Marshan Consulting

📡 Innovating Financial Advice for Tomorrow 💡 Thanks to the team at Catalpa Pty Ltd for inviting me along to their PD Day yesterday to share the opportunities the Quality of Advice Review, Retirement Income Covenant, Aged Care Taskforce, and changes in planner numbers and demographics can have on their #financialplanning businesses! I was really impressed with the #community they are building, their commitment to being true #independent #professionals so that they can always provide #financialadvice in the best interests of their clients, and their commitment to growing their businesses through #bestpractice and being open to the #future. If you are an #AFSL who wants to help your Community of #financialplanners understand what all of this #regulatory change means for their practices (because, let's face it - the easy answer is to keep doing what we've done for the last 20 years [it's the wrong answer!]), reach out to Ben Marshan Consulting - I'd love to help! Plus, catching up with the old #SSFS crew is always great! Jason Andriessen James McMaster Michael Bowman Daniel Crump Rickie Latimore Chris Keating Peter Lillicrap and of course Anthony Dowle. #financialservices #superannuation #lifeinsurance #financialadviser

❗ Attention all financial planners and financial advisers! ❗ A quick reminder that there are only 2️⃣ days left to register with ASIC if your licensee hasn't done so yet for you. Don't forget to check and ensure that you're registered before time runs out. #financialplanner #financialadviser #ASICregistration #deadlineapproaching #financialservices #financialadvice #financial #afsl

🤔I need to "register"??🤷🏻♂️ ❗ ❗ ASIC has extended the Deadline to 16 February (link in comments) ❗ ❗ There's been a lot of conversation 📢 this week about "registering" ® to be a financial planner/adviser with #ASIC and confusion 🤔 about what it means, why it's happening and what has to be done. To cut a long story 📖 short, this is one of those "professionalism" changes that the #profession of #financialplanning is going through. #financialadvisers will be required, like other #professionals, to be registered with their #regulator to provide the services they provide. So, this is the first step in the process of getting to that point. The unfortunate complexity with this round of the #registration is that there were a lot of moving parts, #complexity and the old #ittransformation mishaps that have caused a lot of confusion and delay. The list goes something like this: 1️⃣ If you were registered (or had applied to be) with the #TPB as a tax (financial) adviser at the end of 2021, you were deemed to be registered with #ASIC. (This was partly because registration fees had been paid to the TPB but were no longer needed, but also recognised that the TPB had assessed the tax (financial) adviser as professional, fit, and proper). 1️⃣a. But if you changed #licensees since then, you lost the deeming (those old IT transformation issues and not being able to link the TPB registration to the individual planner anymore 😕 ). 2️⃣ If you weren't registered with the #TPB (or changed #licensees), you needed to register. 3️⃣ But it took a while for the legislation to be passed through #parliament, so while the original registration date was April 2022, it is now 1 February 2024. 4️⃣ The other complicating factor is the intent of the legislation originally was that as with other professions, #financialplanners would register themselves. But ASIC doesn't have the ability in their current systems for this to occur, and the IT Transformation of the professional registers that will use the #ATO's technology isn't ready yet, so....... 5️⃣ It has ended up that there is this awkward period where #licensees need to collect the information from "non-deemed" #planners, so that they can register them on their behalf. (I told you it was an epic tale!) But as I said - because of the delays - everyone's kind of forgotten, hence a mad rush this week to complete the information collection and registrations before 16 February. In the long run, this registration obligation is a great outcome 🎉 and a recognition that we are now seen by #government as a #profession. But for about 50% of current #advisers, make sure you get your #declarations back to your licensee #ASAP! I'll put some links 🔗 in the comments below if you need more information, or feel free to reach out - I'm happy to help Ben Marshan Consulting. So - are you registered? Or deemed? or confused? #financialservices #taxagent #royalcommission #QAR