FASEA approves more courses

The Financial Adviser Standards and Ethics Authority (FASEA) has approved coursework from two industry association and two university bridging courses, in the latest update of its list of approved courses. As part of its education standards for financial advisers, FASEA…

Show some emotion, Vanguard tells planners

When Vanguard asked investors what attributes contributed most to the value they put on their relationship with their financial adviser, the most important were: • plan monitoring; • Trust; • Connected; • investment expertise; • time delegation; • Prepared; •…

Planners on notice

Almost a third of consumers and half of small business owners are considering either changing their current financial planner or ceasing to use one altogether, according to new research. Respondents to the MetLife Adviser-Client Relationship Report 2019 cited high fees,…

Court delivers mixed outcome for licensee over planner misconduct

Westpac has been held liable for the failure of one of its representatives to comply with their best interests obligations, in a court ruling handed down late last year. The bank was unsuccessful in arguing that the misconduct represented just…

Count Financial back in the CountPlus fold

Commonwealth Bank has completed the sale of advisory business Count Financial to CountPlus, marking a milestone in the bank’s withdrawal from its aligned advice businesses. CountPlus is paying $2.5 million for the business, which it sold to CBA for $370…

Financial planning remediation rolls on

Suncorp is the latest financial services group to complete a remediation program, paying compensation to 4000 clients who received poor advice. Suncorp Life and Superannuation Ltd paid $1.4 million to clients of Suncorp owned Guardian Advice. Suncorp undertook the remediation…

IOOF starts the transformation

IOOF management believes the is a “significant market opportunity” in financial advice and it wants to play a leading role in the transformation of the advice business. The company lost $42.1 million in the year to June, after paying $235.3…

Financial planning divestments pick up pace

Less than a week after Commonwealth Bank announced the sale of Count Financial Planning, MyState has revealed plans to plans to get out of the personal financial planning business. The acquirers, CountPlus and Fiducian, both see an opportunity to develop…

Westpac’s wealth focus turns to Panorama and Private Wealth

Westpac’s wealth management division, BT Financial Group, is being broken up and its personal advice business sold, but the bank still has significant wealth assets. It plans to invest in its administration platform, Panorama, and its private wealth business, which…