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.
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.
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.
Originally published | 9th January 2017
“Our very strength incites challenge. Challenge incites conflict. And conflict… breeds catastrophe.”
Does this sound like our industry?
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)
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.
Originally published | 10th October 2017
Does the title sound familiar?
In 1962, the Amazing Spider-Man was introduced to the world and after gaining his powers he tried wrestling for money. His selfishness in using his power for himself saw him neglect to stop a burglar who later killed his uncle.
So what has this got to do with Financial Planning?
I see the authorisation of being a financial planner/adviser as providing a great power in being able to help clients achieve their goals. But with that power comes responsibility and I feel lately that our industry isn’t learning from our mistakes.
Originally published | 18th October 2017
“Those who cannot remember the past are condemned to repeat it”.
These words were penned in 1905 by Spanish-American Philosopher, George Santayana.
But as a society, especially in the financial services industry, have we ever really given this aphorism it’s due?
Do you remember doing history at school?
I loved it, and still do. To me, learning about history provided me with the way understanding how our current society was formed.
Do we use the same philosophy in financial planning? I will put my hand up and say I do.