How super changes impact insurance and estate planning
The introduction of the $1.6 million transfer balance cap, effective from July 1 this year, will impact the estate plans of many superannuation members. This article reviews the role of insurance as...
View ArticleA tough day in the royal office for Henderson Maxwell
A gripping day at the Royal Commission on 24 April 2018 saw the focus on poor advice shift from the major banks and AMP to a smaller ‘independent’ financial advice business, Henderson Maxwell. Sam...
View ArticleWhere does financial advice need to head?
Unless the obvious ‘elephant in the room’, the product/advice conflict, is addressed head on, any attempt to respond to the Royal Commission’s exposure of poor behaviour and inappropriate advice with...
View ArticleRoyal Commission 3: A ban on all percentage-based fees?
In Round 1 of the Royal Commission mortgage broking interviews, the Commissioner asked why the industry does not operate on a flat administration fee paid by the client. This would address the broker...
View ArticleRoyal Commission 4: Perverse incentives create perverse outcomes
“The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit....
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Royal flush: 15 questions to ask a financial adviser now
The Royal Commission has highlighted some appalling financial advice practices. Transparency, greater professionalism and higher standards are required. Corruption, cronyism and incompetence must be...
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It’s as much Smashing Pumpkins as smashed avocado
There is no greater accolade for a social commentator than having an idea enter the national lexicon. So it was with due pride that demographer Bernard Salt showed his unmitigated delight at the way...
View ArticleNew investment suitability rules must flow from Royal Commission
Australians are ball-tampering convicts to many people in London, from where I’ve viewed the Royal Commission. Unfortunately, the evidence seems to support that opinion. No-one is surprised by the...
View ArticleProspect theory applied to retirement planning
Most of us know that buying a lottery ticket is a waste of money. The chances of winning are so remote as to be unachievable, yet most of us have probably bought a lottery ticket at some point in our...
View ArticleASIC is not soft: who’s next in line for scrutiny?
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the financial advice and lending practices of AMP and the major banks, emerging patterns teach us that...
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Talk to your family about ageing and your will
Parents are often uncomfortable talking to their adult children about personal matters, but there are many benefits in having such a conversation. It should include our investments and more generally,...
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CBA waves white flag on wealth management
In 2000, when CBA bought Colonial State Bank and its wealth manager, Colonial First State (CFS), CBA hired me as a consultant on the deal. One of my roles was to determine how much funding CBA could...
View ArticleHow a carer inherited an estate
Do you or your parents have a cleaner or a carer? Don’t get us wrong, we think that properly-paid cleaners are a good thing and properly-paid carers deserve their place in heaven. However, just as...
View ArticleWhy more financial advisers are moving to ‘independence’
The flight to ‘independence’ from major institutions by financial advisers has been a developing theme over recent years and it is set to continue. The findings of the Financial Services Royal...
View ArticleFour drivers of growth in managed accounts
Since 2004, when ASIC promulgated the Managed Discretionary Accounts (MDA) Class Order, managed accounts were set to be the next big thing. Over the past three or four years that promise has started to...
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Strangers to themselves in retirement
Behavioural economics has revealed the vast gulf between what people say they want and how they behave. It makes life challenging for financial planners, superannuation funds and financial institutions...
View ArticleCan you cover healthcare costs in retirement?
This article is the first in a series written by leading retirement website, YourLifeChoices. It reports on the major healthcare burden of many retirees and governments. Every 1 April, retirees with...
View ArticleCuffelinks articles on Labor’s franking policy
Cuffelinks continues to receive emails from readers asking about Labor’s franking credits policy. Rather than respond in detail individually, we have collected 15 articles into one resource for people...
View ArticlePersonal reflections on the history of CFS
Editor’s note: On 22 August 1988, an accountant named Chris Cuffe joined First State Fund Managers (FSFM) at the age of 28, shortly after it had commenced managing $300 million of internal State Bank...
View ArticleLucy Brogden on the link between mental and financial health
How can financial institutions care for customers in a way that goes beyond the balance sheet? If you were to ask financial services executives what role the sector plays in our society, some might...
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