AFA backs Treasury line on planning
|
The Association of Financial Advisers (AFA) has made clear it will be using today’s Sydney hearings of the Parliamentary Joint Committee on Corporations and Financial Services to back the Department of Treasury’s view on the future shape of the financial planning industry.
The chief executive of the AFA, Richard Klipin, is scheduled to appear before the committee today and said his organisation was supportive of the broad thrust of the Treasury submission because it had noted the need to avoid unintended consequences flowing from changes to the financial planning regulatory regime.
He said he had also noted similar comments about the need to be aware of the potential for unintended consequences from the Minister for Financial Services and Superannuation, Chris Bowen, and was therefore pleased to see common sense prevailing in what had become an overheated debate.
However, Klipin said the AFA was not opposed to change and was advocating enhancements to the existing environment or a better definition around the role of advisers, improved standards in adviser education and consumer choice of remuneration.
The Financial Planning Association (FPA) appeared before the Parliamentary Committee last week and urged the inquiry not to simply focus on financial planners but to look at the industry more broadly.
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.