The ifa Show

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.

Deslie Taylor, principal at Mortgage Choice Ormeau in Queensland, is one of the top brokers in the country, having settled over $1 billion in loans in her 16-year career and taken home numerous awards including Mortgage Broker of the Year at the Women in Finance Awards multiple years in a row.

In this episode, we chat to Ms Taylor about how she runs her award-winning brokerage and find out from Aaron Slater, general manager of distribution at Mortgage Choice (principal partner of the Women in Finance Summit and Awards 2023), how we can help support and create more inclusive workplaces.

Tune in to find out:

• The power of being an empathetic leader.
• The art of practising continuous improvement.
• How Mortgage Choice’s Aspire program is supporting women in finance.

And much more!

In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by Olympian and financial adviser at HLB Mann Judd Sarah Carli, to discuss how she made her way from the track to financial advice.

Ms Carli, who competed in the 400-metre hurdles at the Tokyo Olympics in 2020, explains how she found her way to financial advice and the valuable skills she has learnt as an adviser that have positively impacted her athletic career, as well as how she balances being a professional athlete with working full time.

Listen as they discuss:

• The importance of a supportive work environment.
• How she balances her professional and athletic commitments.
• How there are more transferable skills between athletics and advice than many might expect.
• Her goals beyond the Paris Olympics for both her career as an athlete and an adviser.

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.

Joanna James is an advocate for constant reinvention and resilience, having adapted to change over her career in the finance space herself.

Having worked in the lending space for more than 20 years – including as the general manager of non-bank lender Mortgage Ezy – she now helps support women in building successful businesses through Artemis Space, a women’s community group delivered by the Finance Brokers Association of Australia.

In this episode, Annie Kane sits down with Joanna James to find out:

• Why success is subjective.

• The power of visualisation, emotionalisation and manifestation.

• Why she believes the finance industry is a great industry for women.

And much more!

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. 

In this episode of the ifa show, stand-in host Keith Ford chats to Nigel Baker, CEO and founder of Scientiam, a pioneering company in the financial advice industry.

Mr Baker shares his journey, from working in renowned accounting firms to establishing his own independent practice, Arch Capital.

The pair delve into the challenges and opportunities faced by the advice industry, particularly in providing accessible and efficient advice to a broader market.

Mr Baker unveils Scientiam’s innovative approach to addressing these challenges by leveraging technology to create a seamless client experience, while also touching on the future of financial advice and exploring how the industry can adapt to changing client needs and expectations.

Moreover, Mr Baker emphasises the importance of separating advice from product recommendations and enabling clients to make informed decisions based on their unique circumstances.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by the chief executive of Lifespan Financial Planning, Eugene Ardino, to delve into the latest developments in the financial advice industry.

Mr Ardino discusses the government’s response to the Quality of Advice Review (QAR), the experience pathway, and the increasing ASIC levy.

He shares why, despite the disappointment with the ASIC levy increase, he remains optimistic about the industry.

Mr Ardino also touches on the potential impact of the QAR and the government’s support for certain recommendations and acknowledges there are certain challenges in defining and implementing a good advice duty.

He also shares his thoughts on the simplification of statements of advice (SOAs) and why he anticipates that the government and regulators will work together to define what a good record of advice should look like.

Moreover, Mr Ardino dismisses concerns that licensees would still enforce lengthy documents and emphasises the importance of industry consensus and consumer-centred approach.

In this episode of the ifa show, host Maja Garaca Djurdjevic sits down with Marc Hraiki, the executive director of sales and services at Lonsec.

Together, they delve into the ever-changing landscape of financial advice and discuss why Mr Hraiki believes there has never been a better time to be an adviser.

Amid market volatility, decreasing adviser numbers, and growing complexity in Australians’ financial needs, Mr Hraiki highlights the tremendous opportunities for strong advice businesses.

The pair also discuss the top three concerns keeping advisers awake at night and the ongoing challenge of making advice more accessible and affordable for all Australians.

Mr Hraiki shares his insights on the impact of technology and innovation and offers valuable advice for young professionals considering a career in the advice industry.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by the head of policy at the Financial Advice Association Australia, Phil Anderson, to discuss the official end of the AFA and the broader advice landscape.

With the Association of Financial Advisers officially winding up, Phil Anderson reflects on the importance of professional associations and shares why he is more optimistic about the future than he has been for a long time.

Mr Anderson also speaks about the Quality of Advice Review, the consultation process that is currently underway, and explains why he doesn’t expect draft legislation for the review’s recommendations this year.

Moreover, he touches on the outcome of the class action brought by advisers against AMP over BOLR changes and shares why he believes there is “real momentum” towards changing the regulatory regime that will make advice less costly to provide and access.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by AstuteWheel’s managing director, Hans Egger, to discuss the most compelling reasons for advisers to consider client portals.

With over 25 years of experience in the financial planning industry, Mr Egger shares his journey of developing tools and modelling calculators to enhance client advice and comprehension of complex strategies.

He discusses the growing adoption of technology by financial advisers, particularly in client engagement and streamlined processes, as well as emphasising the importance of secure client portals which not only protect sensitive data but also provide a comprehensive platform for clients to access their financial information, track goals, and communicate with their advisers.

Mr Egger also touches on the time-saving benefits of using tech tools such as questionnaires and modelling calculators, enabling advisers to focus on meaningful client interactions.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by Matthew Esler, the co-founder and co-CEO of Padua Solutions.

Mr Esler discusses the government’s response to the Quality of Advice Review, including why the entry of super funds back into advice should not be cause for concern among advisers.

He adds that advisers should instead be looking to set up referral arrangements with super funds to bridge the gap between their different service offerings.

Mr Esler also touches on why the QAR represents a huge opportunity for fintechs, particularly the government’s plans to streamline advice documents.

Labelling the upcoming period the “golden age of advice”, he explains why advisers should be optimistic going forward as technology enables them to scale their business and reach more clients than ever.