What is an Investigation?
As the new breach reporting obligations are about to commence from 1 October 2021, ASIC has provided an explanation of what constitutes an investigation into a possible breach and what…
If you see something, say something
Most of us have heard this phrase before. It has generally been used in the US regarding recognising behaviours and indicators of terrorism and terrorism-related crime. So why would I…
To Breach or Not to Breach – That is the Question?
As an outcome to the Hayne Royal Commission, current breach reporting requirements have been strengthened and have also been introduced for credit licensees. Up until the 1st of October 2021,…
New Financial Year, New Changes
With the new financial year commencing, there are a raft of changes that your business needs to ensure it has in place to meet legislative requirements. From changes to Fee…
Targeting your advice
Originally published | 6th July 2016
There are lots of phrases and terms that are used in financial planning that can not only confuse a client but can confuse advisers as well.
One of those is scope.
Where are your priorities?
Originally published | 16th September 2016
Set out in s961J of the Corporations Act, is a rule that many advisers might gloss over. It is the conflicts priority rule.
This rule is similar in nature to the previous obligation to provide “appropriate advice”. The priority rule expressly requires an advice provider (Financial Adviser) to prioritise the interests of the client if the financial adviser knows, or reasonably ought to know; when they give the advice that there is a conflict between the interests of the client and the interests of:
- The financial adviser; or
- The financial adviser’s Australian Financial Services (AFS) licensee.
Your Objectives, should you choose to accept them!
Originally published | 23rd September 2016
What do most compliance managers, or quality assurance managers, question when discussing the quality of advice?
Does the recommended strategy meet the client’s goals?
The invariable discussion is that in the fact-finding stage of advice, you the adviser, must document the client’s goals. These goals must be specific, measurable, achievable, realistic and timely.
Adviser Civil War
Originally published | 9th January 2017
“Our very strength incites challenge. Challenge incites conflict. And conflict… breeds catastrophe.”
Does this sound like our industry?
Reflections
Originally published | 5th May 2017
“If there is nothing but what we make in this world, brothers…let us make it good.” (Beta Ray Bill)
Evolution of Legislation
Originally published | 2nd October 2017
A lot of advisers I speak with still long for the good old days where advice seemed easier and the compliance burden was less.
Unfortunately, because of the sins of a few, our legislation has had to evolve to protect not only the client, but ourselves.
That’s the nature of a mature society as well, where they can evolve their legislation, and their constitution, to meet the demands of the current day.