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2005 Publications
| by Author | by Category |Archive |
November
2005
"The
Right protection," by June Smith
Directors
and officers of AFSL licensees need to be able to conduct their duties
without worrying about their personal liability. So what protection
can companies offer? June Smith explains the relevant protections under
the Corporations Act, and issues arising from terms of engagement or
appointment for executive or non-executive directors, directors’
and officers’ insurance, and deeds of access and indemnity. Originally
published in Money Management’s “Argyle Advocate”
column, 10 November 2005.
"Please
stop super whining," by Peter Bobbin
Some advisers
are getting too excited about the possible tax avoidance issues associated
with the transition to retirement strategy (TTRS). TTRS allows people
to access their superannuation as an income stream, even when they continue
working past age 55. The client’s dominant purpose is adopting
TTRS is not to gain a tax advantage; it is to establish a series of
income streams. In this article, Peter Bobbin explains how TTRS will
not usually attract Part IVA of the Income Tax Assessment Act, and why
a rush to the ATO for its comments are not in the client’s best
interest. Originally published in Asset
magazine, November
2005.
October
2005
"Issues
regarding the purchase of retail, commercial and industrial property”
by Fiona Sonntag
When
purchasing commercial, industrial or retail property there are many
issues which do not arise when purchasing residential property. This
article is intended as a service to alert potential purchasers of matters
of concern, including: business structures, building code, zoning, maintenance
contracts, leases, and environmental issues.
"No to a desperado ATO” by Peter Bobbin
Powers
enshrined in a new tax promoter law don’t do anybody any favours.
The new rules, found in the Tax Laws Amendment (2005 Measures No 6)
Bill 2005, are aimed at all who dabble in taxation matters, including
financial planners. In this article, originally published in the October
2005 issue of Asset
magazine,
Peter Bobbin explains why we do not need the new law.
September
2005
"Stop
being so critical” by Peter Bobbin
Do
financial services providers deserve being lumped in with used car salesmen?
In this article, Peter Bobbin argues that the public understands that
advisers act on behalf of another to whom they owe a representative
duty. He explains why following ASIC’s Super Switching Advice:
Questions and Answers without proper context will not be in the client’s
best interest. Originally published in the September 2005 issue of Asset
magazine.
"NSW
payroll tax case has implications for financial services organisations"
by June Smith
The
decision of the NSW Supreme Court of Bridges Financial Services Pty
Ltd v Chief Commissioner of State Revenue could expose some Australian
financial service organisations to payroll tax for amounts paid to authorised
representatives by way of commissions, brokerage and fees. In this article,
Argyle Partnership partner June Smith explains that the decision raises
questions about what constitutes an adequate financial planning model
and the language used in standard dealer/representative agreements.
Originally published in LexisNexis Butterworths Financial Services Newsletter,
September 2005.
"Sweet
deals: a piece of the pie for staff" by Peter Sardelic
Offering staff a share of your practice may
improve retention levels and support your succession plan. Peter Sardelic
explains how an employee share plan can be a tool to retain key advisers
within a financial planning firm, and perhaps even deal with ownership
and management succession. This article, which originally appeared Money
Management’s
"Argyle Advocate" column (15 September 2005), contains details
of the issues to consider, together with plain English explanations
and examples.
August
2005
"Whose
choice – yours, mine or theirs?" by Peter Bobbin
In
this article, Peter Bobbin reviews the recent ASIC guides: Guide for
Advisers: super switching advice questions and answers and Choice of
Superannuation Fund – meeting your obligations. Mr Bobbin concludes
that the regulator guides should not be taken seriously. If adopted
literally, risk will be incurred by the client, not their adviser. This
article was originally published in the August 2005 issue of Asset
magazine.
"Don’t
end up as an ASIC statistic", by Christina Kalantzis
With a shadow shopping campaign already under way, and an ASIC quality
of advice survey expected in the next 12 months, financial advisers
must ensure their practice is in order. In this article, Christina Kalantzis
gives practical tips for preparing your business, under the headings
of: shadow shopping, risk management culture, compliance culture, terms
of engagement and peer review. Originally published in Money
Management’s
"Argyle Advocate" column, 25 August 2005.
July
2005
"Proposed
new professional standards on managing conflict of interest for financial
planners” by June Smith
In
April 2005, the Financial Planning Association of Australia released
draft principles designed to assist financial planners in managing potential
or perceived conflicts of interest that might arise when providing financial
product advice under the Corporations Act 2001 (Cth). Argyle Partnership
partner June Smith explains the main legal and professional obligations
under the new standards. Originally published in LexisNexis Butterworths
Financial Services Newsletter, July 2005.
"Discovering
the true cost of infidelity" by Nabil Wahhab
For
clients with a wandering eye, a cohabitation agreement may save them
from financial strife. Argyle Partnership partner Nabil Wahhab explains
the legal and financial implications for both the lover and the wandering
spouse. This article originally appeared in Money
Management’s
"Argyle Advocate" column, 28 July 2005.
"The
Real cost of extramarital affairs" by Nabil Wahhab
Legal planning,
financial planning and estate planning are pivotal to the preservation
of wealth and peace of mind. This is more so when spouses have extramarital
affairs of some permanency. In this article, Argyle Partnership partner
Nabil Wahhab explains the circumstances under which a lover or ex-lover
might have a claim under the Property (Relationships) Act NSW, Family
Provision Act NSW and related legislation. The article was initially
published in LexisNexis Butterworths’ Retirement & Estate
Planning Bulletin, June 2005.
June
2005
"
Client ownership: dealer vs planner" by Peter Sardelic
For planners
who have entered into a dealer representative relationship on the understanding
that the planner owns the client, the moment of truth arrives when the
representative arrangement ends. Planners want to be sure that they
are able to transfer their clients should the situation arise, whether
to a new dealer group, where they obtain their own licence, or if they
sell their business, to an adviser who belongs to a different dealer
group. In this article, partner Peter Sardelic explains why a dealer
representative agreement is so important. Originally published in Money
Management, 16 June 2005.
"Setting
the record straight" by Peter Bobbin
Client transfers
are a source of resentment in the financial planning industry. The key
is to get the Authorised Representative/Australian Financial Services
Licensee agreement right. The single most secure way to protect client
relationships is in co-operation with the dealer, incorporating realistic
restraints and confidentiality principles, all backed up with clear
engagement and disengagement procedures that dovetail with an understanding
of the way the business operates. Originally published in Asset
magazine, June 2005.
"One
down, one to go" by Peter Bobbin
The professional indemnity (PI) insurance pricing crisis may be over,
but a new breakdown looms. There is a lack of understanding of the protection
given by PI insurance. It is more than just an FPA membership requirement.
It goes well beyond a licence condition. PI insurance must be viewed
as part of the compliance and risk management programme of the financial
planning business. In this article, originally published in the May
2005 issue of Asset
magazine,
Peter Bobbin discusses the particular terms to look out for in your
PI insurance policy, and concludes that PI insurance is no substitute
for a culture of professionalism.
May
2005
"Empty
hallways: don’t let you business lose clients to departing staff”
by Peter Sardelic
Well drafted employment contracts can
prevent your practice being raided by former employees. Using the financial
services industry as an example, partner Peter Sardelic reveals how
principals can protect their business using legal restraint provisions.
Originally published in Money
Management.
March
2005
"Slaying
the dragon" by Peter Bobbin
A recent New South Wales Supreme Court case has caused a stir in the
financial planning industry. Masu Financial Management challenged the
validity of the Financial Industry Complaints Service (FICS). In this
article Peter Bobbin provides in-depth analysis of the court decision
and dispels some rumours currently circulating in the industry about
the effect of the Masu case. He concludes that there is no secret weapon;
the decision is simply old law applied afresh. Originally published
in Asset
magazine,
March 2005.
February
2005
“Put
a stop to ex-employees stealing your clients” by Peter Sardelic
All dealer
groups confront similar issues when an adviser leaves the business.
Most importantly, how to you prevent your former employees from taking
your clients with them? In this article, partner Peter Sardelic explains
how dealer groups can protect themselves from client poaching. Originally
published in Money
Management’s
"Argyle Advocate" column, 24 February 2005.
"Marriage
break-up: avoiding a super split with your client" by Nabil Wahhab
Super splitting on marriage breakdown was thought to be easy. A simple
process of valuing the superannuation entitlement and dividing it in
two. This is the easy part. The difficult part is when clients do not
receive, or are not advised, to obtain financial and tax advise. This
article, by senior associate Nabil Wahhab, originally appeared in Money
Management’s
"Argyle Advocate" column, 3 February 2005.
"If
it looks like a duck ..." by Lisa Chambers
Although the disclaimer has become the darling of the commercial world,
its purpose and effect are generally poorly understood. This article,
by solicitor Lisa Chambers, examines disclaimers in the financial services
context. It originally appeared in the February 2005 issue of Asset
magazine.
January
2005
"Fee
Hi Ho Hum" by Stephen Mullette
Fees are once more the focus of close scrutiny by the Courts. In this
article, Argyle Partnership Associate Stephen Mullette provides an in-depth
analysis of the recent Stockford decision, drawing lessons for insolvency
administrators and lawyers regarding their fee arrangements and disclosure
requirements. Originally published in Argyle Partnership Insolvency
Bulletin, February 2005; also published in IPAA Australian Insolvency
Journal, March 2005.
