Industry

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.

As romantic as it may be to proclaim the emergence of an advice profession and to suggest that a ‘good advice’ duty is a panacea for systemic failures, the retreat of institutional licensees from advice is not necessarily evidence of our capacity for self-regulation.

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.

CEO Nathan Jacobsen discusses the challenges confronting financial advisers in what has been a difficult year for the industry.

The integration of its marquee business acquisitions has helped the nation’s largest provider of financial advice services turn the corner.

The association is calling for an immediate continuation of ASIC’s industry levy relief and a fairer approach to costs for planners.

“Fragmented” service models for advice groups will soon coalesce into three distinct business models according to KPMG’s Future of wealth management report.

AZ NGA moves on from dealer group model to take up a horizontally integrated strategy.

The institutional provider’s AUM and profit lines stayed red in 1H22, but positive signs emerged.