Industry

Whether an adviser is based in their state’s capital city or not has more to do with their chosen business model than anything else, according to new research from Wealth Data.

The judge was satisfied that Equity suffered “loss and damage” as a result of AMPFP’s breach of contract, while the language used for the licensee’s treatment of Wealthstone was even stronger. AMP acknowledged the result, and did not rule out an appeal.

The barriers to enter the advice profession differ significantly between the two nations, as do the regulatory parameters. Despite the differences, the US and Australian advice industries have a big problem in common.

The public appears to be rewarding efforts to reshape the financial advice and banking industries after the royal commission, with advisers and the banks both enjoying an increase in faith across the community.

On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.

Product distribution is still embedded in advice, but with banks out of the game expansive product flogging programs are no longer ubiquitous. Businesses are growing based on their advice proposition now, with investment products increasingly put to the side.

A desire to flaunt ubiquitous wealth on social media is putting moneyed families at risk, according to family office representatives, with extortion and kidnapping “a legitimate concern”.

The infamous open letter penned by advice review leader Michelle Levy wasn’t so much a slight on the government, she explained, but an expression of her consternation with CHOICE. “I think there’s a very profound misunderstanding,” she said.

Having poached a number of high-profile portfolio managers (often at a discount), and with backing from family offices and high net worth investors, new boutique Blackwattle is trying to correct the “inadequacies” of the Australian funds management industry.

Back in 2019, then-FPA CEO Dante De Gori and Tangelo Advice Consulting’s Conrad Travers engaged the ATO to see if it would be open to updating guidance on the tax deductibility of upfront advice fees. By the middle of this year, we should see the outcome.

“The worst case scenario is that things have definitely stabilised,” Wealth Data’s Colin Williams tells The Inside Adviser. “Best case scenario is that we’re seeing some growth.”

“There’s so much pain, so much division on this one,” FAAA CEO Sarah Abood said of the proposed exemption. “It actually really upsets me, as I know it upsets many members.”