- WA Demand for Financial Planners Grows
- Australia’s Pension System Most Sustainable in World
- Paragem Sells Dealer Services Business
- Licence Restrictions Imposed on AFS
- Eureka Financial Group Wins Award
WA Demand for Financial Planners Grows
Financial planners are in hot demand in Western Australia, according to the latest report from eJobs Recruitment Specialists.
The recruiter’s quarterly market commentary for the period ending 31 October 2011 found that job ads in WA were up 30% on the previous three months, unlike all other states which saw a decrease in demand. Nationally, while figures were down on the previous quarter, total job ad numbers were up 11% on the same time last year.
The report also noted a continued increase in the ratio of candidates being sought by bank/institutional owned dealer groups versus non-bank and independent groups.
Speaking about the trend, eJobs representative, Trevor Punnett, said: “There are a high proportion of retail bank jobs on offer, in both city centres and in regional towns and staff positions for many boutiques; but truly independent adviser positions are rare.”
Australia’s Pension System Most Sustainable in the World
Australia’s retirement savings system has been ranked best prepared for the future in a new study issued by Allianz.
The Pension Sustainability Index (PSI) charted the relative sustainability of national pension systems in 44 countries around the world. Using a range of indicators including demographic developments, public finances and pension system designs, the PSI measured the need for retirement reform.
According to Allianz Australia Managing Director, Terry Towell, despite the fact that pension reform has been at the top of the political agenda across the globe for many years, the progress of reform differs considerably from country to country.
“In this current study, Greece, India, China and Thailand show the greatest need for pension reform, although not due to a common cause,” Mr Towell said.
“At the other end of the spectrum is Australia. Australia’s two-tier system of lean public pensions and highly developed funded superannuation pensions means we are best prepared with respect to the potential future burden on public finances, thus, Australia is under the least pressure to reform,” he said.
Paragem Sells Dealer Services Business
Paragem has announced the sale of its dealer services business to platform provider netwealth.
Paragem Managing Director, Ian Knox, said the separation of the dealer services arm would enable Paragem to focus on the growth and development of its Wholesale business.
“Being a non-institutional financial service provider means netwealth is well positioned to support the IFA (independent financial adviser) fight back against the current round of bank denominated consolidation by providing even greater scale for the IFA industry in back office support,” Mr Knox said.
As part of the acquisition by netwealth, Mr Knox and Charlie Haynes will remain as directors of Paragem Dealer Services and retain an ongoing management role to ensure continuity and an ongoing consistency of service quality.
Licence Restrictions Imposed on AFS
The Australian Securities and Investments Commission (ASIC) has imposed additional licence conditions on Australian Financial Services (AFS), following a six month surveillance operation.
As part of the operation, ASIC said it reviewed AFS client files to examine the appropriateness of advice given by the group’s representatives.
ASIC Chairman, Greg Medcraft, said investors needed to be able to rely on the accuracy and appropriateness of information provided by financial advisers.
“All Australian financial services licensees are gatekeepers and are expected to properly manage and supervise their representatives and employees and make sure conflicts of interest are managed or avoided and client complaints are dealt with promptly,” Mr Medcraft said.
AFS has agreed to engage an independent expert to review and make recommendations regarding its compliance practices, processes and resources.
Eureka Financial Group Honoured
Eureka Financial Group has been awarded Financial Wisdom’s 2011 Practice of the Year.
The award is open to 190 Financial Wisdom businesses, from which State Winners are selected, followed by the overall Practice of the Year.
Presented at the Financial Wisdom National Conference, the award recognises quality financial advice and the contribution made by the businesses to Financial Wisdom.
Greg Cook, Managing Director at Eureka, said he was delighted by the win, which he attributed to Eureka’s highly committed team.
“Our strength is in the professionalism, integrity and expertise of our people,” said Mr Cook. “The Practice of the Year award is a defining moment for us, and it will springboard us to the next chapter of business growth. The true test of our achievement is providing ongoing valuable advice and service to our clients. And our commitment to this is ever constant.”
