Surf’s up at IFSA Conference
Given the current state of the waters in the financial services industry, IFSA’s “Catch the Wave” theme is appropriate — even if the conference is scheduled for Melbourne in the dead of winter.
About 600 delegates are expected to explore the waves of change in globalisation, technology and consumerism when speakers like ASIC chairman Alan Cameron; Morgan Stanley Dean Witter chief economist in the US, Stuart Roach and chairman of Woodrow Milliman China, Stuart Leckie take to the podium.
ATO Commissioner Michael Carmody will tackle the huge issue of tax reform while Peter Couchman will moderate the discussion on the future of online broking.
At the same time weather reports on all areas of the financial services industry will examine the state of play in the investment, managed investment and life insurance industries.
There's plenty of chance to surf the wave into the future, with the e-Pipeline, eProxies, eAGMs and the virtual prospectus coming under the spotlight and fund managers should find the hypothetical "Extreme Events: Surfing a Dumper" useful, especially after a sudden dip in the stock market.
The conference will play host to a record 30 exhibitors and for those more concerned about the social program - fear not. A 'Surf's Up' annual dinner with a 'Ready to Limbo' dress code will be held on the Wednesday night. Dinner will be followed by a late night whiskey tasting - making the real challenge of the conference rolling out of bed for Thursday morning's 7:30 wipeout breakfast.
Compliance tops the bill at last
Attendees at this year's Investment and Financial Services Association (IFSA) conference will find it hard to avoid coming face-to-face with the thorny issue of compliance.
The two day conference which kicks off in Melbourne on July 18 is streamed into four strands, one of which is devoted entirely to compliance.
That's a first, according to conference organiser and IFSA deputy chairman, Richard Gilbert, who says IFSA's formation a number of years ago brought together the interests of three different but related areas of the financial services industry for the first time.
These interests, he says, have now started to cross over as the industry undergoes some cross-pollination. He argues that in such an environment compliance has become central to the agenda and the need to comply with the law is greater than ever.
"This need has also been sharpened by changes under the Managed Investment Act (MIA) and the fact that product and advice are now stretching across retail and wholesale," Gilbert says.
"The point of having four streams at the conference is to create a network for all attendees which is not available at other conferences. While the program looks formal the sessions are aimed at helping people look outside their normal focus to seek better products and services."
The conference also represents a watershed says Gilbert, coming as the first major industry event in the new tax era, an area the industry has been focussed on for some time.
He says that with the new system in place, the industry is now shaping its own agenda.
"The industry works best under its own agenda and IFSA has supported tax reform as it makes savings more efficient," Gilbert says.
"However the industry is well known for change and has the opportunity to create new directions for products and services."
According to Gilbert those who adapt quickly and take a revolutionary approach can win in a changing environment but only if they adopt the right mind set.
He expects around 600 delegates from all areas of the industry to attend the conference.
And while he says he is looking forward to the social and networking aspects of the conference he believes many will be drawn by the release of the first ever industry wide survey conducted by IFSA.
The survey results have been broken down into categories such as profit and loss, funds under management and threats and opportunities for each player within the funds management industry.
Even though the survey will cover nuts and bolts issues, Gilbert says it also reveals much about the underlying management philosophy, expectation and experience of the players.
"Surveys set benchmarks and people are keen to see where they sit, but they also sum up their attitude to business and how their competitors are situated," Gilbert says.
"This will be a summary of the growth cycle of the funds management industry, quite literally an industry wide 'show and tell.'"
AUTHOR
Jason Spits
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
