- ClearView signs with Moneysoft;
- AFA calls for independent standards body;
- Adviser associations should merge for clarity
ClearView signs with Moneysoft
ClearView Wealth Limited has become the second licensee to sign with Moneysoft and will roll out the latter’s budgeting and cashflow management tool to planners within the Matrix Planning Solutions and ClearView Financial Advice networks.
The deal follows ANZ Wealth’s RI Advice and Financial Services Partners signing to use the cloud based tool earlier this year with the 220 advisers in the ClearView group able to track the income, expenditure and cashflow of clients as part of a comprehensive advice offering.
Moneysoft has also been integrated into the Prospera financial modelling and portfolio tracking tool backed by Matrix with ClearView Financial Advice and Matrix Planning Solutions, Chief Executive, Todd Kardash stating advisers were able to access information on client income, expenses and spending without placing the burden on them or the adviser.
“The onus isn’t on clients to provide information nor is it on advisers to gather and manually key in account balances each month. By automating the process, practices can achieve greater efficiency, transparency and productivity, and ultimately improved client outcomes,” Kardash said.
As part of the rollout ClearView advisers will receive ongoing training and support from Moneysoft to integrate the tool with their advice processes.
AFA calls for independent standards body
The Association of Financial Advisers (AFA) has repeated its call for an independent council on education, ethics and professional standards, as proposed in the Parliamentary Joint Commission (PJC) recommendations,
AFA General Manager, Member Services, Partnerships and Campus AFA, Nick Hakes said the council should see the connection between academic theory and real world application and also needed to get the reform timetable and content correct.
“Education is the sleeping giant of this decade of reform and will touch not only existing advisers but also the next generation.”
“If the education water mark rises too high, too soon and as a result advisers exit the industry prematurely, then who will be left to pass down the skills to the next generation of financial advisers?”
“The finish line for the new education standards is being proposed for 2019 which does not leave long to start the journey. Education takes time and it is supposed to be challenging. The key message as we look into the start of 2016 is – start now.”
Adviser associations should merge for clarity
The Association of Financial Advisers (AFA) and Financial Planning Association (FPA) should merge to create a single voice removed from product offerings and focused solely on financial advice according to Connect Financial Service Brokers, Chief Executive, Paul Tynan.
Tynan, who is involved in the merger, acquisitions and sales of financial planning practices, said that after attending the national conferences of both associations efforts to move away from product manufacturers was still a work in progress.
According to Tynan the history of financial services has shown its structure has been shaped by products which have in turn driven bad behaviour and cultures with current industry business models and professional associations divided along product lines.
“People inside of vertically integrated businesses will say that scale provides better resources, compliance and that advice and product do operate individually and advisers/consumers have freedom of product selection. But research and experience continues to show that the consumer does not separate or is aware of this connection”, Tynan said.
“By having the advice associations merge into a single united body we will reinforce the emphasis on advice and the outcome will be real leadership and genuine vision”, Tynan stated claiming such a move would give consumers clarity and the advice sector greater credibility.
“The answer is quite simple and that is because the consumer will be the greatest beneficiary and in turn, so too will the industry. In doing so, the advice sector is united and not divided on the current product lines and this would take the industry to the next level and give it immense credibility with consumers and regulators”.
