Planners win rare industry fund applause
The Financial Planning Association (FPA) has won a rare accolade from a major superannuation fund, with Tasmanian-based Tasplan praising the efforts of the FPA to improve planner fee transparency.
Tasplan’s general manager Neil Cassidy said the FPA’s move represented a significant step towards removing questionable practices in an industry that, in the past, had been rife with undisclosed commissions and fee discounting linked to the use of particular investment products.
“I know that industry superannuation funds like Tasplan have taken a swipe at some financial planners in the past for lack of fee disclosure and secret deals with investment managers, but any move by the FPA to push fee transparency to higher levels is to be welcomed,” he said.
In a bid to improve planner fee transparency and give consumers more control over charges and commissions, the FPA has launched a set of principles to be observed by its members including planners identifying their advice fee separately in their statement of advice and disclosing total fees for ongoing advice on a regular basis.
Cassidy said the reforms were long overdue and that any undisclosed benefit paid to a financial planner arising from their dealings with clients was a conflict and had to be banned.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
