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The article examines the impact of the financial crisis on financial planners in Australia. It reveals that there are almost 15,000 planners in the country, looking after about $405 billion in savings. About half of the country's financial planners work for a big bank or former life insurers Axa Asia Pacific Holdings or AMP. The article reports on the retail net fund flows from 2003 to 2008.

The article looks at the growth of the Australian financial planning industry and the expanding programs of banks in financial planning because of the strong performance of the investment and superannuation markets. Two of the banks training financial planners and launching financial planning units include National Australia Bank (NAB) and Westpac. A list of the top Australian financial advisory companies and their shareholders is included.

The article discusses the relationship between financial planners and accountants in working together for their profession. It notes on a survey conducted by accounting software provider CCH Inc. which found out that 69% among 1,000 Australian owners of small-to-medium enterprises have trusted their accountant's advice as compared to financial planners. It states that Australians with superannuation will seek financial advice from both professional advisers.

The article reports on the need for financial planners to increase their skill levels in order to gain a professional status akin to doctors and lawyers. It states that the financial planning industry has been affected by scandals such as the collapse of the Storm Financial. Mark Rantall, chief executive of the Financial Planning Association, says if financial planning is to evolve into a profession, it is important to have an appropriate entry standards.

The article discusses the developments in the financial industry in Australia. It claims that the country's financial planners will be affected by the Future of Financial Advice (FOFA) reforms, which will become effective in July 2012. The opinion of the Association of Financial Advisers (AFA) president Brad Fox on the new regulations is also cited.

The article examines how a ban on commissions for financial planners will affect the quality of financial advice for investors. The Australian government's ban on rewards for financial planners will take effect on July 1, 2012, and seeks to improve financial advice by focusing on the best interest of investors rather than offering products that are linked to incentive or commission schemes. Industry observers contend that the ban on commissions will result in charging high-asset investors with higher fees for financial advice.

Reports that more than 8.7 million Australians are taking financial advice about superannuation funds from financial planners, bankers, accountants, and other advice professionals. 7.5 million are not taking any advice; 11.6 percent of the workforce is aged 55 or over and on the edge of retirement; Australia's savings record has gone from poor to appalling.

Discusses the feasibility of establishing a financial planning division among accounting firms in Australia. Difference between accounting and financial planning business; Importance of assessing the client base in determining the option to set up a financial planning division; Approach in starting as a financial planner. INSET: CHANGING LANES A FUTURE IN FORENSICS..

Reports on the increasing number of Australians seeking financial advice from financial planners, bankers and accountants. Reasons behind the rise of the wealth accumulation business; Total assets of the nation's households; Financial advice commonly sought by Australians.

The article informs that financial planners are not bound by law to offer advice in the consumer's best interests until July 1, 2013 and discusses the new industry trend of outcomes-based investing.

The article reports on a white paper produced by consulting firm Milliman and financial research firm Lonsec which claims that most clients of financial planners in Australia are more concerned about managing their liabilities, rather than focusing on maximizing wealth.

The article discusses the results of Australian Securities and Investments Commission's (ASIC) study of financial planners which shows people aged between 50 and 69 years who were planning to seek retirement advice or had one so. Some of the financial plans considered as good by ASIC contain evidence of multiple strategies being compared and evaluated and cash flow projections. Also, good financial plans are supplemented by written and verbal communication.

The article focuses on the challenge facing financial planners in Australia to gain professional status. Majority of the members of the Financial Planning Association (FPA) have voted in favor of a three-year plan to get the financial planning industry elevated to professional status. FPA Chief Executive Mark Rantall stresses the importance for financial planning to complete its evolution into being a trusted profession. Under its three-year plan, individual planning practitioners and those without corporate memberships will be represented by the FPA.

The article focuses on a disagreement between investors and planners in Australia over the price of financial advice. An Investment Trends survey found that investors are willing to pay less than 400 dollars for a comprehensive financial plan. According to Recep Parker of Investment Trends, there is a disconnect between expectations of planners and their clients. Mark Rantall of the Financial Planning Association points out a need to educate consumers on the processes involved in developing a comprehensive and ongoing financial plan.

The article presents several questions to ask a finance planner including the qualifications of the advisers within a finance planning practice, the philosophy of that practice, and the relationship of finance planner with other professionals.

The article focuses on the forms of property investments. It mentions that listed stocks are considered the most liquid form of property investment. However, there are other forms such as unlisted property funds for retail investors with 50,000 dollars or more to invest and wealthy persons have the opportunity to buy a commercial property. According to Perpetual portfolio manager property services Anthony Cay, financial planners seek for a sector that would give opportunities to investors.

The article reports the effect of the proposed ban on asset-based fees by the Australian Securities and Investments Commission to people who seek financial advice as warned by the Financial Planning of Australia (FPA). It notes that the former says that fees should be banned by the federal government based on a percentage of funds under advice. Though FPA supports the termination of upfront commission, they say that middle-Australia will suffer the most if only fees based on time are allowed.

The article offers information on the services offered by YourShare Financial Services Pty. Ltd. It notes that the company forwards the entry fees and trailing commissions from financial planners to capitalists that are payable on most financial products. The company rebates the entire upfront commissions of investors with failed financial planners. However, it is also remarked that the services offered by the company can worsen the relationship between the investor and financial planner.

The article reports on the impact of the proposed 2012 date by the Financial Planning Association for the profession to migrate away from commission to a fee-based service on financial planners in Australia. It is claimed that the migration from commission to a fee-based service will reorganize the revenue model for many financial planners. However, it is said that the transition will have no impact of planners that have been through the process.

The article reports on ANZ Financial Planning's offering of rewards to its planners with subsidized trips to conferences based on sales volumes despite the FPA/IFSA soft-dollar code banning conference rewards based on volume sales of particular products. However, ANZ Financial Planning has restricted its planners to using its in-house OneAnswer investment platform.

The article reports on efforts by Australian financial planners to improve public perception of commission-based financial planners, who were called structurally corrupt by the former Australian Consumers Association in 2003. The bankruptcy of the Westpoint property group in 2005 also worsened the credibility of financial planners, leading the Australian Securities and Investments Commission to order financial planner AMP to improve its advice standards.

The article reports on the launch of a financial planning advisory group service by Hayes Knight for firms in its professional network. Hayes Knight director Greg Hayes claim that they plan to get a bigger market share in the wealth management sector for the accountancy profession, thus prevent the drain of clients to financial planners.

The article profiles Gwen Fletcher, Australia-based financial planning industry consultant. Fletcher introduced the concept of financial planning in Australia in the 1970s, and is considered as the mother of financial planning. She founded the Financial Planning Association, which was the country's first college for education on investment planning. In the 1980s, she developed the Investment Training College, Australia's first financial services education organization.

The article reports that Australia will need 3,000 new financial planners in the next 12 months to cope with growing demand for financial advice, particularly from baby boomers heading for retirement, according to Griffith University. The university said it is launching two degree programs in financial planning in response to the "unprecedented" demand.

The article reports that fifty-five percent of delegates attending a Sydney economic preview by Deloitte Growth Solutions in New South Wales did not have a financial planner to assist with wealth creation. Seventy-percent of the delegates surveyed said that they had more than $2 million in assests invested in retirement.

The article focuses on the forecasts of Paul Resnik Consulting Group executive Paul Resnik on the financial performance of financial planners under the proposed highly tax-effective and simplified superannuation system in Australia. Resnik believes that astute financial planners will examine the proposed provisions to identify new opportunities for their clients. Significantly, the budget opens new superannuation strategies for financial planners. Finally, those advising ordinary income earners will concentrate their advice on cashflow, investment portfolio development, and producing supplementary retirement income.

Reports that the CPA Australia and the Institute of Chartered Accountants in Australia have proposed a financial planning standard in light of the rising number of accountants offering financial planning services. Results of research on financial planning by AC Nielsen.

Reports on the survey which found that financial planners have regained investors' confidence, conducted by CPA Australia in Australia. Decline in the reputation of financial planners after criticisms on its fee-charging practices; Percentage of respondents who said they are satisfied with financial planners on investment decisions; Profile of the respondents.

Reports that CPA Australia has discovered that some of its members are handing over 80-page documents to their clients, which might put them in breach of the act. Need for financial planners to inform their clients in the statement about the advice given, the information on which it is based and how they get paid; Contents of the statement.

Reports that an Australian industry code comes into force in August 2004 banning financial planners from accepting soft-dollar commissions of perks, in return for promoting particular products.

Discusses findings of a survey of tax practitioners by the Institute of Chartered Accountants in Australia. Tax advice that consumers get from unqualified professionals; Financial planners as the worst offenders; Tax advice for a fee from a registered tax agent or practicing lawyer.