Aug 2, 2021 |

Team Update

Update on Fee Disclosures and renewals

Certainly feeling the compliance pressure as we embark on delivering our first Enhanced Financial Disclosure Statements this month. These statements will be sent out each month to clients as their annual anniversary falls (based on their Ongoing Service Agreement)

There is a lot of information that clients will be presented as we disclose services we have provided in the past 12mths along with the previous 12 months fees paid, fees expected to be paid for the next 12 months and relevant sign off’s on Ongoing Service Agreements and Consent Forms.

If you receive any client queries around this, please don’t hesitate to contact your Adviser or the Client Services team for any assistance.

ASIC Funding Levy will jump again

We have seen a significant increase in the levy over the last 2 years and it is set to rise again! ASIC has issued their projection for the ASIC Funding Levy for the 2020/21 financial year, and the cost per adviser is set to jump by approx. 30%.

Certainly a huge increase as the industry as a whole struggles with the loss of approx. 30% of its advisers, increasingly tighter regulatory controls and the effects of the pandemic.

FASEA exam

In 2018, the Financial Adviser Standards and Ethics Authority (FASEA) announced new mandatory educational requirements and professional standards for the financial advice sector.

Effective 1 January 2019, these changes set minimum education requirements for all practising financial advisers across the industry to ensure all advisers are held to the same level of accountability and professionalism.

As part of this all existing Advisers had to sit and pass the FASEA exam before 1 January 2022.

The exam is a required component of the education standard that all advisers are required to pass to provide personal financial advice to retail clients in respect of retail financial products.

Congratulations to the Prime Advisory team as they have all SUCCESSFULLY completed their FASEA exam!

Welcome to our newest Adviser – Gina McIntosh

We are delighted to introduce to you Gina McIntosh who has joined our growing Advisory team.

Gina joins the team as a Private Client Adviser, bringing with her over 20 years’ experience in Wealth Management & Financial Advice.

Most recently, Gina has been advising High Net Worth clients as part of a national Wealth Management firm. Importantly, apart from Gina’s client servicing and advice background, she also has extensive experience in intergenerational & inheritance wealth planning strategies including asset protection and the use of Self Managed Super Funds, all highly valued as part of delivering clients a complete financial service.

Gina is based in our Brisbane office and partners with Marcus Ainger and Nicholas Miller in assisting clients with their wealth management & financial service’s needs.

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A unique and personal service approach to support all your business advisory and personal wealth management needs.

Request a consultation