CEOs at the soon-to-merge associations say the two groups have become more aligned over the years. AFA members are no longer die-hard ‘riskies’, and the FPA membership base has come a long way from its institutional adviser roots.
Prompted by advice industry rationalisation, the Levy review and the need for a united voice in Canberra, the two major associations will invite members to provide feedback on a proposed merger.
Advice is set for a dramatic shift towards deregulation, with the Levy proposal paper sketching a plan to ditch statements of advice and best interest duty in favour of a new “good advice” directive.
The integration of its marquee business acquisitions has helped the nation’s largest provider of financial advice services turn the corner.
The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.
The analysis required to distinguishing the hot from the irrationally over-heated is about more than numbers, according to Ruffer’s Lauren French.
“Fragmented” service models for advice groups will soon coalesce into three distinct business models according to KPMG’s Future of wealth management report.
Once the advice review is completed, the minister has asked Treasury to look at updating the ethics code and assessing the viability of a shortened adviser exam.
AZ NGA moves on from dealer group model to take up a horizontally integrated strategy.
The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.
