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How the Royal Commission findings will impact your business
- 1. How the Royal Commission findings will impact your business Presented by Dante De Gori CEO Financial Planning Association of Australia (FPA) 6 March 2019
- 2. | netwealth2 1 CPD point available • Must complete feedback survey available at the end of this session • CPD details will be included in the post- webinar email This webinar is being recorded • Slides will be sent to you after the webinar via email Enter your questions in the chat • We will get to them at the end of the webinar Posting to social? • Make sure to use #netwealthinvest or tweet @netwealthInvest Housekeeping
- 3. | netwealth As a specialist platform provider, Netwealth provides financial advisers with a wide range of financial products & services to help manage their clients’ investments and superannuation. • Ranked #1 for overall functionality • Ranked #1 for overall satisfaction • Awarded best reporting • Awarded best client portal • Awarded best transaction tools *InvestmentTrends Platform Competitive Analysis & Benchmarking Report (Dec 17) 3 See wealth differently A little bit about Netwealth
- 4. | netwealth Key features of our platform Market leading adviser portal Market leading client portal • Rated No.1(1) for functionality • Intuitive design and useability • Quick access to information and clients • Sophisticated portfolio tools • In depth business and client reporting • Rated No.1(1) for functionality • Intuitive design and useability • Can be white labelled for adviser groups • Allows consolidation of all accounts (1) Investment Trends: December 2016 Platform Competitive Analysis and Benchmarking Report Mobile access • PC, tablet and mobile access • Adviser and client versions available
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- 6. | netwealth Dante De Gori CEO Financial Planning Association of Australia (FPA) 6 Meet today’s speakers
- 7. AGENDA Opening Comments & Overview Royal Commission FASEA FPA SUPPORT QUESTIONS
- 9. • Financial planning is of national importance • An ageing population means demand will grow for advice • Technology is an opportunity not a threat • Financial planning as a profession of choice for future students is growing • Restore the respect, recognition and pride that financial planning deserves • Financial planning is changing those that embrace the change will not only survive but thrive! Opening Comments
- 10. 10 Overview
- 11. Over the last decade, many Australians have sought financial advice. Over the same period, the financial advice industry has grown significantly. The FAR jumped to over 28,000 at the end of 2018 (due to FASEA legislation commencing 1 Jan 2019) Market changes – banks divesting out of wealth management (advice) The Productivity Commission has noted that in 2015/2016 the financial advice sector was estimated to be worth $4.6 billion in revenue. Overview
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- 15. ROYAL COMMISSION
- 16. “The financial advice industry is part way through transformation from an industry dedicated to the sale of financial products to a profession concerned with the provision of financial advice”. Source: Kenneth M Hayne Commissioner, Royal Commission Final Report Volume 1 2019
- 17. To complete the transition we will be required to do the following: (1) taking steps to deal with those involved in the charging of ‘fees for no service’, and to ensure that it does not happen again; (2) reducing the conflicts of interest that pervade the industry; and (3) introducing a credible and coherent disciplinary system for financial advisers.
- 19. 2.3 Review Quality of Advice Success FOFA FASEA Royal Commission LIF
- 20. 2.2 Disclose lack of independence
- 21. 2.1 Annual Renewal and Payment 2.4 Grandfathered Commissions 2.5 Life Insurance Commissions 3.2 & 3.3 Restrictions on Fees from Super Remuneration
- 27. DISCIPLINE 2.8 Reporting compliance concerns 2.9 Identify, inform and remediate misconduct 2.10 A new disciplinary system 2.7 Reference checking & information sharing
- 30. EDR AND COMPENSATION 2.9 Misconduct by financial advisers 7.1 Compensation Scheme of Last Resort 4.11 Co- operation with AFCA
- 31. FASEA
- 33. 33 66.8% 64.1% 47.8% 43.7% 32.2% 27.4% 26.0% 20.3% 17.1% 15.6% 13.9% 7.2% FASEA exam preparation support FASEA education requirements- what do I need to do? How does Recognition of Prior Learning (RPL) work FASEA Code of Ethics guidance Preparing for assignments and exams How to pick the right program for you (online vs. face-to-face classes) FASEA CPD templates Funding your financial planning postgraduate studies through FEE-HELP Study techniques FASEA professional year (PY) templates Transition to university-level studies Other % Yes*Multiple answers allowed N = 1020 EXAM PREPARATION SUPPORT WOULD BE THE MOST VALUED The FPA is currently preparing a toolkit (FPA Return to Learn) to support members through the transition. Which of the following content would you value in the FPA’s Return to Learn program?
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- 38. FPA SUPPORT
- 44. | netwealth44 1 CPD point available • Must complete feedback survey available at the end of this session • CPD details will be included in the webinar resources email Webinar recording and slides • These will be included in the webinar resources email Thank you
- 45. | netwealth Outside the super square technical roadshow • Touring nationally • 3 CPD & complimentary What makes a good company great? • CPD Portfolio Construction webinar 45 Registration links will be in the follow-up email You may be interested in
- 46. | netwealth Innovation Toolkit • Workshops and resources to help your team innovate • Download from our website Banqer • Supporting financial literacy in schools • Refer a teacher today 46 Links will be in the follow-up email You may be interested in
- 47. | netwealth47 Disclaimer This information has been prepared and issued by Netwealth Investments Limited (netwealth), ABN 85 090 569 109, AFSL 230975, RSE L0000192). It contains factual information and general financial product advice only and has been prepared without taking into account your individual objectives, financial situation or needs. The information provided is not intended to be a substitute for professional financial product advice and you should determine its appropriateness having regard to your particular circumstances and seek any independent financial or other professional advice you may require.The relevant disclosure document should be obtained from netwealth and considered before deciding whether to acquire, dispose of, or to continue to hold, an investment in any netwealth product. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), no person, including Netwealth, or any other member of the netwealth group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information.
Notes de l'éditeur
- Government to review to success of FOFA, FASEA, LIF and RC recommendation implementation in 3 years time (2022)
- 2.2. where you aren’t independent, you need to disclose in writing that you aren’t impartial or unbiased before providing advice services.
- 2.1 Change opt-in to an annual opt-in, and require annual authorisations to collect fees from products. 2.4 Ban grandfathered commissions ASAP 2.5 Following review of LIF – consider if life insurance commissions should be reduced to 0% 3.2 and 3.3 – No advice fees from MySuper products. Limit advice fees from choice products. Advice would need to relate specifically to that product, not other products or broader clients financial position. Very strict interpretation of sole purpose test.
- 2.7 All licensees must adhere to ABA Reference checking protocol. FPA working with other associations on this already 2.8 Quarterly reporting of compliance concerns about planners by licensee. This wouldn’t need to be confirmed breaches, but that there are problems identified 2.9 Where misconduct and breaches are identified against a planner, licensees must pro-actively inform all of their clients, and remediate. 2.10 Introduce a new individual licensing regime and a new disciplinary authority to deal with individual financial planners (i.e. remove this function from ASIC).
- Firstly why did the FPA decide to do this? – I have said it before that we believe that a process designed by advisers for advisers was a better solution for our members than a commercial alternative Announced in December that we had submitted a draft application and this has been at a significant cost to the FPA We are delighted – and I commend Dante for his work here – that we have for the first time been able to have all the major member associations in the advice space sign a cooperation agreement to work on a single solution These associations continue on a working committee, will elect a member to the Board of the entity and will provide subject matter experts to the disciplinary panels as required
- 2.9 Where misconduct in identified by a licensee from a planner, they must let clients know, and remediate the client. 4.11 Licensees will have license obligations added to co-operate with AFCA. This is a contractual requirement between licensees and AFCA at present, but will become a license condition. 7.1 Introduction of a prospective compensation scheme of last resort – kicks in where licensees fail to compensate clients for EDR or court determinations.