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Expect spike in tech costs next financial year
“Advice firms have also been warned that technology and software costs will rise considerably in the coming financial year, likely to be well above inflation.” Tangelo’s Selin Ertac and Conrad Travers joined Finura’s Peter Worn to discuss tech for advice businesses.
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Understanding the tax deductibility of advice fees
“The thing that’s exciting for me is that I think advisers are giving advice on taxation more than what they think. Most superannuation advice will be deductible,” Mr Travers said.
“They’ve clarified that for example, when you give advice to hold income protection outside of super that’s deductible, a lot of cash flow advice, a lot of investment advice, asset allocation will come back to tax in some way.”
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Joint submission to the Quality Advice Review
We welcome the opportunity to provide feedback on the Quality of Advice Proposals Paper published on the Treasury website 29 August 2022. As an overall comment, our three companies are committed supporters of a well-functioning financial advice industry and see the proposal as a significant step forward in terms of encouraging autonomy and professionalism in our industry.
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Mind the gap: Every Licensee has its compliance shortcomings
Over the past year, one of my clearest take outs from consulting to licensees and practices regarding compliance is that it’s almost never actually about “compliance”
Conrad Travers writes in Professional Planner
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Prepare for ASIC to focus on small end of town
Businesses need to plan for the fact that ASIC could come into their business. Explaining something away or saying “I haven’t done that sorry” no longer cuts it when you run a licensee. If they do come in, they are not going to worry about how you feel.