Five years ago, Australia had 28,000 financial advisers. Today there are 16,000. So where can you get financial advice? A new report offers a good answer – and it’s something I used to argue against.
On Friday the government will receive a report likely to recommend a requirement for advice in a client’s “best interests” be replaced with a requirement to give mere “good advice”.
Lowering education standards for financial adviser will do nothing to give the community more confidence in the industry.
As a former financial counsellor and former consumer credit educator for ASIC, here’s what I think you need to know if you’re considering mortgage deferral, rent relief or bankruptcy.
The unintended loophole allows some people to keep their income and cut the tax rate on some of it to 15%.
Can you really afford a 3D TV set ?
Recent experimental results suggest that distortions in the perception of wealth are linked to fast, inattentive thinking.
‘Not such a great idea.’
The system brought in by the government to advise retirees since the 2015 reforms may actually be making things worse.
Financial decisions can be a real maze.
Research suggests that the reason people may put off funding their 401(k) plans or managing credit card debt is because our perception of finance as ‘cold’ conflicts with our hot-blooded emotions.
For financial advisers, we are already moving away from the payment of commissions in favour of fee for service. We still need a further shift in mindset.
While codes of conduct in banking may help, the tsunami of financial regulation over the past few decades has swept aside much of the sense of personal accountability.
The study used an eye-tracking device to ensure that all information included in the management report was read and considered in light of judgment formation.
Research shows investors could have been misled just by the order of information in financial reports.
Those who got advice from the online calculator in the study showed a small, but statistically significant, increase in trust towards robo-advice.
Robo-advice might prove most useful to those who need it the most, making them feel more competent and in control.
Some low income families as part of the study reported not having enough money to feed themselves as well as their children.
New research shows the harsh realities of getting by on a low income and highlights how help for those doing it tough needs to change.
Kelly O'Dwyer said legislation would be introduced into parliament this year to mandate professional standards for 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.
Ready for a rainy day?
Financial reforms have given us a greater role in saving for retirement. Alas we’re not very good at it.
Australian startups are trying to develop better algorithms to offer financial advice.
Business Briefing: trusting an algorithm with investment decisions.
The Conversation 13.9 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.
The global scandal surrounding the release of the Panama papers and Malcolm Turnbull's criticism of Australian banks have put the spotlight on the often murky world of banking and finance.
Prime minister Malcolm Turnbull has accepted almost all the recommendations from the Murray Inquiry into the financial system.
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
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.
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…
Superannuation shouldn’t be one size fits all.
After a lot of un-edifying debate about particular proposals about financial advice we can now stand back and look at the sector with more calm. The fundamental problem is that it is very hard to give…