 |
|
|
|
 |
|
||
 |
 |
 |
|
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
||
Financial
Services
| All Publications | by Author |Prev |
2004
"Beware
Bad Apples" by Peter Bobbin
People are
looking for someone to blame for the current crisis of uncertainty in
the financial services industry - and the lawyers are the easiest target.
But did you know that the most common source of litigation in the financial
services industry is not what the lawyer finds? It is what the lawyer
is given by you. Don’t worry about the lawyers, worry about the
next adviser. In Peter Bobbin’s experience, the more professional
the next financial planner, the more intent they are in searching for
rotten apples. This article summarises the state of play with risk management
in the financial services industry, including the recent decision in
Newman v Financial Wisdom and ASIC’s 'bad apples' program. Mr
Bobbin concludes that the financial services industry can regulate itself
if everyone tells the truth. This article originally appeared in the
October 2004 issue of Asset
magazine.
"Alienation
by no means personal" by Peter Bobbin
In this article Peter
Bobbin identifies the recent cases dealing with taxation alienation
of personal services income issues, but more importantly he provides
an insight into the ATO's current 'test case program,' and its implications
for the financial services industry and beyond. This article originally
appeared in the July 2004 issue of Asset
magazine.
"Charitable
Funds a Gift to Planners"
Prescribed
private funds allow clients to retain control of their monies when gifting
such monies to charities, as an alternative to the usual philanthropic
vehicles. Solicitors Lisa Chambers and Paula Zammit explain the rules.
This article originally appeared in Money
Management’s
"Argyle Advocate" column, 23 September 2004.
"Conflict:
part of life, part of business"
Recent
amendments to the financial services law (“CLERP 9 amendments”)
have put the spotlight on conflicts of interest. Solicitor Paula Zammit
reviews the systems that financial planners must put in place to manage
potential conflicts of interest. This article originally appeared in
Money
Management 26 August 2004.
"Conflicting
Interest – the great debate"
Controversy
over soft dollar payments and conflicts of interest are threatening
the financial planning industry. Money Management invited some of the
industry’s leaders, including Argyle Partnership’s Peter
Bobbin, to hammer out the issues in a roundtable discussion. This article
originally appeared in Money
Management, 14 October 2004.
"Divorce
is difficult, death is harder" by Nabil Wahhab
Nabil Wahhab, recently acted in a family law matter
in which a party died before the property settlement was completed.
This case highlights the importance of ensuring clients are aware of
the need to change their will after separation. Failing to do so can
have serious consequences, not only for beneficiaries, but for the deceased's
lawyers and financial advisers as well.
This article originally appeared in Money
Management, 21 October 2004.
"Dollar
Disclosure: What you need to know"
The latest Corporations
Regulations amendments are all about dollar disclosure. Known as ‘Batch
8’, the amendments are now in place, however, there is a six-month
transition period. But there is no time to lose between now and 1 January
2004. Paula Zammit explains the new requirements for Statements of Advice
(SOA) and Product Disclosure Statements (PDS). This
article having originally appeared in the 22 July 2004 issue of Money
Management.
"Don't
dob on your mates" by Peter Bobbin
Australia lacks an infallible framework to protect whistleblowers -
and it is time the Goverment did something about it. This article originally
appeared in the March 2004 issue of Asset
magazine.
"Don't
Go Breaking My ... BFA," by Nabil Wahhab
Some say family
law is boring - but not when the likes of Jodee and Maxine Rich are
involved. In this article Senior Associate Nabil Wahhab gives a plain
English explanation of the origins and uses of Binding Financial Agreements
as a tool in asset protection. Mr Wahhab then explains the circumstances
under which a third party - ASIC in the Rich case - can challenge a
BFA. The lessons learned from the Rich case should be a wake-up call
to financial planners. This article originally appeared in Money
Management, 5 February 2004.
"Fees
for Services doesn’t maketh the profession"
The
law profession has come to the conclusion after many years that charging
an hourly rate isn’t as clean and transparent as it is perceived
to be. In the face of ongoing criticism over the advice industry’s
reliance on commissions, financial planners are destined to find out
the pitfalls of fee for service the hard way. This article originally
appeared in Independent Financial Advisor, October 2004, and includes
an interview with Peter Bobbin.
"Is
this the end of Asset Protection"
Squarely within the
the government's sights are bankrupts who are still able to enjoy the
benefit of assets acquired with their money or effort, by arranging
their affairs so that assets are not held in the bankrupt's name. While
this has long been the basis of financial planning and "asset protection"
advice, Stephen Mullette of The Argyle Partnership explains how proposed
law changes represent a "fundamental shift away from the perceived
legitimacy of these arrangements". This article originally appeared
in the 23rd June 2004 edition of CCH's
Australian Corporate News.
"Note
Well: How to keep good file notes"
Managing risks often
comes down to the paper trail. And with all the recent mayhem surrounding
how and when is the SOA to be provided? What must the SOA contain? –
we are forgetting about the important role that file notes take in the
financial planning process. This article originally appeared in the
June14-20, 2004 issue of IFA
magazine.
"The
spirit of soft dollar" by Peter Bobbin
When is a
conference a welcomed initiative for continuous professional development,
and when does it cross the line into soft-dollar benefits? This article
originally appeared in the November 2004 issue of Asset
magazine.
"Statement
of Anarchy: put the client first and the law will follow" by Peter
Bobbin
It is important for
financial advisors to stop looking for exceptions to the Statement of
Advice requirement. In this article, Peter Bobbin stresses the importance
of the SOA from a risk management perspective, and offers tips on the
easiest way to draft an effective SOA. The reference to “Statement
of Anarchy” refers to Mr Bobbin’s strategy of designing
the SOA first, and then later testing it against the prescriptive law.
This article originally appeared in the March 8-14, 2004, issue of IFA
magazine.
"The
End Is Nigh: should the financial services industry beware the Ides
of March?" by Peter Bobbin
Financial Services
Reform (FSR) has been looming for the past 2 years, finally arriving
on 11 March 2004. The approaching Ides of March (actually a few days
before), has been viewed as the perfect opportunity to get that tax
saving or corporate vehicle in place. But this raises issues of the
dealer/rep relationship. In this article, Peter Bobbin examines the
four forms of relationships post-FSR, especially the tax implications
for financial planning businesses. This article originally appeared
in the February 2004 issue of Asset
Magazine.
2003
"Limits
to responsibility," by Peter Bobbin
In this article,
Peter Bobbin examines a recently ASIC banning order against an investment
adviser, in particular, the issue of to what extent an adviser can contract
out of responsibilities, liabilities and obligations to clients. This
article originally appeared in the July 2003 issue of Asset
magazine.
"Mochkin
- a man with appeal" by Peter Bobbin
Levi Mochkin was a proper authority holder of a financial services business.
He structured his affairs via two Family Trusts. The Tax Office claimed
that the money paid to the Family Trusts was actually Personal Services
Income and therefore Mr Mochkin was personally liable for income tax.
Before the Full Federal Court, the Tax Office and Mr Mochkin were each
partially successful. The key was the original purpose behind the creation
of the Family Trusts. In this article, Peter Bobbin explains the Court’s
decision, along with its ramifications for financial services licensees.
This article originally appeared in the October 2003 issue of Asset
magazine.
"Statement
of Advice: the mother of all standards" by Peter Bobbin
What exactly is meant by the FSR mandate that the Statement of Advice
must be clear, concise and effective? In this short article, Peter Bobbin
explains how financial planners can use plain language in an effective
way, and still comply with the law regarding SOA. This article originally
appeared in the November 2003 issue of Asset
magazine.
"Who
Do You Trust?" by Peter Bobbin
This article addresses
the duties, post-FSR, of a financial advisor to make independent enquiries
about the legitimacy of investment schemes being promoted to clients.
In a recent media release, ASIC announced a one-year banning order against
an advisor who had made no independent enquiries about the legitimacy
of certain schemes, amongst other breaches of his duties to clients.
According to ASIC, the advisor had relied solely on assurances from
his principal. In this article, which originally appeared in the March
2003 issue of Asset
magazine, Mr Bobbin undertakes an extensive review
of ASIC’s current interpretation of the duties of financial planners,
and argues that ASIC has departed from previous law by imposing upon
an advisor the duty to make enquiries independent of the principal’s
approved product list.
| All Publications | by Author | Prev |
