POWERED BY MOMENTUM MEDIA
Intra-fund advice included in ASIC shadow shop
The Australian Securities and Investments Commission (ASIC) has announced it will begin shadow shopping retirement advice this year, which it says will target all advisers — including those from industry super funds.
In response to questions about whether the shadow shopping exercise would apply to all advisers in the retirement advice area, ASIC stated that there would be no exceptions.
“Essentially, anyone giving retirement advice could be shadow shopped,” said an ASIC spokesperson.
The Association of Financial Advisers chief executive Richard Klipin said he welcomed shadow shopping as an opportunity to get a fix on the progress the profession had made as a whole.
“The expectation of the advisory profession is that if ASIC is shadow shopping advisers in the area of retirement advice, then that’s exactly what they’ll do,” he said.
“It will be all advisers providing advice in the field rather than separating out certain types of advisers.”
Klipin also said he was pleased with ASIC Commissioner Greg Medcraft’s comments that it would not be an exercise in naming and shaming, and that it would involve an expert reference panel as part of the process.
“We’re keen that the shadow shop becomes the mirror to the industry and that the good work of advisers is recognised rather than some of the negative connotations and insights of previous shadow shops.
“I think the key way for shadow shopper 2011 to benefit the profession is that it’s done with the right spirit and the right intent,” he said.
AUTHOR
Ashleigh McIntyre
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
