Blog
Tangelo Talks: Andy Reynolds on supporting advice clients who have had successful TPD claims.
Financial advisers should be really careful in giving advice to a client who is making a TPD claim as there is a lot of complexity and considerations in how the payment is made.
In the latest episode of “Tangelo Talks” Conrad Travers sits down with TPD and Injury claims specialist Andy Reynolds (also a practicing financial adviser) to talk through some of the myriad traps advisers and lawyers who don’t understand this area thoroughly can fall into, for example, Centrelink and tax implications.
Tangelo Talks: What is the Pro Bono Advice Network
We all know that the power of good financial advice.
Tangelo's Conrad Travers spoke with Nicola Beswick of FMD Financial about the Pro-Bono Advice Network which is doing incredible things for Australians in their time of need.
To learn more and get involved visit www.probonoadvice.com
Are you one of the 89% of the Licensee population who hasn’t lodged a breach report to ASIC?
ASIC’s Report 775 released on 31 October shows that only 11% of licensees have lodged a report. This is a surprisingly low number and suggests that some licensees may not have in place the systems and processes required to detect and report breaches. Do you?
7 deadly sins and the advice process
What do the Seven Deadly Sins have in common with the Advice Processes? We explored the common sins we see causing ineffective advice processes and what businesses should be focusing on.
Government announces QAR response
Conrad Travers shares his thoughts about Minister Stephen Jones today’s announcements in mid June 2023 regarding the government’s response to the Quality of Advice Review (QAR).
A summary of the government’s response; assuming this passes the legislative process:
Safe harbour removed from BID.
Ongoing fee renewal (FDS) removed and fee consent to be consolidated in one industry wide form.
SOA replaced with "fit for purpose" advice record
Wholesale warnings to come in
Consent requirements for life, general and CCI
Tax deductibility advice ‘a step in the right direction’
“With an Australian Tax Office (ATO) review underway to make financial advice tax deductible, Tangelo Advice Consulting’s Conrad Travers has reiterated why this would be a positive step forward for the industry.
Though Travers, who had been involved in the ATO’s review and update of TD95/60 along with Deloitte legal practitioner director James Alsop, couldn’t offer explicit details on the review, he said: “We are really hopeful that a good portion of ongoing fees will be tax deductible as a result of that efficacy”. “We feel like this is a really strong step in the right direction, and we're going to keep advocating on your behalf,” he told audience members at the 2023 United Association Roadshow.”