Articles on financial advice

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Kelly O'Dwyer said legislation would be introduced into parliament this year to mandate professional standards for advisers. Mick Tsikas/AAP

Slow start to new standards requirements for financial advisers

The large banks and AMP will be required to fund the establishment of a new independent body to oversee the professional standing of the much-criticised financial services industry.
Australian startups are trying to develop better algorithms to offer financial advice. Tracey Nearmy/AAP

Business Briefing: trusting an algorithm with investment decisions

Business Briefing: trusting an algorithm with investment decisions. The Conversation13.9 MB (download)
Financial advice was once the realm of bankers and brokers now startups are developing digital platforms to take advantage of how trusting we are of investment advice from computers.
Prime minister Malcolm Turnbull has accepted almost all the recommendations from the Murray Inquiry into the financial system. Mick Tsikas/AAP

Government to act against businesses exploiting credit card charges

The Turnbull government will ban businesses from charging consumers excessive surcharges on their credit cards, and move to inject more competition into the superannuation industry.
Many former NFL players face the future with despair: the years after retirement can include an array of physical and financial woes. USA Today Sports/Reuters

Is there life after football for NFL pros?

The cascade of woes that have befallen former NFL players has stunned fans and casual observers. Former NFL stars Junior Seau and Dave Duerson committed suicide. All-pro Warren Sapp went bankrupt after…
Some financial advisers are greedy, but others simply have a bias problem. Shutterstock

What behavioural economics tells us about financial adviser greed

There’s no doubt incentives matter for financial advisers. If an employer pays a higher commission to an adviser for selling one product instead of another, it’s likely the commission-linked product will…
Hollow answers: waiting for legislative reform to improve financial advice is likely to prove futile. Shutterstock

Explainer: the new future of financial advice

It is not difficult to establish the case for the importance of financial advice. With an ageing population, increasing longevity, higher expectations of post retirement living standards, the complexity…
Finance Minister Mathias Cormann has taken a fresh look at FOFA reform, and decided to proceed with some amendments. Alan Porritt/AAP

Financial advice reforms rollback to proceed: experts react

The Federal Government has confirmed it will push ahead with controversial moves to water down the Future of Financial Advice (FoFA) law reforms, on the grounds the current legislation reduces the affordability…
The government is considering whether to roll back a requirement for bi-annual financial planning reviews. Shutterstock

We regularly review our insurance, why not our investments?

Following last week’s public hearing, the Senate Economics Legislation Committee is preparing to report on its inquiry into a government bill that would significantly water down the Future of Financial…
Consumers generally trust their financial adviser, even when the level of advice is poor. Shutterstock

The future of financial advice needs educated advisers

Finance Minister Mathias Cormann’s decision to back away from plans to repeal sections of the Future of Financial Advice (FOFA) reforms is not surprising. Recent comments suggest this may indeed be a complete…
The path to good financial advice is littered with fees. Shutterstock

The one certainty of financial advice is unfettered fees

One of the main arguments made by Australia’s banks for the watering down of Future of Financial Advice (FoFA) reforms is that it would reduce the cost of financial advice to consumers. Specifically, the…

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