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The corporate regulator is looking for opportunities to test its product intervention powers under DDO but is still in the “early days” of figuring out how to use that power.
Banding together on retirement advice Promoted by Allianz Retire+ Players across the retirement income industry have come together to work on a better system for advisers and Australians at the end of their working lives, as the industry shifts and cash rates stay low. A A The Retirement Income Review had a lot of insights, but perhaps most importantly for advisers, it acknowledged the importance of accessible advice in helping retirees navigate the end of their working lives. A lack of financial literacy and a highly complex system mean that the average Australian can find themselves lost, ...
Clockwise from top left: Karen Eleyu, Steven Fine, Simon Burke and Peter Horsfield While researchers and Professional Planner poll respondents predict adviser numbers will soon drop to 13,000 and below, many industry observers quietly predict the number will settle at a far more conservative 15,000 to 17,000. A recent Professional Planner poll asking advisers “ How low will registered adviser numbers go before they stabilise and start to grow again?” received a grim response; 17 per cent believe the number will reach 13,000 and a further 52 per cent said the number would fall below 13,0...
The only advice model that works for advisers now and in the future is an active advice model, where advisers are more engaged and embedded into the financial lives of their clients according to Encore Advisory managing director Tom Reddacliff. Speaking on the Advice Evolution in 2021 webinar with Consultancy Evergreen’s Angela Ashton, Reddacliff explained how the regulatory push for ‘active advice’ will become an all-pervasive trend at the advice practice level this year. “Active is the only viable business model,” Reddacliff said. “That’s become far, far more obvious in recen...
“That might surprise people – that there have been more licences handed back than has been created in recent times,” Reddacliff said. “A lot of people are handing back licences within five years… You typically get a licence, you go through a few professional indemnity (PI) renewals and then close to 50% are handing them back within that time. “Having your own licence is now is something you have to take very seriously and have the right infrastructure and setup around you – the people that are really committed to that are starting to settle into that.” Reddacliff said the PI m...