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Big nest egg or small: shouldn’t super fund trustees meet the same professional standards as individual financial planners? Image sourced from

Murray pinpoints inconsistency on financial advice and super trustees

Finally, Financial System Inquiry chairman, David Murray, has brought some consistency into two hot debates running in finance. Parliament, financial media commentators and a whole range of vested interests…
Senator Jacqui Lambie has voted against changes to the Future of Financial Advice reforms. Alan Porritt/AAP

FOFA fiasco: no quick fix for the advice industry

Last week brought the latest instalment in the continuing Australian financial planning industry saga. Senators Jacqui Lambie and Ricky Muir blocked the Abbott government’s rollback of some of Labor’s…
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…
Small investors, such as those caught in Storm Financial’s collapse, need ongoing protection. AAP/Dan Peled

Resist efforts to water down FOFA, to protect all Australians

As public hearings into the Future of Financial Advice’s Senate inquiry begin on Thursday, it’s probably not overstating the case to say the financial planning industry is at a crossroads. With the F0FA…
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…
Stronger rules introduced to protect those seeking financial advice by the last government could be rolled back by the Abbott government. Tracey Nearmy/AAP

Coalition’s FOFA ‘streamlining’ will destroy protections

Every employed Australian will enter the financial markets through their superannuation, meaning most Australians will need financial advice at some point in their life. Research shows most people lack…
Prime Minister Tony Abbott and Industry Minister Ian Macfarlane have drawn a line in the sand on industry assistance…or have they? Alan Porritt/AAP

SPC Ardmona decision is fiscal policy disguised as industry policy

Announcing the decision to refuse assistance to SPC Ardmona, Industry Minister Ian Macfarlane said: “I think it is a clear delineation of where this government believes we need to go with industry policy…
Founder of Storm Financial, Emmanuel Cassimatis, speaks before a parliamentary inquiry. AAP

Financial advice reform: have we learned enough from Storm?

When financial planning firm Storm Financial collapsed with $3 billion in investment losses, many of its investors were left destitute. A parliamentary joint committee inquiry into the company’s demise…

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