Lockdowns, riots & earthquakes - no longer the world's most liveable city!

Posted on Wednesday, September 22, 2021
Just when you thought you’d seen and heard it all through this pandemic, throw an earthquake in the mix!   We all felt the earth shake around 9:15am this morning and looked around wondering what on earth could possibly go wrong next?!   It was a big one too, by Australian standards – 5.3 on the Richter, epicentre 10km below the surface around Mansfield. Perhaps the earth is angry that all the Melbourne supporters are missing from the snowfields this year?!   Lockdowns, riots, and earthquakes – we should be a certainty to take out the World’s Most Liveable City title again any moment!   Jokes aside, fortunately the damage was minimal and we all quickly got back to our lockdown lives, including the many thousands of tradies now consigned to their homes, like the rest of us.   The events we’ve seen unfold in Melbourne over the past few days with a mob purporting to be disgruntled tradies running riot have been appalling. And the sooner these clowns ... Read the rest of entry »

FASEA fallout: What the industry is telling me (and it ain't pretty!)

Posted on Wednesday, September 8, 2021
Thanks to everyone who’s got in touch over the past week since I got my FASEA pass result. The response from clients, advisers, business leaders and political figures has been enormous.   It’s also revealed a strong negative sentiment from some in the industry about this compliance process.   To give you a taste of some of the feedback I’ve received in the past week, I’ve included some of the (de-identified) comments here: "This exam is of no benefit to the financial services industry. A waste of time and money and sadly a loss for the clients of older advisers who are leaving." "After 17 years’ experience I have begun to tell my clients I am being kicked out of the industry because I couldn't pass a this [BEEP!] ethics exam." "Scott, some advisers have spent their lives offering fantastic specialist advice and focus on shares or risk insurance. Imagine a 60-year-old specialist heart surgeon having to sit a GP exam - they would f ... Read the rest of entry »

FASEA - My result and industry impacts

Posted on Wednesday, September 1, 2021
GOOD NEWS: I passed the FASEA exam!   This means I’m fully compliant and qualified to continue acting as a financial adviser through 2026.   The exam became obligatory for all advisers and brokers in the wake of the Royal Commission into financial services. Designed to ensure that advisers act in an ethical way, and in the best interests of their clients, it is pivotal to the future of our industry.   However, the process has taken an enormous toll on those studying and preparing for it, particularly during the pandemic.   The exam itself is tough, and the news out of yesterday’s results is that only 60% of advisers and brokers who sat the exam, passed. That means that almost half failed. Some of those for the second time, which means they need to either exit the industry or apply for special dispensation to sit the exam again.   On the one hand, you might argue this is a good thing as it removes people lacking in the requisite competencies from the indus ... Read the rest of entry »

Will deferring loan repayments impact your credit rating?

Posted on Wednesday, August 25, 2021
Business Analysis Report One question I’ve been asked a lot recently is whether deferring business or personal loan repayments due to COVID-related hardship, will affect your credit rating.   As we know, as the world plunged into the COVID abyss last year, there was a lot of uncertainty about how the pandemic would play out, and how the finances of businesses and individuals would be impacted.   Fortunately, amid the uncertainty, the banks came to the party. In fact, one of the few shining lights from last year was that understanding from the big banks that the 3 million Australian households with mortgages, would need help.   As of July 2021, the ABA announced banks will be providing support to those affected by COVID-19 lockdowns, allowing mortgage repayments to be deferred for up to three months. This would also extend the life of your loan by the same duration at the end.   Under normal circumstances, deferring your loan repayments could affect your credit rating. Things ... Read the rest of entry »

As lockdowns drag on, businesses are pushed to the brink

Posted on Wednesday, August 11, 2021
With the positive distraction of the Olympics now gone, a lot of people I’ve spoken to are finding it really tough to stay upbeat, with yet another lockdown extension announced today in Victoria, and no end in sight to the crisis in Sydney. The major issue most businesses are facing is the lack of government support. Of course, there are some government grants available to businesses in certain sectors, but that doesn’t help the vast majority of businesses, who struggle more and more with every day in lockdown. Some business owners I’ve spoken with have been left with no choice but to ask employees to take whatever leave they have available to them so they can stay in touch while they ride out the COVID wave. Others I’ve heard of are offering their employees leave without pay, given they have no work for them now, but they know they’ll need them back once the lockdown lifts. Some staff are so lacking in motivation and struggling with mental health they’re taking all the ... Read the rest of entry »