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We have deep experience and an unmatched passion for improving the value of our advice and finding practical solutions for our clients.
‘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.
Better days for advisers will come with resourcing, unity and technology
With a slight respite in regulatory change there is now an opportunity, for the remainder of 2022, to take a breath and think through how we respond in a smarter way with all parties involved. This is where going back to root cause and addressing resourcing, unity and technology are key.
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.
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.
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.
Royal Commission recommendations are due for implementation in 2021 - have you prepared?
As part of the Royal Commission recommendations, there are a raft of changes coming our way, including independence declaration, the banning of advice fees inside MySuper products and the widening of reference checking processes industry wide. These changes will all require some level of action to accommodate, but there are two changes which we believe are most significant that licensees should start acting on now (if they haven’t already) which are the breach reporting and ongoing fee arrangement changes.
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