WSU s Michelle Cull, adviser Maurice Nistico and AFCA s June Smith
Debate about conflicted remuneration is a waste of time according to Nistico Sen adviser Maurice Nistico, and an unwelcome distraction for the industry.
The Adelaide adviser and Masters of Financial Planning student recently submitted a report arguing the industry should stop pretending there is an answer to the question of which form of remuneration advisers should be forced to employ.
All forms of remuneration have merits and all are flawed in some respect, Nistico says. As long as the clients’ best interest are adhered to, it’s up to the adviser to uncover the payment system that works best for their business and their clients.
Income protection, cash flow management and portfolio diversification are important areas this emerging segment of client which has the highest household income of any other group wants advice on, a new study shows.
(Clockwise, from top left) Lonsec s Veronica Klaus, RI Advice CEO Peter Ornsby, Priority Advisory s David Gibson, Australian Unity s Yvonne Chu, Allianz Retire + s Matt Rady and Viridian Select GM Todd Clifford
Fragmented industries and a thinning financial advisory cohort will leave more Australians struggling during their retirement years unless government, the superannuation industry and advisers can join forces.
Advice business owners and executives including client facing advisers, product and portfolio researchers as well as licensee heads and retirement product experts came together in February for a roundtable hosted by
Professional Planner in partnership with Allianz Retire + to discuss how best to approach the current retirement gaps and evolve the industry from predominantly focusing on the accumulation phase to homing in on drawdown strategies and better retirement outcomes.
The three-page script is described as a "light-hearted dialogue" between the concerned parents of the Corporations Act, who chastise the adolescent document for getting fat, hiding legislative documents under the bed and using obscure definitions like "simple corporate bonds depository nominee".
FASEA CEO Stephen Glenfield has said the authority will be handing Treasury all the submissions it has been provided during its consultations on the Code of Ethics drafts, and that it would be “fair” for Treasury to rethink the code’s seven standards.
Appearing on a SMSF Association National Conference webinar with Christina Kalantzis, compliance director at Alexis Compliance & Risk Solutions, it was put to Glenfield that when Treasury takes over FASEA’s standards-setting functions they would “perhaps looking at rejigging that into the form they want going forward”.
“I think that’s very fair,” the CEO replied.
Treasury making their own adjustments to the code based on industry feedback and their own assessment would be consistent with the structure provided by the Corporations Act for the education mandate, he explained.