Major planning groups in policy discussions
Australia’s major financial planning representative organisations have conducted high level informal talks around the construction of a united approach to issues arising out of the Australian Securities and Investments Commission’s (ASIC’s) affordable advice review.
The high level discussions have also occurred against the backdrop of the Financial Services Council (FSC) having earlier this month released its financial advice green paper which generated pushback from advisers about the involvement of the FSC in circumstances where it seen to largely represent product manufacturers rather than the advice industry.
Money Management understands that the informal discussions have occurred between the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Stockbrokers and Financial Advisers Association (SAFAA) and the SMSF Association.
It represents the first significant coming together of the planning sector organisations since their failed pursuit of code-monitoring status under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
A number of those involved in the talks said that there had been ongoing discourse between the organisations and that the genesis of the most recent meeting occurred “well in advance of the release of the FSC green paper”.
They said that the objective was to identify a common set of solutions for pursuit beyond whatever recommendations came out of the ASIC affordable advice review.
It was a case of seeking to have input into the legislative process which followed the ASIC review, particularly with respect to the future status of general advice and intra-fund advice.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
