How would you cut advice costs?
Financial advisers have delivered a sceptical response to suggestions from the Government and the Australian Securities and Investments Commission (ASIC) that the cost of financial advice can be driven down via the increased use of technology and making access to scaled advice easier.
The suggestions, flowing from this week’s Financial Services Council (FSC) financial advice summit, were followed by strong calls from the Financial Planning Association for a pragmatic approach to reducing costs, including rolling the functions of the Financial Adviser Standards and Ethics Authority (FASEA) into the proposed new Financial Advice Single Disciplinary body.
A number of questions have been raised in the aftermath of the FSC summit prompting Money Management to survey its readers about their views on scaled advice and lower costs in the industry.
Please complete the survey here.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
