Practical compliance coaching
Originally published | 1st October 2018
Is the remake of a classic ever as good as the original?
I love a good reboot, Hawaii Five-0, Magnum PI, Macgyver. These are all great because the originals have been brought into the current.
But some reboots haven’t really worked. Think about the reboot of Ghostbusters or The Fantastic Four, even Batman, the way DC continually reboots.
Originally Published | 30th October 2018
There are lots of questions being raised at the moment about the benefits of being licensed through an Australian Financial Services License or being self-licensed.
And when considering this I think that the easiest way I can explain the differences is as follows.
What is the difference between renting or owning a home?
Originally published | 03/02/2019
As the father of evolution theory, Charles Darwin once said that “It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change.”
If you have been in our industry for more than five minutes, I am sure you can relate to this.
Originally published | 06/02/2019
“Cry ‘Havoc!’ and let slip the dogs of war.” (William Shakespeare’s Julius Caesar). This quote was spoken by Mark Antony shortly after Caesar’s assassination in the William Shakespeare play, Julius Caesar.
If you believe the media, this seems to have been the outcome of the Royal Commission. We have Justice Hayne releasing his final report and then we have both the Government and the Opposition crying Havoc in response.
Originally published | 17/02/2019
It is interesting that over the last couple of weeks I have read the diatribes of advisers who are bemoaning the changes that will come about because of the Royal Commission. It is interesting that we have yet to fully hear from the Australian Financial Services Licensees (AFSL) that have been caught up in so much of the misconduct.
The reason why we haven’t heard from them, in my opinion, is because they don’t care. These AFSLs are vertically integrated so the advice component is not important to them. The only thing important to them is selling products. And this leads to unethical behaviour.
Originally published | 06/03/2019
If you love or have loved comics in the past you will understand the stories of the heroes and the vigilantes.
The heroes are generally those types that come in as soon as trouble happens and save the day whereas the vigilantes are patrolling the streets, generally in the shadows and are ready to pounce on trouble as it happens.
Originally published | 13/03/2019
One of the things that I am constantly discussing with advisers is how to formulate an advice document that meets the obligations of evidencing your recommendations are in the best interest of the client.
Originally published | 19/04/2019
We all know the saying; the definition of insanity is doing the same thing over and over again and expecting different results.
This is what it can be like in compliance teams around the country.
Originally published | 22nd May 2019
We’ve heard the Hippocratic Oath mentioned a million times in medical shows on television. In its simplest form, it is a doctor swearing to uphold specific ethical standards.
The Greek Physician, Hippocrates, who is often called the father of medicine, wrote the original oath between the fifth and third centuries BC.
When you read the English translation of the oath, there are passages that, we as a financial planning industry, should consider.
Originally published | 8th June 2019
If you have been in financial planning since July 2013, you would have some idea of s961J of the Corporations Act. This is the section that deals with conflicts and is often referred to as the Conflicts Priority Rule.
In its basic form, it says that as a licensee or a representative, you must prioritise the client’s needs above those of yourself, your employer or your licensee.