Financial influencers (Finfluencers) are unlicensed people who discuss financial matters online and in some way influence their audience and or promote affiliate links. They have been in the news lately mostly because of a recent ASIC crackdown over concerns that many are providing unlicensed financial advice. Not every statement made online by an unlicensed online […]
As a private tutor helping hundreds of advisers prepare for the national adviser exam, I have seen first-hand the immense struggle of many older advisers and sadly, I have witnessed the physical, emotional and financial toll it has taken. The government’s blunt instruments in administering the exam have been the now-defunct FASEA, and now ASIC. […]
Please read the advice warning below this article. Superannuation is so much more than a financial product. It is the start of a ‘strategy conversation’ that can be used to reach into every aspect of a client’s financial life. Think about it. If you undertake even the simplest ‘superannuation review’ you will address the following […]
The removal of grandfathered commissions, a decrease in insurance commissions and a rise in compliance and ASIC costs has forced a lot of smaller product-based practices to rethink their business model. An obvious solution is to move to a fee-for-service model but this is often easier said than done. It is much more than a mathematical […]
Here’s why: (a) It’s part of your ethical obligations In December 2021, ASIC released an Information Sheet INFO267, titled Tips for giving limited advice. Although ASIC uses the term ‘limited advice’, it is referring to ‘limited personal advice’ (i.e. scaled advice). In the section, sub-titled, “Revising the subject matter of advice”, the following example appears: […]
Many advisers struggling to pass the adviser exam have asked me what I think of the option of transferring to a general advice licensee. This is a way of circumventing the need to pass the FASEA adviser exam because the Code of Ethics only applies to personal advice provided to retail clients. The Code doesn’t […]
The adviser exam is pitched at AQF7 level, which is basically 1st year University standard. To pass, you will need at least 65%. Unlike University exams where the lecturer and / or tutors set and mark the exam, the open-ended questions are farmed out to contract markers who did not set the exam. Therefore, the […]
A lot of advisers ask me how much time to devote to study in preparation for the adviser exam. It really depends how much lead time you are giving yourself. That is, how many weeks before the exam will you start to study. In my view, the ideal is 12-weeks. I know this time frame […]
Enormous changes that would normally take 20 years to filter through any other industry are currently being crunched though the financial advice industry in a very condensed time frame. Older advisers are being hit the hardest and it is taking a toll. But the pain is by no means over. Whilst passing the adviser exam […]