International briefs – October 31, 2002
AMP training
AMP has been given Approved Training Organisation (ATO) status by the New Zealand Financial Planners and Insurance Advisers Association (FPIA).
The FPIA says an independent auditor concluded that AMP’s internal training programs were at a standard equivalent with the FPIA Adviserlink course required of all new members. The designation makes AMP the first organisation to achieve this status in New Zealand, and will allow advisers to replace the current FPIA training and mentoring requirements with a two-year stint as an AMP adviser.
CFP high
The US Certified Financial Planner Board of Standards has announced that the number of persons attaining the Certified Financial Planner mark in the US has reached an all-time high of over 40,000.
The CFP board has said the growth of the certification mark means the American public is increasingly in need of a way of identifying financial planners who have met competency and ethics standards.
The board also said that financial planners are responding to this demand by attaining CFP certification to achieve higher standards in the financial planning profession.
Chinese alliance
Guotai Junan Allianz Fund Management, a joint venture between Guotai Junan Securities and Allianz AG, has been granted China’s first Sino-foreign fund management licence.
The licence, issued on October 16, comes after eight years of co-operation between Guotai Junan and Dresdner Bank, which is now part of the Allianz Group.
The group, which will be based in Shanghai, will have a registered capital of US$12 million, with Guotai Junan holding 67 per cent of the group and Allianz holding 33 per cent.
The company will offer fund products and other services.
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Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
