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Apr 2015 (MoneySmart web site) – What to look for in financial advice

What does the Australian Securities and Investments Commission (ASIC) have to say about financial advice? See the official ASIC MoneySmart web site: It covers topics like: Receiving the financial advice The statement of advice (SOA) The product disclosure statement (PDS) Reviewing the advice What to look for in a Statement of Advice (SOA) A … Continue reading

16 Apr 2015 (AFR) – Financial ‘advice’ is really a sales pitch – Financial advisers v dealers: return to dual licence system

(16 April 2015, AFR, p47, Letters to the Editor, Philip Carman) ‘As a professional of over 30 years’ standing in the financial services sector I am stunned that the government and various agencies that administer and regulate financial services haven’t grasped the single, simple issue that is at the heart of almost every problem facing … Continue reading

23 Aug 2014 (AFR) – Training won’t stop crooked financial advisers

(23 August 2014, AFR, p6, Duncan Hughes) ‘Improvements to financial advisers’ training and education will do little to weed-out potential crooks and could cause academic arbitrage as candidates shop around for the easiest assessment, warn industry insiders.’ Read more at (might need AFR login access)

19 Jul 2014 (AFR) – Duncan Hughes

(19 July 2014, AFR, p2, Duncan Hughes) ‘The collapse of over-leveraged ­self-managed super schemes invested in off-the-plan apartments strengthens a financial system inquiry call to ban direct leverage in the $1.8 trillion super sector. Certified financial planners fear recent cases of do-it-yourself schemes collapsing under the pressure of servicing huge loans to buy apartments could be … Continue reading

14 Jul 2014 (TheAge) – Media executive battles Westpac

[COMMENT: We shouldn’t think that the recent news about CBA’s financial planning woes are limited to just the CBA…] (14 July 2014, The Age, BusinessDay, p25, Madeleine Heffernan) ”A multimillion-dollar dispute between former media executive Mark Jamieson and Westpac is headed for Queensland’s highest court, after both sides appealed an earlier ruling. The case comes … Continue reading

25 Oct 2013 (AFR) – Direct investments to increase – Investors set to move $100bn past advisers

(25 Oct 2013, AFR, p16, Ruth Liew and Joyce Moullakis) ‘Australian investors are hitting out at fees charged by brokers and advisers, with new data showing an additional $100 billion will go directly into investments, bypassing advisers, in the next two years.’ ‘CoreData research reveals direct investments are expected to grow by at least $96.5 billion by … Continue reading

3 Dec 2012 (AFR) – Far fewer using planners

(3 Dec 2012, AFR, p19, Ruth Liew) ‘Fewer Australians are using financial planners, with the number of clients frequently seen by advisers plummeting 20 per cent in the past five years. Planners today service about 2.4 million “active” clients – customers seen at least once during the last year – compared with 3 million before the global … Continue reading

28 July 2012 (AFR) – Brokers and financial advisers earn ‘distrust’ tag: survey

[COMMENT: Is the wider view of the stock broking industry really as bad as made out in this article?] (28 July 2012, AFR, p18, Joyce Moullakis) ‘When it comes to being distrusted, stockbrokers and financial advisers aren’t in quite the same league as used car salesmen. But they’re not far off.’ ‘Distrust is among the … Continue reading