The ifa Show

Join us for an exclusive interview as ifa editor Maja Garaca Djurdjevic sits down with Financial Services Minister Stephen Jones. In this conversation, Minister Jones shares his candid assessment of the progress in financial advice, discusses his goals for the industry, addresses criticism surrounding his approach to the Quality of Advice Review, and delves into the role of superannuation funds, banks, and insurers in shaping the future of advice. Discover the minister's vision for the advice industry and his plans to inspire young Australians to pursue careers in this field. You'll hear:

• Minister Jones' reflections on his commitment to addressing industry issues and the progress made during his first year and a half in government.
• Insights into the legislative timeline for streams one and two of the Quality of Advice Review response.
• The minister's views on consumer protection, Michelle Levy's good advice model, and strategies to encourage funds to offer advice.
• The enactment of the experience pathway, its reception, and Minister Jones' message to those who find it contentious.

Ahead of the Women in Finance Summit and Awards 2023, we're catching up with some of the leading women in the financial services space. Tanya Sale co-founded mortgage aggregation group outsource Financial with Andrea Tassis 13 years ago, with Ms Sale now one of the very few female chief executives in the mortgage industry. In this episode, Annie Kane sits down with Ms Sale to find out:

• How a piggy bank triggered her love of finance
• Why she started her own aggregation business
• Why she believes support is critical to succeed as a female business leader

And much more!

In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by George Haramis, the CEO of moneyGPS and accountantsGPS, to discuss the rise of digital advice in the financial services industry.

With over 30 years of experience in the financial services industry, Mr Haramis provides valuable insights into the development and growth of digital advice, and why incorporating digital advice into advisory firms' business models will be essential moving forward.

Listen as they discuss:

• The key benefits of using digital advice platforms for advisory firms.
• The importance of digital advice in addressing intergenerational wealth transfer.
• How digital advice underpins many of the recommendations in the Quality of Advice Review, and more.

In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by Hans Egger, founder and managing director of Astute Wheel, to discuss how digital advice can enhance the client-adviser relationship. Mr Egger explains how digital advice is a much broader term than robo-advice, and how implementing tech-driven solutions can provide efficiencies and ease the challenges financial advisers face. He also touches on the key benefits of using technology in financial advice, including its ability to bring financial plans to life, and the crucial role of technology in improving the adviser-client relationship. Finally, Mr Egger talks about Astute Wheel's approach to digital advice and the value of client portals, before predicting where digital advice is heading over the next few years.

In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by Adele Martin, founder of My Money Buddy and the Savings Squad podcast, to discuss how she is giving back through her business.

Ms Martin touches on how and why she implemented a profit first model in her business and speaks about why setting aside funds for charitable donations and random acts of kindness is important to her.

Ms Martin also introduces her new initiative which, in addition to charitable benefits, strives to foster a sense of community within the financial advice industry by offering support and mentorship to financial advisers.

Lastly, Ms Djurdjevic and Ms Martin touch on the latest news in financial advice, including her views on the experience pathway.

In this episode of the ifa Show, Keith Ford is joined by the CEO of moneyGPS and accountantsGPS, George Haramis, to discuss the impact of the government's response to the Quality of Advice Review (QAR) and the future of digital advice in Australia. Mr Haramis touches on the progress of the proposed digital advice association and whether the government's slow progress on the QAR has had an impact. He also covers the role of super funds in advice and whether they can plug the advice gap, as well as exploring some of the broader impacts of the QAR, such as the yet-to-be accepted good advice standard. Mr Haramis then touches on Treasury roundtables and the outcomes from government consultations before explaining moneyGPS's white label digital advice product for super funds, boutique AFSLs, larger AFSLs, and accounting firms.

In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by co-host Keith Ford to discuss the recent concerns raised by Sarah Abood, CEO of the Financial Advice Association Australia (FAAA), about ASIC levies and the role advisers play in ensuring Aussies retire comfortably. Maja and Keith take a closer look at ASIC's cost recovery implementation statement and share why the FAAA's CEO believes the numbers just don't line up. They discuss the steps the group has taken and whether it holds the power to influence the corporate regulator to take another look at its projections. The conversation shifts to the intergenerational report and its findings on retirement savings. While the report predicts a significant increase in total assets in the super system over the next four decades, the government is concerned about Australians' reluctance to spend their retirement savings. As such, Treasury is now expected to release a consultation paper to address this issue and strengthen the accessibility of retirement products by taking a closer look at advice, among other things. The discussion also covers the roundtables being hosted by Treasury, where various stakeholders have been called upon to provide their opinions on the Quality of Advice Review.

In this episode of the ifa Show, stand-in host Keith Ford chats to Peter Johnston, executive director of the Association of Independently Owned Financial Professionals (AIOFP), to discuss the proposed good advice legislation and the power advisers have to lobby the government. Mr Johnston explains why he believes the good advice standard would be detrimental to consumers and gives his thoughts on whether the government is likely to adopt it. He also discusses the AIOFP's lobbying efforts, including why the advice profession is in a unique position to influence the government with the backing of their clients, and how the various industry associations can work together to look for positive outcomes. Additionally, Mr Johnston discusses the AIOFP's involvement in roundtable discussions with Treasury regarding the Quality of Advice Review (QAR), as well as some highlights from the association's recent conferences in Bangkok and London.

In this special episode of the ifa podcast, our host is joined by QAR review lead Michelle Levy and FAAA CEO Sarah Abood to discuss the government's QAR response. This podcast brings you an audio version of our recent webcast hosted by ifa editor Maja Garaca Djurdjevic who was joined by QAR lead Michelle Levy and the CEO of the Financial Advice Association Australia, Sarah Abood. Ms Levy and Ms Abood share their thoughts on the government's QAR response and dissect certain recommendations, including the expansion of the super funds' advisory powers. At times, Ms Levy and Ms Abood disagree on areas of the review, including the name that should be given to superannuation employees providing information/advice to their members. Ms Levy discusses why she believes the absence of good advice exposes funds to conflicts of interest, while Ms Abood shares why defining the good advice duty is crucial. Moreover, the pair discuss the future of statements of advice, and Ms Abood provides an update on the progress of the consultation with government.