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Advice complaints on the decline but ‘getting more complex’: AFCA
Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User Tangelo in the media, Financial Advice Practices, AFSLs, QAR, Quality of Advice Review, Regulatory Reform Guest User

Advice complaints on the decline but ‘getting more complex’: AFCA

Tangelo Advice Consulting’s Conrad Travers was quoted in Money Management’s coverage of discussions at the FAAA’s 2023 United Association Roadshow in May 2023.

“Fellow panelist Conrad Travers, director and principal consultant of Tangelo Consulting, believed it was important in all this to make the actual advice the hero.

He said: “We need to balance out the efficiency you’re going to get with making sure the advice is actually clearly provided to the client. I would recommend new clients, even if they don’t ask for it, give them a simple summary of the advice. “It could be just five pages, [but] make the advice really clear — what are you recommending? Why are you recommending it? What are the next steps for the client?” He agreed with Singh that the client file was just as important as an actual advice document. “You’re probably sick of hearing of compliance about the file notes, but it’s going to become even more important. “Licensees will need to provide guardrails to advisers to explain to them how to get this win while protecting themselves but also treating the client with respect with a nice, simple summary of the advice,” he said. “

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Get to the point - clear advice will win out
AFSLs, Financial Advice Practices, Regulatory Reform, QAR, Quality of Advice Review, Tangelo in the media Guest User AFSLs, Financial Advice Practices, Regulatory Reform, QAR, Quality of Advice Review, Tangelo in the media Guest User

Get to the point - clear advice will win out

Tangelo Advice Consulting’s Conrad Travers was quoted in Professional Planner’s coverage of the Quality of Advice Review discussion at the FAAA’s 2023 United Association Roadshow in May 2023.

Tangelo Advice Consulting principal consultant Conrad Travers predicted licensees would adapt and lift the supervision and monitoring frameworks in place to make sure the advice being given is clear. “I would recommend for new clients, even if they don’t ask for it, to give them a simple summary of the advice,” Travers said. “That could be five pages and make the advice really clear – what are you recommending and what are the next steps to the client. Beneath that, cover off the additional scenarios that you might have considered just in summary format, then the risks and the fees. If you do that, that’s best interest.”

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‘Game changer’ ATO consultation on advice fees launched
Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User Tangelo in the media, Financial Advice Practices, Tax deductability, Advice Fees Guest User

‘Game changer’ ATO consultation on advice fees launched

Conrad Travers of Tangelo Advice Consulting has been working with the FPA to campaign for expanding tax deductions for financial advice fees. “We believe there is a strong case under both 8-1 and 25-5 for all financial planning fees to be deductible,” Travers says. “We believe that in our current environment, around 75 per cent of the strategies an adviser recommends have a tax component to them.” Travers says the firm looks forward to a potential win for advisers and their clients.

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Joint submission to the Quality Advice Review
AFSLs, Regulatory Reform, Financial Advice Practices, Compliance obligations, QAR, Quality of Advice Review Guest User AFSLs, Regulatory Reform, Financial Advice Practices, Compliance obligations, QAR, Quality of Advice Review Guest User

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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Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers
Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User Regulatory Reform, Compliance obligations, AFSLs, Financial Advice Practices Guest User

Tangelo’s submission for CP 332 - Promoting access to affordable advice for consumers

Tangelo has made a submission to the CP 332 - Promoting access to affordable advice for consumers ASIC consultation. Working across the industry, on behalf of a variety of clients, we have strong views on what should be done to make high quality advice available to all Australians who need it.

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Structural rethink needed for advice industry
Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User Tangelo in the media, AFSLs, Compliance obligations, Financial Advice Practices Guest User

Structural rethink needed for advice industry

One of the interesting insights to come out of the ‘How to Regulate Advice session at Professional Planner’s Best Practice Forum was ASIC’s assessment that licensees themselves were being too conservative around policy guidance. That is, it was observed that licensees were going far beyond ASIC’s guidance, which in some circumstances had been to the detriment of scaled advice.

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