“I don’t think anyone told me that things are going well,” said Michelle Levy of the advice review consultation process. Despite being given disparate views on how to fix things, the lawyer believes compromise was never an option.
The likely ‘double-bump’ transfer balance cap increase to $1.9 million will exacerbate what is already an “overly complex” indexation rule that advisers have to navigate and explain to clients, the SMSF Association’s Fabian Bussoletti says.
In a letter released by the group Thursday it said “urgent action is needed”, and called the government’s impending response a “rare opportunity to deliver affordable and accessible advice to consumers”.
The announcement comes amid a major push into the domestic market for Global X, which in December signaled its intention to launch ten new products in 2023.
The green shoots that emerged for adviser numbers in the back half of 2022 were no fluke, with provisional advisers leading an industry resurgence after five years of decline.
Housing conditions are tipped to remain soft in the year ahead as central banks continue to raise credit costs, but experts still believe an all-out property market crash is unlikely.
The percentage of paraplanners that have ambitions to become qualified financial advisers has decreased dramatically, with several key drivers behind the change.
The respected lawyer will not see out his contract with the corporate regulator after accepting a role in the commercial sector.
Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.
The US economy should experience a “benign disinflation” over the next six months as pandemic-infused snarls unravel. That should mean good things for stocks, at least in the short term.
