stats just aren’t good enough anymore – in order to serve the significant number of Australians who are seeking quality advice, financial advisers need to create and implement effective business plans to get through these next few challenging years.”

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A consulting firm has responded to growing unease from advisers and their businesses adjusting to industry change by launching a new program to further support them.

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The wealth and financial planning divisions of the big four banks have been largely responsible for the $1.9 billion in total remediation costs in the first half of 2019.

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Professional services giant EY’s analysis found that the 2019 half-year results announcements of Australia’s major banks reflect a turbulent start to the year, with slowing revenue, higher remediation costs, a flagging economy and the delivery of the financial services royal commission’s outcomes all taking a substantial toll on the sector.

EY analysis of the big four banks’ half-year results shows combined statutory profits decreased to $13.9 billion, down 11.8 per cent from the same period last year.

EY Oceania banking and capital markets leader Tim Dring said the growth outlook for the Australia’s major banks is increasingly uncertain, with profits down, remediation costs up and margins under significant pressure.

“The financial services royal commission has disrupted the banks’ risk appetites and business flow, propelling them to reshape their processes, simplify products and address compliance obligations, as they prepare for more intensive levels of regulatory supervision and enforcement from APRA and ASIC. It has also revealed issues in their back books,” Mr Dring said.

“While most of the major banks’ cash earnings were up from the 2018 half year, this doesn’t take into account the significant impact that growing remediation costs are having to overall profits. In the last 18 months, total remediation costs across the big four have reached $4.8 billion – with $1.9 billion set aside for remediation in their 2019 half-year results alone.”

Collectively, the big four have incurred $1.9 billion in remediation costs during the first half of fiscal 2019.

“So far, remediation costs have related mostly to misconduct issues within wealth management divisions. But, ongoing investigation into product design and compliance will likely see further increases in the banks’ remediation burden that will put cost-to-income ratios under increasing pressure,” Mr Dring said.

“Adding to this pressure, the major banks are facing a stricter executive pay framework (BEAR) and more onerous regulatory regime at the same time as the market is opening up to increased competition from non-banks and foreign banks.”

EY chief economist Jo Masters said that after 28 years of uninterrupted growth, Australia’s economy has lost considerable momentum, reflecting a softening housing market – particularly in Sydney and Melbourne – and fragile consumer confidence.

“Credit growth is slowing alongside the housing market. While the environment remains relatively benign at present, the headwinds are mounting as low-saving households face anemic wage growth, record high debt, increasing portions of budgets being taken up by non-discretionary spending and, now, falling housing prices,” she said.

“It seems inevitable that we are in for a period of slower economic growth and this will present another challenge for the major banks, especially if households look to deleverage.”

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The wealth and financial planning divisions of the big four banks have been largely responsible for the $1.9 billion in total remediation costs in the first half of 2019.

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Westpac saw its profit fall by 19 per cent for 1H19, with the group citing downward pressures from customer remediation and its wealth restructure as it exited personal advice.

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The group’s reported net profit came to $3.1 billion while cash earnings came to $3.2 billion, down 22 per cent from the prior corresponding period.

Excluding the major remediation costs of $617 million and wealth restructuring expenses of $136 million, cash earnings were down 5 per cent.

The bank’s statutory net profit was down 24 per cent to $3.1 billion.

Westpac also had a cash earnings loss of $305 million from its wealth business BT Financial Group, with revenue plummeting by 63 per cent to $439 million.

Wealth covered 78 per cent of the bank’s remediation expenses, costing the bank $484 million for the half.

The bank’s wealth remediation more than tripled from the prior corresponding period and has totalled around $808 million since 2017, amassing as a $1 billion impact for the banks’ cash earnings.

Westpac’s earnings were predicted to be reduced by $357 million in April to account for remediation to do with financial advisers while operating under the Magnitude and Securitor Advice licences.

With the sale of its advice business to Viridian Advisory, the restructure has seen the departure of two of the bank’s most senior executives. Viridian took on around 175 staff, including 90 advisers from BT.

Westpac now has 679 salaried and aligned planners, down from 939 in the first half last year.

“This is a disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting our wealth strategy,” Brian Hartzer, chief executive, Westpac said.

Notably, the bank’s investing platform Panorama reported a 45 per cent rise in advisers using it year-on-year, with the number of investors rising by 84 per cent to 32,444. Westpac reported 2,291 advisers on the platform.

There are now $17,041 million in funds under administration on Panorama, an 82 per cent increase from the year before.

Cash earnings per share fell by 23 per cent, coming to 96 cents. The interim fully franked dividend was unchanged at 94 cents per share.

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Westpac saw its profit fall by 19 per cent for 1H19, with the group citing downward pressures from customer remediation and its wealth restructure as it exited personal advice.

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CoreLogic’s Tim Lawless says that the housing market may have moved through the worst of the downturn.

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While dwelling values continued on their downward slide in April, new CoreLogic data shows that the pace of decline has been slowing.

According to property research group CoreLogic’s latest Hedonic Home Value Index, national home values fell by 0.5 per cent over the month in April to the median price of $519,879.

This represents a decline of 7.2 per cent year-on-year, the largest annual decline since the year ending in February 2009, and is 7.9 per cent below the peak reached in September 2017.

However, CoreLogic head of research Tim Lawless said that a range of indicators, including home loan activity and auction clearance rates, show that the housing market may have “moved through the worst of the downturn”, with the rate of decline in values slowing since hitting a monthly low point in December 2018 (-1.1 per cent).

“The improvement in the rate of decline is attributable to an easing in the market downturn across Sydney and Melbourne, where values were previously falling much faster,” he said.

Similar to the nationwide trend, the median dwelling price in all capital cities combined dropped by 0.5 per cent in April to $593,401.

All capital cities saw dwelling values fall in April except Canberra (+0.4 per cent), with Sydney (-0.7 per cent) and Melbourne (-0.6 per cent) continuing to lead the decline, according to CoreLogic.

In Sydney and Melbourne, the median prices slipped to $780,672 and $621,759, respectively. The figures represent year-on-year contractions of 10.9 per cent and 10.0 per cent, respectively.

Bucking the metropolitan trend, median dwelling prices in Canberra went up to $596,405 in April, which represents a year-on-year increase of 2.5 per cent.

Despite Tasmania’s growth in house values in preceding months, Hobart’s median dwelling price decreased by 0.9 per cent in April to $452,302. The price is still 3.8 per cent higher than April 2018.

Darwin’s rate of decline in housing values was the largest in April, at 1.2 per cent over the month to $390,621. On a year-on-year basis, this price fell 7.1 per cent.

Median values in Brisbane and Perth both fell over the month by 0.4 per cent to $484,047 and $440,546, respectively. When compared with a year ago, the April median prices are 1.9 per cent and 8.3 per cent lower, respectively.

The lowest rate of decline in median housing values was seen in Adelaide, at 0.1 per cent over the month to $430,352 in April. Compared with the figure recorded in April last year, the median price is 4.6 per cent higher.

Regional markets, combined, have not been immune to the housing downturn, with values dropping by 0.3 per cent over April to $374,712, which is 2.6 per cent below the median price recorded a year ago.

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CoreLogic’s Tim Lawless says that the housing market may have moved through the worst of the downturn.

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