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Here you'll find the latest financial updates and market commentaries. You can also download a copy of our quarterly magazine, Newsfocus, and our monthly publication on market movements, Financialfocus.

View the latest financial news below or use the menu on the left to download current and past editions of our publications.

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12th May 2010

2010 Federal Budget Overview

Pdf Click Here to Download 2010 Federal Budget Overview [PDF,1.8mb]

29th April 2010

The Future Of Financial Advice

On Monday the 26th of April 2010, the Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law announced the Federal Governments response to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into Financial Products and Services in Australia (Ripoll Inquiry).

The response proposes several major reforms, to commence from 1 July 2012.

Central to the reforms is a prospective ban on commissions; volume rebate payments, bonuses, and shelf fees. Besides the commissions ban, the government also proposes two other key reforms: a statutory fiduciary duty for financial planners to act in the best interests of their clients, and the introduction of a product neutral charging regime to more closely align the interests of the client and the financial planner.

Infocus' Managing Director, Mr. Darren Steinhardt, said "Infocus welcomes Minister Bowen's announcement".

"Infocus has provided financial planning advice with a fiduciary duty standard since the commencement of the business in 1994, and we introduced our first product neutral charging regime, which is in line with the Minister's announcement, after the Asian Currency Crisis in 1997. We see the majority of these reforms simply as the committing to legislation of what are sound and appropriate operational standards for any business engaged in the provision of financial services and financial advice. We see these changes as good for both consumers and the financial planning industry in general", said Mr. Steinhardt.

Steinhardt also said Infocus has made an additional round of alterations to its charging regime with the introduction of a Professional Fee Standard across its entire financial planning network, with a commencement date of 1 July 2010. This Professional Fee Standard is being introduced by Infocus a full 2 years before the commencement of the announced government reforms.

While Infocus supports the government's reform package overall, there is caution due to the scale of the reform package, and there is additional concern with certain specific components:

  • We support a ban on commissions, but are concerned with an outright ban. While not of concern to Infocus, we are unsure if an outright ban is appropriate in every instance as it could impede the ability of low-income earners to receive financial advice.
  • The government's plan to broaden intra-fund advice is a bad idea. This will develop a two-tier playing field, with professional financial planners on one side, and intra-fund advisers on the other. A two-tier playing field, where participants operate with different education and professional standards, is not in the best interest of consumers.

Contact Details
Darren Steinhardt
Managing Director
Infocus Wealth Management Limited
Tel: (07) 5436 9400
Fax: (07) 5437 8931

PdfClick Here to Download [PDF, 284kb]

5 November 2009

New research reveals significant positive savings effects of financial advice for individuals and national economy

The CEO of the Investment and Financial Services Association (IFSA), John Brogden, has today released the results of research conducted by KPMG Econtech for IFSA on the positive savings effects for those receiving financial advice.

Read More [PDF, 65kb]