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A Sydney-based digital advice licensee has voluntarily shut down its digital advice tools after concerns were raised about the quality of advice they were providing to clients.

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ASIC reported that it held concerns about the levels of inquiry made by the online tools about client objectives, financial situation and needs after reviewing samples of advice files from Plenty Wealth and Lime Wealth.

The corporate authorised representatives of Lime FS Pty Ltd – Plenty Wealth Pty Ltd (Plenty Wealth) and Lime Wealth Pty Ltd (Lime Wealth) – are digital advice providers that are authorised to provide personal financial advice to consumers.

However, in some instances, recommendations generated by the tools conflicted with client goals or other recommendations that had been generated, ASIC flagged.

The corporate regulator said it raised its concerns with Lime FS about the quality of advice being generated, as well as the company’s ability to monitor the giving of such advice.

It has led to Lime FS making the decision to close down both tools for the foreseeable future.

Plenty Wealth provided advice around budgeting analysis, life insurance reviews, tax, investment and superannuation recommendations through an online tool.

Lime Wealth – also an online tool – provided guidance on the establishment of SMSFs, purchasing property through superannuation, the commencement and easing of pensions, and contributions into superannuation.

Commenting on the matter, ASIC commissioner Danielle Press said “digital advice tools offer a convenient and low-cost alternative to consumers who may otherwise not seek personal financial advice”.

“However, the advice provided through these tools must meet the same legal obligations required of human advisers – the advice must be appropriate to the client and comply with the best interests duty,” she continued.

She further highlighted that ASIC expects AFS licensees and financial advisers using or recommending digital advice tools “to ensure that they adequately monitor and test the advice for quality and appropriateness”.

ASIC has told consumers who might be concerned about the advice they have received from these services to lodge a complaint with Lime FS via its internal dispute resolution process, notify the Australian Financial Complaints Authority of a dispute, or contact your current financial adviser or a lawyer for advice.

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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) "2019-10-21 01:25:08" ["slug"]=> string(33) "13972:robo-advice-not-quite-right" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "312:advice" ["event"]=> object(stdClass)#3043 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(185) "

A Sydney-based digital advice licensee has voluntarily shut down its digital advice tools after concerns were raised about the quality of advice they were providing to clients.

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The government has passed new laws through Parliament that will soon end the payment of grandfathered conflicted remuneration to financial advisers.

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Under the legislation passed through Parliament on Monday, 14 October, grandfathered conflicted remuneration will be banned from 1 January 2021 and product issuers who continue to use such remuneration strategies will be required to rebate such costs to consumers.

The Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Bill 2019 is in response to a recommendation from the final report of the Hayne royal commission, which demanded ending the remuneration technique.

As part of the change, the government has also directed ASIC to monitor and report on the extent to which product issuers are acting to end the grandfathering of conflicted remuneration in the period between 1 July 2019 and 1 January 2021.

The legislation was first tabled in Parliament at the end of July 2019. 

The Association of Financial Advisers (AFA) has previously said the grandfathering ban leaves advised clients at risk of being worse off, subject to additional expense and/or losing access to their financial adviser. 

“We are deeply disappointed at the lack of analysis on the impacts of this reform and the lack of communication and guidance for impacted clients and advisers. At this stage, there will be many thousands of cases where a sensible solution is simply not available,” AFA chief executive Philip Kewin said.

However, the Financial Services Council welcomed the legislation, with chief executive Sally Loane saying the FSC has been consistent in its support for ending grandfathered conflicted payments.

“It is encouraging to see the government acting promptly on the royal commission implementation roadmap and delivering on Recommendation 2.4, which is expected to benefit Australian consumers,” Ms Loane said.

“This is consistent with the FSC position of enhancing confidence in a strong, sustainable financial services sector, that serves Australians with integrity.”

 

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The government has passed new laws through Parliament that will soon end the payment of grandfathered conflicted remuneration to financial advisers.

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Improving financial literacy is key to helping Australians reach financial goals and achieve a more comfortable future, a financial institution has said.

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According to AMP, while financial literacy is no silver bullet, good financial literacy is associated with being more willing to address financial issues and getting finances in order. 

This leads to better outcomes for consumers who are more actively engaged with their finances. 

AMP’s chief client officer, Ant Dureau, said it is negative feelings about people’s finances that are stopping them from attempting to improve or gain financial literacy.

“We don’t like people to see how disorganised we are and we’re not prepared to get help until our knowledge of money and our finances are at least presentable,” Mr Dureau explained.

He said the financial world is only becoming more complex, with consumers struggling to know how much super they need, how much can they borrow and what type of insurance they need.

AMP’s findings reflect the recent study by comparison site Compare the Market that showed Aussies are failing at financial literacy, with an average score of 48 out of 100.

It considered that “there has been a marginal drop across financial capability and willingness; however, the average Australian remains reasonably capable in basic financial literacy and pretty motivated with their finances”. 

But “when it comes to being financially sophisticated, the average Australian has fallen further in 2019”.

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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) "2019-09-25 02:30:13" ["slug"]=> string(42) "13848:the-importance-of-financial-literacy" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(10) "312:advice" ["event"]=> object(stdClass)#3047 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(353) "

Improving financial literacy is key to helping Australians reach financial goals and achieve a more comfortable future, a financial institution has said.

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Your accountant might soon be able to dish out financial advice, if proposed reforms to licensing from the Institute of Public Accountants (IPA) are accepted.

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A statement from the professional accounting body noted that the Future of Financial Advice legislation “has failed to deliver affordable financial advice, denying many people access to appropriate advice leading into their retirement”.

It indicated that “all Australians should be able to get limited financial advice and support from their trusted adviser, the accountant”.

Commenting on the need for a limited financial advice model, IPA’s chief executive officer, Andrew Conway, said that “the Productivity Commission observed that 48 per cent of Australian adults indicated having unmet financial advice needs”.

“So, obviously there is an advice gap in Australia which needs to be addressed,” he said.

The CEO explained: “The IPA has developed a revised financial services licensing regime for accountants which recognises their existing qualifications and experience.

“Our members are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training.

“It, therefore, makes perfect sense for public accountants to fill the financial advice void, unshackling them to have genuine discussions with their clients.

“We believe it is the right time to introduce a new, extended accountants’ exemption.”

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Your accountant might soon be able to dish out financial advice, if proposed reforms to licensing from the Institute of Public Accountants (IPA) are accepted.

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Four in five Gen Z and Gen Y Australians would value the opportunity to consult with a financial planner if the cost of the service was gifted to them, new research has shown.

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The statistics from the Financial Planning Association of Australia (FPA) showed the 80 per cent enthusiasm rate from Gen Z and Gen Y people has outstripped the national average across all age groups, which is still quite high, at 57 per cent.

According to the FPA, the results indicate a “strong overall positive desire for professional money and life help to create a financial plan”.

It’s an indication that Maryanne Cummins agreed with.

The mother of a Gen Z child, she gave her daughter the opportunity to meet with a professional financial planner for her 22nd birthday.

“There’s a real need for young people to get the benefit that financial planning can offer when they’re just starting out on their journey,” she said.

“With all the talk of how hard it is for young people to buy a home now, they could really do with professional support from someone who can talk through their options,” Ms Cummins continued.

The mother considered that such advice can also “help them feel more in control of their future and also improve their financial literacy, empowering them to make better choices with money”.

Marisa Broome, the chair of FPA and a practicing certified financial planner herself, said, “Many parents and grandparents want to inspire the younger generation to seek the advice of a professional financial planner, but are unsure how to do so.”

Ms Broome said she had offered gift vouchers in her practice for a number of years.

“It’s so rewarding to see the intergenerational ripple effect of good financial advice,” she exclaimed.

The association’s CEO, Dante De Gori, noted that “four in five Australians aged 18-39 are keen to work with the emerging breed of financial planning professionals who are committed to nationally mandated higher levels of education, ethics and accountability”.

“We stand with Australia for a better financial future, and on behalf of our 14,000+ FPA members, we welcome the opportunity to help more people, from every life stage, create a financial plan that helps them achieve their money and life goals and gives peace of mind for the future,” he said.

It comes after the FPA revealed that Australians spend $1,200 annually on gifts, at a collective cost of $19.8 billion per year. 

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Four in five Gen Z and Gen Y Australians would value the opportunity to consult with a financial planner if the cost of the service was gifted to them, new research has shown.

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Individuals and businesses that require financial services may choose to seek a licensed professional to help them settle financial transactions. But there are many special designations that can make selecting the most appropriate financial services professional more difficult than they expect – especially for individuals acting on their personal financial needs.

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Here’s a short list of financial planning designations to help you determine the most appropriate professional for your personal or business needs.

Financial planning designations and what they mean

A professional designation is a recognition given to individuals who have satisfied a prescribed set conditions that reflects the industry’s standards of excellence(i.e., education, experience, etc.). Professional designations are usually shown as a series of letters representing a particular specialisation after the person’s name – you may even have encountered some of the ones we discuss below.

There are over 61,000 licensed financial advisers in the Australian Securities and Investment Commission’s (ASIC) database as of 13 December 2018. The professionals listed in the database have different designations, which makes selecting one from among them quite difficult.

Meeting different professionals may also be confusing if they have different specialisations and designations. 

But you may wish to narrow down your initial interview selection to the following five designations:

• Certified Financial Planner (CFP)
• Chartered Financial Analyst (CFA)
• Chartered Life Practitioner (ChLP)
• Chartered Wealth Manager (CWM)
• Certified Public Accountant (Financial Planning Specialisation) (CPA(FPS))

Certified Financial Planner (CFP)
The certified financial planner or CFP designation requires a degree in a relevant financial education course and at least a full-year of industry experience.

Like the CFA designation, professionals must also master financial planning subjects and pass two rigorous exams before they can acquire the CFP designation. The CFP designation also requires professionals to abide by the strict CFP code of ethics and agree to pursue continuing education.

CFPs are knowledgeable and experience financial planning including but not limited to:

• Retirement planning
• Estate planning
• Debt Management
• Investment strategies
• Superannuation
• Risk management

Consult a CFP for general advice or if you want a holistic approach to financial planning.

Chartered Financial Analyst (CFA)
The chartered financial analyst or CFA designation is the highest designation that a financial services professional can achieve. It’s also one of the most difficult designations to acquire.

To gain the CFA designation, professionals must have a bachelor’s degree related to finance and experience in the financial services profession before they can even enroll in the CFA program. Then they must pass a set of three rigorous examinations that has an overall passing rate of 44 per cent since 1963.

CFAs may offer financial planning services to individuals, but many work in companies and focus on financial and risk analysis. What makes CFAs attractive to individual clients is their expertise on the financial and investment markets due to the rigorous training, testing and continued education CFAs had to go through to receive their certification.

A CFA is one of the go-to professionals for business owners.

Chartered Life Practitioner (ChLP)
ChLPs are financial service professionals who specialise in risk advising.  They practice risk assessment and management by creating financial and business risk strategies and solutions for their clients.

According to the Association of Financial Advisers (AFA), the ChLP designation provides professionals with a comprehensive knowledge so that they can transform academic studies to practical business outcomes.

ChLPs are best suited to advise business owners and individuals who are thinking of starting their own business.

Chartered Wealth Manager (CWM)
CWM is a globally recognised certification that equips financial professionals with the knowledge to develop and manage financial plans and investment portfolios.

Professionals with the CWM designation are knowledgeable about various types of investment assets, financial products, portfolio management, debt management, real estate, taxation, trusts and intergenerational wealth transfers, among others.

Approach CWMs for personal or business financial and investment advice, specifically when it comes to financial and/or investment objectives and strategies.

Certified Public Accountant (Financial Planning Specialisation) (CPA (FPS))
CPAs are financial professionals who have the educational background, training and license to offer accounting, taxation, auditing and other financial services to individuals and businesses. Some CPAs, however, may choose to focus their services on financial planning.

Qualified CPAs who are also licensed financial planners may apply for the CPA (FPS) designation if they have completed the requirements set by CPA Australia. These requirements include:

• Background education on financial planning
• Background on taxation studies (Registered Tax Agents in Australia are exempted)
• Three years of valid financial planning experience in the past five years

This means financial professionals with the CPA (FPS) designation are experienced experts on financial and tax planning and may cater to individual and corporate clients.

Financial Services Guide (FSG)

ASIC requires licensed financial advisers to provide potential clients with a document called the Financial Services Guide (FSG). The FSG outlines all the services that the adviser is licensed to provide and their limitations.

If you’re still interviewing potential advisers, it’s important that you read and understand this document so you can be sure that the professional you hire will be able to provide all the services you require.

Explore Nest Egg for more information about financial planning.

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Individuals and businesses that require financial services may choose to seek a licensed professional to help them settle financial transactions. But there are many special designations that can make selecting the most appropriate financial services professional more difficult than they expect – especially for individuals acting on their personal financial needs.

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