Page 3 - Don Trapnell News Today

A dealer group head believes 2022 will be a turning point for attracting new entrants into the advice industry.

The financial advice community is remembering Synchron state manager Chris Regenass, following his sad passing last week.

The minister shot down hopes of extending the planned Compensation Scheme of Last Resort, saying that including Managed Investment Schemes would coddle investors and disrupt the founding principles of risk and reward.

The SMSF Association is the latest industry group to throw its support behind the Financial Services Council (FSC) which proposes a number of advice reforms.

The financial advice industry welcomes the Financial Services Council (FSC) recommendations to help reduce red tape and make financial advice more affordable, but one dealer group is unsure whether the FSC is trustworthy - particularly for risk advisers.

A white paper issued by the Financial Services Council (FSC) which proposes a new advice framework has been widely praised. However, the director of a dealer group has questioned the peak body’s intentions.

The advice group supports many of recommendations of the white paper but has questioned the motives of the Financial Services Council and whether risk advisers should trust it.

“Who knows what the ASIC levy is going to be by the way – last year they forecast that it was going to be $1,500 and it came in at $2,400,” Trapnell said. “If an adviser leaves a licensee, goes somewhere else or leaves the industry, that licensee would quite rightly charge the adviser what the ASIC levy is going to be. “The ASIC levy is calculated as a levy based on the number of authorised representatives in the licensee as at 30 June each year, but it is not charged to the licensee ...

Empowering consumers to say yes Empowering consumers to say yes The regulatory framework around risk advice makes it an impossible sell to consumers, highlighting the desperate need for regulatory change, writes Synchron’s Don Trapnell. A A A man walks into a shoe shop and tells the sales assistant he wants to buy a pair of black brogues. The assistant says, “Before I sell them to you, I have to make sure that black brogues are fit for your purpose. What, exactly, do you want them for, an...

As with everything else, the exam was affected by the COVID-19 pandemic which meant the introduction of remote proctoring.  And finally, Santa Claus arrived early for many advisers as the Government announced FASEA would be rolled into Treasury and the Australian Securities and Investments Commission (ASIC).  The ending of FASEA did little to change education requirements, but given how difficult FASEA had been to work with and the anxiety in the industry, there was optimism it might help ush...