These days, continuing education is vital for those operating in the finance industry. With FSRA requiring minimum education standards for those providing financial advice, continuing education has become an integral part of life for most finance professionals. Here we look at some of the education options available.

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For many years, DIY super, or self managed super funds (SMSFs), have been popular with small business owners and professionals, including brokers. So why has DIY super become so popular and is it worth considering for your broking business?

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The financial services industry in Australia is governed by the Financial Services Regulations (FSR), which are enforced by the Australian Securities and Investment Commission (ASIC). However, while the regulations are strict and must be adhered to, there is the opportunity to apply for relief from FSR. Here we look at some of the reasons why you might apply for relief and how you apply.

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The Australian Federal Government’s new workplace relations changes, known as WorkChoices, have now been introduced and have caused quite a bit of controversy and confusion, from both employees and employers. Here we look at what WorkChoices could mean for your brokerage business, especially with regard to commission only brokers.

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Finance brokers must comply with the Consumer Credit Code or risk costly penalties of up to $500,000 for major breaches of the Code. The Consumer Credit Code covers individuals who receive credit for personal or household use in the form of personal loans, credit cards, overdrafts, housing loans, pay day loans, mortgages and continuing credit accounts. So what are your main responsibilities when dealing with consumers in upholding the Consumer Credit Code?

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Since the 1980s, Australia has been recognised as a leader in its reform of the financial services industry. In May 1996, the Treasurer, Peter Costello, announced the Financial System Inquiry. This eventually led to the Financial Services Regulations (FSR) we have today. So, why was it necessary to introduce these reforms and how did they come about?

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As a mortgage broker, it’s important to keep up to date with the current consensus on which way interest rates might be heading over the next 6 to 12 months. And while no one can ever really predict what the Reserve Bank is going to do in relation to interest rates, or which direction the next set of employment figures or the CPI is heading, there are many experts out there who can offer an informed opinion.

And so that you can confidently answer the inevitable question from your next client, about interest rates and the benefits of a fixed rate mortgage or a variable rate home loan, it might be a good idea to find out who some of these experts are and read what they are saying about the trends for interest rates and the economy as a whole.

A good place to start searching for expert commentary is with any one of the major Australian financial services companies, as financial services companies employ a highly paid economist or three to keep abreast of what is happening in the Australian and international economies. This is especially true if the financial services company is a big player in the sharemarket. These economists are not usually publicity shy, and you can often see them on the market report on the nightly news, or appearing on any of the business shows. Some also provide comment fairly regularly in the weekend papers. So who are they, and where can you find what they have to say?

Saul Eslake – ANZ
Saul Eslake is probably one of the more recognisable faces in the world of Australian economics. He can often be seen providing expert opinion on TV news programs. He is currently the Chief Economist at ANZ, among other important posts. You can read speeches, articles and presentations, industry briefs and economic outlooks at ANZ’s corporate site at www.online.anz.com/corporate/.

Chris Caton – BT Financial
Chris Caton is another well known economist. He is the Chief Economist for BT Financial Group and before that at Bankers Trust. He has also held a number of government roles, including the Treasury and the Department of the Prime Minister. You can read what Chris has to say about the latest market and economic developments at Caton’s corner on the BT website at www.btfunds.com.au/content/market/catons_corner.htm

Shane Oliver – AMP Capital Investors
Shane Oliver could be described as the public face of AMP. He is Head of Investment Strategy and Chief Economist of AMP Capital Investors, AMP’s funds management arm. Again, as with Saul and Chris, he is regularly seen on TV expressing his views about the economy. Shane Oliver offers a regular commentary on aspects of the Australian and global economies through Oliver’s Insights which you can download a PDF version of through the AMP website at www.amp.com.au

The expert commentary from these three economists is freely available and is written in a way that you don’t have to be an economist to understand. If you are providing a home loan service, it’s important to understand what is happening in the economy as you will inevitably be asked questions about interest rates, And spending an hour or so each week reading what these and other experts have to say is a great place to start.

With Australia’s financial service industry becoming increasingly specialised, here are some ideas for insurance brokers, mortgage brokers and finance brokers on forming professional partnerships.

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