Like, many people, we were shocked to hear that Dover Financial Advisers has announced the closure of its AFSL, with it’s 400+ Authorised Representatives unable to provide new advice, effective from Friday 8th June 2018.
If you are an adviser with Dover, you definitely need a new home!
We know from the work done with other advisers that changing dealerships at any time has a big effect on advice firms….even more so now when there is pressure to move….and move quickly.
We are happy to hear from you if you are looking for a new dealership. If you are an adviser who genuinely wants to do the best by your clients, we may be a good fit for each other. We do expect a high standard, a “no dickhead policy” if you like! To save your time and ours please review our onboarding requirements here.
One of the first things we would advise you to do NOW is to arrange a compliance reference from Dover ASAP. We offer a form to help with this here
We have a FAQ page which will help to answer some of your initial questions before you call us.
Once you’ve done your research, please feel free to give me a call on 0409 666 065 or send me an email at firstname.lastname@example.org.
The Financial Adviser Standards and Ethics Authority (FASEA) has today released further guidance on new education requirements.
Advisers with a Bachelor Degree in a related field (Accounting, Financial Planning, Financial Advice, Business, Commerce, Law or Economics) will need to complete a bridging course of three study units to meet the new education standards. (FASEA have said this will equate to less than one year of study if taken part-time).
Advisers with a Bachelor Degree and a Postgraduate Qualification in a related field will only need to complete a one-unit bridging course covering the FASEA Code of Ethics.
All Advisers with either of these types of qualifications will be eligible for the relevant bridging course option. (Previously there was some talk of needing to have completed the degree within the last 10 years).
FASEA is working with higher education providers to develop the bridging course offerings with the aim to have several options available for the start of 2019. FASEA are also working to ensure ‘new’ Bachelor Degrees will include the new units of study.
This will allow five years for Advisers to complete any necessary courses before the 2024 deadline.
Advisers with a Diploma in Financial Planning will be required to complete an eight-subject Graduate Diploma before 1 January 2024.
Advisers with an Advanced Diploma in Financial Planning will be required to complete an eight-subject Graduate Diploma before 1 January 2024.
By way of reminder:
Existing Advisers (registered with ASIC before 1 January 2019) will need to:
1. Pass the exam before 1 January 2021.
2. Have a relevant bachelor or higher degree, or equivalent qualification before 1 January 2024.
3. Continue to comply with CPD requirements as per current requirements
4. Comply with the code of ethics and be covered by a compliance scheme before 1 January 2020.
New Advisers (registered with ASIC after 1 January 2019) will need to immediately:
1. Pass the exam.
2. Have a relevant bachelor or higher degree, or equivalent qualification.
3. Comply with CPD requirements
4. Complete a professional year of supervised work and training.
5. Comply with the code of ethics and be covered by a compliance scheme before 1 January 2020.
It is our understanding that General Advice providers do not fall under the Financial Adviser Standards and Ethics Authority and will be required to continue to comply with the ASIC Regulatory Guide 146. ASIC have announced they will be updating RG146, with no timeframe given as yet, however, as RG146 ceases to apply to Financial Advisers authorised to give Personal Advice from 1 January 2019, we can assume the update will come before that date.
As you all know the federal budget was released last night and we wanted to make sure that you’re across everything that’s relevant to you.
We have again teamed up with doodler to give you a down to earth infographic on how the budget may affect you.
No jargon and no politicians. Just the important stuff that you need to know…..as always, the devil is in the details.
If you have questions about how the budget may impact you, please feel free to reach out and talk to us.
The financial advice sector should move away from describing advice professionals as ‘financial planners’ or ‘financial advisers’ and adopt more descriptive definitions in order to demystify financial advice. While the two current terms are well understood by those who receive advice, those who do not receive advice consider advisers and planners differently and do not see the need to deal with them.
Click here to read the rest of the discussion with Fraser Jack on riskinfo….
Brexit is now a word planted firmly in everyone’s mind. Particularly now that the “retain or leave” poll last Thursday resulted in the UK voting 52% to leave the EU.
So after binge listening to several podcasts over the last 2 days and reading many article I can clearly state the background and immediate result of the decision is pretty much a monumental cluster f@&k. So to spare you I won’t go back over the why and wheres, the how and when as there are hours and hours of print, video and audio material available.
The real question is, what now?
Well, if you are currently part of David Cameron’s support team…you had better start making some career and financial decisions as you more than likely won’t have a job very soon, now that David has made the right decision to resign as UK PM.
For the rest of us it is very much a wait and see exercise. None of the key “leave” players e.g. Boris Johnson, have previously or immediately outlined any plan. This is clearly disturbing, particularly for the stock and investment markets. We all just have to watch and wait to see what is going to happen.
One thing for sure is the market has reacted (and will continue to react) and we will more than likely see some short to medium market volatility.
What does this mean to you and your investments?
Well, unless you need every single dollar you own cashed out tomorrow then we are very much in a watch and monitor pattern. You never know, there just might be some good buying opportunities over the coming days or weeks. The fundamentals for us here in Australia pretty much are situation normal….well other than we have a federal election looming next weekend. #DontForgetToVote
While our markets are affected by global events, mostly our market are local in nature.
If you are concerned, as always, I’m happy to take your call.
If anything really dramatic happens (not sure how more dramatic things can be compared to the Brexit) we’ll be in touch.
Recently riskinfo, one of the financial news outlet publishers, ran a “virtual roundtable” where 6 key people within the financial industry discussed Advice 2.0: Upgrading the advice process.
This topic is music to our ears as we see that the advice process is moving on and technology is slowing making it easier and more affordable for advice to be delivered. It was great to have Fraser Jack giving his insights.
The way we see it is, if we embrace change and if change can be used to help clients engage with how their money works then why not? Hopefully it will also help them to make the most of the money they have.
I know many advisers who are shit scared of what will happen when automated advice becomes the norm within Australia. Instead of looking at this as a threat, they should be looking at where and how they add value to their clients today.
Here is the link to the the virtual discussion: Riskinfo Roundtable: Advice 2.0