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Value proposition
Clients have a right to know how advisers justify a fee of $15,000 per year when the investment income on a $1.5 million portfolio is only $75,000, says Drew Meredith. Maybe they should also have a hand in deciding how the fee is calculated.
It’s a spectacular transaction, one that marks not only the likely nadir of Iress but what should be the end of five very frothy years of M&A activity in the investment platform space.
The financial needs of a staggering 64 per cent of retirees sit beyond the comprehension of super funds, a new report states, because there is too much complexity involved when retirement income isn’t enough to satisfy lifestyle ambitions.
An evolutionary leap in the retail investment product landscape is taking place, with asset consultants displacing financial advisers across rich corners of the value chain. Scarcity Partners’ big bet on Evidentia, and how it’s being received, brings into focus just how seismic the shift really is.
The concept of a ‘qualified adviser’ with less qualifications provoked an industry backlash. While the government has signalled it is open to discussion, the problem remains – how to open up advice to more consumers at a viable cost?
Financial stewards need to cast a broader eye over the stance companies take on social issues like The Voice and the Israel/Palestine conflict. Community attitudes can vary widely, and public opprobrium can swing share prices dramatically.
Regulatory change for advisers has, regrettably, become more of a constant than the exception. But with the minister’s QAR reforms laid before us, a concentrated period of change looms.
Most advisers know the value of changing their language when switching from industry speak to client discourse, but many still fall into the trap of distancing themselves from clients by using jargon and buzzwords.
To make advice work, advisers need to home in on the centre of their business proposition, sometimes at the expense of their better intentions.
Even with a lightened agenda, the government failed to finish its homework and instead delivered only a portion of the first tranche of advice reforms. It’s a poor return, and at this rate the advice review could be a ten-year project.
The Australian stock market has seen a stagnation in returns since 2006, leaving many questioning the wisdom of long-term equity positions. For retirees, it’s a particularly fraught issue, as their financial security depends on how these investments perform.
The meteoric rise of industry funds has earned them a rightful place at the top of the superannuation food chain. But their standing is not a given, and the failures are starting to mount.