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Why have previous attempts to bring robo-advice to the masses in Australia failed?

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According to Rod Bristow, the chief executive officer of Clime Investment Management, many of the robo-advisers who have stepped into the Australian market “have tried to solve an advice problem as well as tack on a product solution”, a combination he has considered to not be very successful.

Just last year, two Australian robo-advice offerings were voluntarily shut down by their parent companies after ASIC had flagged recommendations generated by the tools conflicted with client goals in some instances. 

“I think advice needs to stand alone,” he said.

“People need to be able to consume advice to solve a particular issue”, while the offering of products by an adviser needs to be treated separately, the CEO considered.

Mr Bristow has argued that the Australian market is unique with respect to financial service provision, in that “each of the big four banks has a very, very deep slice of their customers”.

If one of them wanted to launch a robo-advice solution, “they’re probably not going to offer a product from any other competitor”.

Even where the advice is offered in a compliant manner and has been delivered successfully, they’re still going to want those investments funneled into one of their own products.

Highlighting the level of vertical integration noted by the royal commission, Mr Bristow conceded that “there’s genuine discomfort in the marketplace”.

He considered that robo hasn’t been successful commercially because “you don’t have the structure of the US market where you have a large number of companies who have very big client bases who can offer diverse solutions”.

“Whereas if I’m a [big four bank in Australia], it’s not in my commercial interest to do that, so I think that’s probably the main reason why it hasn’t got off the ground.”

ANZ has recently divested itself from its wealth and advice interests, finalising its sale of pension and investment business offering OnePath. 

The news came after the Commonwealth Bank of Australia severed its ties to Colonial First State last year, as part of its strategy to become “a simpler, better bank”. 

The CEO did consider that “there’s definitely room” for robo-advice to work in Australia, as there’s a real need to “allow more Australians to access advice”.

But there’s “probably a couple of parts of the advice process that need to be streamlined to bring the cost of advice down”.

“There has to be a better way to deliver advice using technology that’s going to be able to lower that cost,” Mr Bristow said.

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Why have previous attempts to bring robo-advice to the masses in Australia failed?

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Society tells women that earning money, investing money and mastering money is men’s work. Removing this stigma is the first step to solving the gap between women and men financially, an industry expert has suggested.

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In celebration of International Women’s Day on 8 March 2020, nestegg is celebrating all things equality and the importance of recognising and realising women’s rights through a financial lens.

During a conversation with nestegg, Fox & Hare co-founder Jessica Brady explained the challenges women face financially and what they can do to improve their outcomes.

“The very first thing we need to do is remove the stigma that exists between women and money. We will never improve financial literacy if women continue to feel shame, guilt and fear about money,” Ms Brady said.

“Beyond this, ask for help! Ask your friends, family and colleagues what they think about money. What are their top tips? Where have they made mistakes and how can you avoid them? There are a huge amount of books, podcasts and online resources to help you start on your journey.”

The finance guru believes that it is important for women to start as soon as possible to take advantage of compound interest.

“One of the best ways to build long-term wealth and master money in your 20s is to understand your options when it comes to investing. Even on an entry-level or part-time salary, you can still start small and get your foot into the investment door. In fact, the sooner you start, the better off you’ll be in the long run. In a nutshell, start investing early, ladies!” Ms Brady said.

Ms Brady also noted the importance that women get what they are owed when they are younger to ensure they do not have problems later in life.

“Get paid your worth! Make sure you are being paid your worth for your role. Be proactive about asking for a review (make sure you outline the ways you have delivered quantifiable value to the business). Your employer is adding 9.5 per cent to your super every year; if you get paid more, there is more being saved for your longer-term needs,” Ms Brady said.

Finally, the co-founder explained women looking to get ahead should focus on superannuation strategies to secure their financial futures.

“Consider if you should sacrifice your salary sacrifice. Use pre-tax money to put into your super fund. There is a cap of how much can be contributed to super via concessional contributions, so do the numbers first to make sure it’s right for you,” Ms Brady said.

She advocates for women who have taken time out of the workforce to have children to consider splitting superannuation with their partner.

“Have you elected for your partner to split their super into yours for the period you are on leave (yes, you can do that)?” she said.

“The divorce rate in Australia is high, it’s not a nice nor romantic thought – but it’s an important one for each of us to consider. What would this do to your level of financial security and what is your strategy to ensure you have a level of financial independence?”

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Society tells women that earning money, investing money and mastering money is men’s work. Removing this stigma is the first step to solving the gap between women and men financially, an industry expert has suggested.

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A government proposal that would prevent super fund members from paying for financial advice through their superannuation has been slammed.

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First State Super’s chief executive officer, Deanne Stewart, has indicated that draft legislation that includes a proposal to remove the ability for members to pay for financial advice out of MySuper products could create unintended consequences for financial advice in Australia and “disadvantage those who need it most”.

MySuper is a superannuation initiative from the Australian government which places Australian workers in simple and cost-effective default funds where they have not selected their own.

While First State Super has expressed its support of any legislation that improves the transparency, governance and accountability of the financial services sector, Ms Stewart said the proposed laws risk creating a “two-tier system between the wealthy and low- to middle-income earners who may not be able to afford financial advice any other way”.

“Any legislation that creates a barrier for Australian superannuation fund members to access quality financial advice is not in our members’ or the community’s best interests,” she argued.

Acknowledging that MySuper products are designed to be simple, the CEO said: “That doesn’t mean that members in these products don’t require the same advice and guidance to navigate our complex retirement system.

“Advice is product agnostic and is a critical service that should ultimately provide peace of mind and confidence to members, in addition to a better financial outcome.

“Every day, we see how the right advice, at the right time, really does change our members’ lives.”

Highlighting research that “clearly shows” that most Australians think they need financial advice, she noted that the biggest barrier to seeking advice is the cost.

First State Super members are teachers, nurses, police, firefighters, paramedics and other government workers, Ms Stewart noted, adding that “for many, their retirement goals are modest”.

“They simply want the confidence and peace of mind to pay down debt, cover their day-to-day living expenses, maintain their current lifestyle and remain connected to family, friends and the community they have spent a lifetime caring for and protecting.”

According to the CEO, a third of First State Super members currently pay for advice through their MySuper product “and may not be able to afford it any other way”.

She said without this timely advice, “many may feel compelled to remain in demanding jobs for longer than they feel able, simply to make ends meet”.

A head of wealth management recently argued that superannuation funds may be needed to take up the slack of advice provision as banks exit the financial advice sector.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-03-03 01:28:29" ["slug"]=> string(60) "14704:accessing-financial-advice-could-become-more-difficult" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "312:advice" ["event"]=> object(stdClass)#3760 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(349) "

A government proposal that would prevent super fund members from paying for financial advice through their superannuation has been slammed.

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A new class action will be filed in the Federal Court against a financial institution accused of providing incentives and commissions to financial advisers at the expense of providing clients with objective advice.

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Shine Lawyers has announced its imminent filing of a class action against AMP Life Ltd, AMP Financial Planning Pty Ltd and two subsidiaries, Charter Financial Planning Pty Ltd and Hillross Financial Planning Pty Ltd.

It has alleged that AMP Financial Planning – through authorised representatives and subsidiaries – breached its fiduciary and statutory duties to an estimated 100,000 clients by failing to provide objective financial advice.

It alleges that AMP therefore failed to act in the best interests of clients.

Shine Lawyers indicated it will also allege that AMP Life “was in knowing receipt of gains made by the sale of inflated insurance by the AMP financial advice licensees and their authorised representatives”.

The action will claim advisers were “employed” by AMP Financial Planning subsidiaries and received commissions and other incentives for recommending insurance through AMP Life.

According to the firm, the class action is open to anyone who obtained an AMP Flexible Lifetime Policy, which includes death, TPD, trauma, income protection and business protection insurance from 2013 on the recommendation of licensees and representatives from AMP Financial Planning, Charter Financial Planning and Hillross Financial Services.

Jan Saddler, the head of litigation and loss recovery at Shine Lawyers, said advisers received commissions and incentives despite knowing clients could obtain equivalent or better policies with lower premiums through other insurers.

“AMP has encouraged and incentivised its financial advisers to prioritise personal gain above their professional obligations,” she said.

“The clients, who should have been AMP’s primary concern, have been financially disadvantaged as a result,” the lawyer added – noting clients slugged with excessive premiums as deserving of compensation.

She considered it as “unacceptable that hundreds of thousands of Australians who thought they were getting objective financial advice have instead been ripped off”.

“AMP Financial Planning and its authorised representatives have breached the trust of clients who relied on their advice to make decisions about their personal insurances,” Ms Saddler concluded.

AMP has already been in legal trouble this month – the Federal Court ordered the wealth giant to pay up a $5 million penalty for failing to prevent its financial planners from engaging in insurance churn. 

Just last month, the financial institution was also revealed to be placing refunds for fees for no service into new superannuation accounts instead of asking members where the money should be directed. 

The new class action comes after Shine Lawyers filed a case last month against Colonial First State Investments, which claimed hundreds of thousands of fund members had their superannuation eroded by excessive insurance premiums and had not acted in the best interests of members. 

The same week, Maurice Blackburn filed an action on behalf of 330,000 NAB super fund account holders that alleged breaches of super trustee duties and the causing of substantial losses for members.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-12 01:29:24" ["slug"]=> string(50) "14569:objective-advice-at-core-of-new-class-action" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "312:advice" ["event"]=> object(stdClass)#3763 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(414) "

A new class action will be filed in the Federal Court against a financial institution accused of providing incentives and commissions to financial advisers at the expense of providing clients with objective advice.

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Nearly $750 million has been paid or offered to individuals who have suffered loss or detriment because of non-compliant advice and fees for no service since ASIC undertook major reviews in 2015.

Write comment (0 Comments) " ["fulltext"]=> string(2654) "

AMP, ANZ, CBA, Macquarie, NAB and Westpac have all been part of the review and remediation programs.

The reviews looked into how effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice, as well as the extent of institutional failure to deliver ongoing advice services to financial advice customers who were paying fees to receive those services.

How has your financial services provider fared?

AMP

As at 31 December 2019, AMP had paid out $26,654,023 in compensation to 1,987 individuals for non-compliant advice.

It had also forked out $140,459,870 to 193,167 for misconduct associated with fees for no service.

ANZ

According to ASIC, ANZ has spent $36,205,259 on compensating 1,777 customers for non-compliant advice.

It’s also offered up $59,415,383 to 21,184 people who have suffered through fees for no service.

CBA

A total of 628 Commonwealth Bank customers have been compensated $9,386,454 for the provision of non-compliant advice.

The bank has also made efforts to compensate more than 50,000 customers for fees for no service misconduct: 50,576 individuals sharing in $164,846,374 compensation.

Macquarie

Macquarie’s data set is incomplete – ASIC noted that it had accepted an enforceable undertaking in January 2013 from a subsidiary of Macquarie Group that would see it undertaking work “largely consistent with the aims of ASIC’s review”.

As at June 2017, the financial institution had paid approximately $24.7 million in compensation to 263 clients.

It’s also paid out (or offered) $2,583,645 to 734 customers for fees for no service misconduct.

NAB

By far capturing the largest number of customers, NAB has had to spend $39,944,208 to compensate 1,294 customers who suffered through non-compliant advice.

It has also offered remediation to a whopping 586,961 individuals who suffered through fees for no service misconduct – to the value of $163,862,768.

Westpac

The big four bank has remediated 1,365 individuals to the value of $29,680,142 for non-compliant advice practices.

A further 19,441 customers have been offered compensation to the value of $76,686,356.

All up, 7,051 customers have been compensated $141,870,086 for non-compliant advice.

A further 872,063 individuals have been compensated or offered $607,854,395 for misconduct related to fees for no service.

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Nearly $750 million has been paid or offered to individuals who have suffered loss or detriment because of non-compliant advice and fees for no service since ASIC undertook major reviews in 2015.

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Mortgage brokers are now legally required to act in the best interests of their clients, thanks to the passing of legislation through both houses of Parliament this week.

Write comment (0 Comments) " ["fulltext"]=> string(2284) "

The Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers [2019 Measures]) Bill 2019 was passed on Thursday, 6 February 2020.

It requires credit licensees and representatives to act in the best interests of the consumer in relation to credit provision and assistance.

Credit representatives will also now be required, by law, to give priority to the consumer’s interests if they are aware of any conflict between the consumer’s interests and their own interests.

The act also aims to address conflicted remuneration for mortgage brokers.

The bill implements recommendation 4.2 and recommendation 4.7 from the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The bill digest outlining the legislation said “the bill largely puts in place various recommendations of the Hayne royal commission – with one exception”.

That exception relates to conflicted remuneration and Hayne’s recommendation 1.3 from his final report, which called for the borrower, not the lender, to pay a fee to the mortgage broker for acting in connection with home lending.

The new regulations as outlined in the legislation will require the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan amount.

Speaking in the Senate about the bill before its passage, Senator Richard Colbeck explained that in addition, the period over which commissions can be clawed back from aggregators and mortgage brokers will be limited to two years, and passing on this cost to consumers will be prohibited.

“After careful consideration, the government decided to delay consideration of aspects of commissioner Hayne’s recommendations for mortgage brokers – namely, moving to a borrower-pays remuneration structure – until a review is carried out in three years’ time,” he outlined.

Despite this, the legislation does serve the purpose of banning campaign and volume-based commissions and payments, and cap soft dollar benefits.

Any failures to meet best interests or conflicted remuneration obligations could see brokers hit with penalties of more than $1 million.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-07 01:28:33" ["slug"]=> string(63) "14546:mortgage-brokers-now-legally-bound-by-best-interests-duty" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "312:advice" ["event"]=> object(stdClass)#3769 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(385) "

Mortgage brokers are now legally required to act in the best interests of their clients, thanks to the passing of legislation through both houses of Parliament this week.

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