Recent changes within the financial services industry have generated a climate in which advice practices are reconsidering their licensee choice and making moves to new dealer groups.
We want to know what you are thinking and where your practice is currently positioned. Our latest adviser poll asks:
The third round of draft FoFA reform legislation is expected to be released later this week or early next week, according to a spokesman for Financial Services and Superannuation Minister, Bill Shorten.
A key industry consulting firm believes more and more advisers are embracing a fee for service model for insurance, but has warned that some advisers are still in the dark about pricing models.
The Federal Government has released the latest round of its Future of Financial Advice (FoFA) draft legislation, which provides further detail around the treatment of conflicted remuneration and other banned remuneration.
This latest exposure draft also provides further detail around soft dollar and volume bonus payments.
A summary of the key elements of the exposure draft impacting the life insurance sector includes:
Creating an industry-wide black list of serial churners has been the highest rated selection by advisers from a list of proposed solutions that address the practice of churning.
New research has revealed that financial advisers are deriving a higher proportion of their business income from insurance advice.
The debate on churning continues to evolve, but opinions are divided about the solution.
We are asking advisers to tell us what they think:
Industry bodies continue to ‘maintain the rage’ against the Future of Financial Advice (FoFA) reforms, accusing the Government of being deliberately misleading and creating a double standard.
Over 80% of advisers say the cost of including opt-in processes into their business will be more than $100 per client. More than a quarter believe this cost will exceed $250 per client.
These are the outcomes of our latest poll, based on comments made by Financial Services Minister, Bill Shorten, in last week’s release of the first tranche of the draft Future of Financial Advice (FoFA) reform legislation.
The Industry Super Network (ISN) has called for all non-advised superannuation accounts to be transferred into MySuper by 2015 to prevent millions of Australians “paying money for nothing”.
