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40% of Aussies may need advice very soon
This article has been taken from the NMP education library which has now moved to Advisely In our latest round of social research done on the effects of COVID, we found that almost 40% of all Australians are facing relationship strain over money – and history would tell us that many of those relationship problems will end…
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The danger zone between general and personal advice
This article has been taken from the NMP education library which has now moved to Advisely The breaches involved two Westpac phone campaigns allegedly encouraging customers to roll their superannuation into Westpac-affiliated super accounts. These campaigns, ASIC said, resulted in a $650 million boost in Westpac’s FUM…
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How do you define your value as an adviser?
This article has been taken from the NMP education library which has now moved to Advisely Ask a few random people what they think the purpose of financial advice is and you’re likely to get several different responses – perhaps something to do with insurance, maybe guidance on how to pick the right super fund and possibly…
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When an email becomes a regulatory hand grenade
This article has been taken from the NMP education library which has now moved to Advisely In the Westpac case the High Court found that despite the disclaimers provided by the bank, their phone-based campaigns constituted personal advice. While this decision essentially just clarified the law as it was already written, it…
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Are TikTok finfluencers friend or foe?
This article has been taken from the NMP education library which has now moved to Advisely Over the past few years, so-called “finfluencers” have exploded in popularity on social media. The portmanteau combines the concept of social media influencers – think oft-sponsored travelogues, fashion and lifestyle content – with…
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Advisers weigh in on why Australians are shunning advice
This article has been taken from the NMP education library which has now moved to Advisely A Money and Life Tracker survey identified that nearly half (41%) of survey participants believed that only they could be trusted with their finances. What's even more shocking is that just 9% of participants said that having a…
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Bureaucracy is ripping the heart and soul out of advice
This article has been taken from the NMP education library which has now moved to Advisely While that certainly came to pass, neither she nor anyone else could have predicted one of the main reasons why. COVID threw into stark relief the true extent of many Australians’ financial precarity, which prompted around 2.6…
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The old referral model is dead. Here’s what’s next
A long-held belief has been that the “dream team” experience of financial planning, broking, accounting and legal should all go hand-in-hand, with an account managed by the planner. Of course, many of these relationships have been developed in the past via referral agreements, where each of the parties refers to each…
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Advisers need to change their hook
This article has been taken from the NMP education library which has now moved to Advisely So what has this to do with the hook and advisers? Communicating in creative and authentic ways and showing customers the “story” of finance and how working with the industry can be transformational. Advisers need to tell authentic…
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The survival of advice will depend on digital partnerships
This article has been taken from the NMP education library which has now moved to Advisely The report, Human Touch in a Digital World, notes that to date “the focus of incumbent investment has been on solutions to improve adviser communications and transactions, such as improved application forms and policy administration…
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How advisers are slashing up to 30% of business expenses
This article has been taken from the NMP education library which has now moved to Advisely There are some green shoots, however. For the first time, there has been a concerted effort to try and drive the cost of financial advice down and make it more accessible. And anyone that runs a financial planning business knows that…
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Don’t get wiped out by the generational tsunami
This article has been taken from the NMP education library which has now moved to Advisely While it’s easy to get caught up in the seemingly endless waves of reform and inquiry hitting the financial advice industry, there remains a much stronger tidal force in the background – one that could sweep away client books and…
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Is the advice industry suffering from “change fatigue”?
This article has been taken from the NMP education library which has now moved to Advisely When Financial Advice Matters Group (FAMG) launched a separate business focused on corporate wellness education seven years ago, managing director Darren Smith became acutely aware of how much was missing from the general public’s…
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Will advice recover from the post-FASEA exodus?
This article has been taken from the NMP education library which has now moved to Advisely Having worked in finance and financial planning for over 30 years, the Story Wealth Management CEO has borne witness to multiple periods of upheaval in the advice industry – and, like her fellow travellers, has had to learn and…
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Rise of the machines
This article has been taken from the NMP education library which has now moved to Advisely It’s passed law exams at US universities, Victorian schools just banned access to it and you can use it to shoot the breeze with a cyborg Benjamin Franklin: GPT-3.5, the latest version of the artificial intelligence language model…