Call general advice 'sales': CBABY ALICE URIBE | FRIDAY, 29 AUG 2014 12:55PMThe Commonwealth Bank of Australia has recommended there be changes to the way that 'advice' is described in its second round submission that responds to the Financial System Inquiry's (FSI) Interim Report. Related News |
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New recruits top advice industry priority: FAAA
The industry is urgently prioritising the recruitment of new advisers as those who remain bear the brunt of paying heftier levies that aggravate the costs of running a business and puts financial advice further out of reach for Australians.
ASIC takes action against Guildfords FM, director
ASIC has cancelled the licence of Guildfords Funds Management and banned its managing director Robert Payne for their involvement in the collapse of Magnolia Capital Group.
ETF price war heats up
Leading exchange-traded product (ETP) investment managers - Vanguard, Betashares, BlackRock, and VanEck - which command about 70% of the Australian market, reduced their asset-weighted fees by 8% in the 12 months to March, according to Rainmaker Information.
Local Aviva Investors managing director to exit
Aviva Investors will farewell its local managing director following a decision to manage distribution from Singapore.
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Featured Profile
Phil Usher
CHIEF EXECUTIVE OFFICER
FIRST NATIONS FOUNDATION
FIRST NATIONS FOUNDATION
Taking a gamble to steady the ship as chief executive of First Nations Foundation, Phil Usher has turned it into a more secure, self sustaining entity, far better equipped to empower First Nations people to achieve financial prosperity. Andrew McKean writes.
"Hurry, hurry, hurry. Step right up folks, it's FOFA when you are not having FOFA."
"We, the 'big 4 banks' have a deal for you. None of that nonsense about Best Interests. We wont bother you with personal advice, just a quickie insurance product flog at the tellers window. No intrusive personal questions for you sir or madam. Trust us - after all we are a bank.
"No medicals, or questions on your sex life sir. Buying one of these Is quick and convenient sir - here are just some of the insurance goodies we have been building while others were distracted. We figure you would rather get ripped off by a bank and not one of those nasty TV ads, so we have a suite of products ready for our customers.
"What's that sir, you already have one of our insurance products with the same corporate logo from your adviser. Wouldn't sir like to save money - better in your pocket sir, and the products all do the same job. And madam I am sure you would like your own personal 1300 number for your claim "
Save the insurance industry from itself - BAN GENERAL ADVICE