In Practice

Advisers can practice without a relevant degree for around 30 years according to the draft proposal. They do need a clean record, however – but only up to the end of 2021.

While it pays for advisers to work closer to a large cohort of well-heeled clients in metropolitan areas, the opposite is true for paraplanners, with scarcity of talent pushing salaries sky-high for regional workers.

If you’re going to offer services that the incumbents already do well, Steinhardt tells Inside Adviser, you need to do a pretty good job at it yourself. And if there are any flaws in your system, they need to be addressed.

Large language models like ChatGPT are part of a long technology continuum driven by Moore’s law, the observation that transistor capacity doubles every two years. To get in on AI’s surging growth, says Munro Partners’ Nick Griffin, investors should focus on the big – and not-so-big – names already poised to come out on top in the “race to shrink”.

Despite increased volatility emanating from the banking sector, tech stocks have been supported by falling bond yields on fears the global economy could slip into recession this year, with big-name companies leading the gains.

The last thing an adviser wants is for their client to be sitting in front of another adviser in 12 months, explaining how their last adviser didn’t understand them. But what are advisers doing to prevent it?

The wealth management arm of Bell Direct believes the principles-based regulatory system proposed in the advice review will not only facilitate the dissemination of advice, but encourage development of digital models that will facilitate transactional advice.

AI language generators like ChatGPT pose about as much threat to advice as robo does, which is to say not much. But much like robo, ChatGPT and its contemporaries might just provide advisers with an efficiency tool that can help build scale and better service clients.

Peter Burgess told the SMSF Association’s National Conference the industry group has pushed for some of the developments, while it continues to oppose others, such as a high-balance cap. The government now plans instead to double the tax rate for funds with very high balances.

Levy made no major deviations in her final suite of proposals, with Treasury left to mull on a blueprint for reform that should usher in a less prescriptive, two-tiered advice regime. But there are a few tweaks that might raise eyebrows.

The percentage of paraplanners that have ambitions to become qualified financial advisers has decreased dramatically, with several key drivers behind the change.

Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.