Treasury summons financial services organisations
The financial services industry is bracing itself for a number of key Budget changes, with Treasury officials having summoned representatives of the major industry organisations for talks this Friday.
Money Management understands that each of the major financial services organisations, including the Financial Services Council, the Financial Planning Association and the Association of Financial Advisers, has been separately invited to the Treasury talks in the wake of the Prime Minister, Julia Gillard, saying everything is back on the table in terms of framing the Budget.
However, there is particular concern that the Government, despite having claimed further superannuation changes were off the agenda, will look to extract further revenue by removing a number of concessions, particularly with respect to upper income earners.
There is particular concern that the Government will look to not only implement the changes outlined in the 2012 Budget but lower the income threshold at which tax concessions are removed.
"They were signaling that the changes around super were encapsulated in the announcement made by the Treasurer, Wayne Swan, and the Minister for Financial Services, Bill Shorten, last month — but there has clearly been a change in political mood since then," one industry spokesman said.
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
