Hayne Royal Commission

Wouldn’t you think that after decades of debate around the need for industry reform, given conflicted practices and inadequate education standards, the penny may have dropped that change was inevitable and the outcomes reasonable? But for those driven by their own greed and self-interest, this is clearly not the case.

The reform of education standards requiring a minimum bachelor’s degree became effective on 1 January 2019 for new entrants to the financial planning profession and by 1 January 2024 for existing advisers.

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.

Hayne Royal Commission

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.

Hayne Royal Commission

The final report includes 76 wide-ranging recommendations, and all will be adopted by current and future Governments.

In reviewing the recommendations, particularly focusing on those that will directly impact the provision of financial advice and products, the following are worthy of highlight:

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.

Hayne Royal Commission

In the first instance, we had the knee jerk reaction of an annual exam for all financial planners to prove competence. It has been proposed that this test consist of a 2-3 hour annual exam, set at degree level, to test practical application of advice and ethics. But this follows recent legislation that increased the education standard of financial planners to a minimum degree based standard and an overall education regime.

The new exam proposal is a totally useless piece of government window-dressing, which will be extremely costly and logistically difficult to implement.

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.