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Financial Planning in Australia:

Advice and Wealth Management

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Financial Planning in Australia:

Advice and Wealth Management

Sharon Taylor BCom (Accounting, Finance and Systems), MCom, FCPA Senior Lecturer, School of Business Western Sydney University

Emeritus Professor Roger Juchau BCom, Bed, MA, Hon PhD, FCPA, FNZIM Emeritus Professor of Accounting and Management Western Sydney University

LexisNexis Butterworths Australia

2018

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National Library of Australia Cataloguing-in-Publication entry

Library of Australia Cataloguing-in-Publication entry Author: Taylor, Sharon (Sharon Maria). Title:

Author:

Taylor, Sharon (Sharon Maria).

Title:

Financial Planning in Australia: Advice and

Edition:

Wealth Management. 8th edition.

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ISBN:

9780409347609 (pbk).

Notes:

9780409347616 (ebk). Includes index.

Subjects:

Finance, Personal — Australia. Investments

— Australia. Other Authors/Contributors: Juchau, Roger H.

— Australia. Other Authors/Contributors: Juchau, Roger H. © 2017 Reed International Books Australia Pty Limited

© 2017 Reed International Books Australia Pty Limited trading as LexisNexis.

First edition 2005; Second edition 2007 (reprinted 2008); Third edition 2009 (reprinted 2010); Fourth edition 2010; Fifth edition 2013 (reprinted 2014); Sixth edition 2015; Seventh edition 2016.

This book is copyright. Except as permitted under the Copyright Act 1968 (Cth), no part of this publication may be reproduced by any process, electronic or otherwise, without the specific written permission of the copyright owner. Neither may information be stored electronically in any form whatsoever without such permission.

Inquiries should be addressed to the publishers.

Typeset in Gotham, StoneSerif and Acaslon Pro.

Printed in Australia.

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Preface

Greater numbers of professionals are now offering financial advice, many of them with professional qualifications in accounting, law or financial planning, and there has been continued growth in managed funds and legislative changes in superannuation, including MySuper. This eighth edition of Financial Planning in Australia recognises the importance of the financial services sector as it continues to grow rapidly.

The sector has been affected by increased regulation and education, especially the recent changes to the Future of Financial Advice reforms that were announced in 2012. The creation in 2015 of a ‘national register for financial planners’ under the oversight of the Australian Securities and Investments Commission adds a demonstrable outcome to the government’s appetite for continued reform. Combined with the findings of the Parliamentary Joint Committee on Corporations and Financial Services, which were reported in early 2015, these reforms continue to shape how the financial planning profession is likely to develop over the next decade.financial services sector as it continues to grow rapidly. Additionally, the new education requirements of a

Additionally, the new education requirements of a degree were introduced in 2017.profession is likely to develop over the next decade. The term financial planner/adviser will be enshrined

The term financial planner/adviser will be enshrined in law.education requirements of a degree were introduced in 2017. An independent standards setting body was established

An independent standards setting body was established on 1 July 2017, to set the education standards, professional year framework and continuing professional development requirements, as well as developing a comprehensive code of ethics for financial planners.The term financial planner/adviser will be enshrined in law. New financial planners from 1 January 2019

New financial planners from 1 January 2019 will require a degree, to undertake a professional year and pass an exam.a comprehensive code of ethics for financial planners. All financial planners, both new and existing, will

All financial planners, both new and existing, will be required to undertake continuing professional development (by 1 January 2019), be subject to a code of ethics (from 1 January 2020) and pass an exam (by 1 January 2021).New financial planners from 1 January 2019 will require a degree, to undertake a professional year

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Existing financial planners who need to undertake additional study to meet the new education requirements

Existing financial planners who need to undertake additional study to meet the new education requirements will have until 1 January 2024 to meet the new standard.

This edition — which incorporates recent changes in the law and in the provisions in social security, superannuation and financial services — brings to students, lecturers and other readers a comprehensive coverage of the language, concepts, vehicle and strategies required for providing financial understanding and advice. The content and chapters have been updated, reflecting key knowledge areas for successful wealth management. The textbook has been revised and updated to meet curriculum and pedagogical developments in colleges and universities. For example, Parts 1 and 2 may be covered in one teaching term, with Parts 3 and 4 in another term. Each part may also be taken in modular form, with assessments given at the end of each part. Included are learning objectives and chapter summaries, along with numerous examples and exhibits, and a range of graded assessment items. New questions, problems and case studies have been added. The website accompanying the textbook will update the content in the event of post-publication changes to the law and professional regulations. As with previous editions, this textbook provides the necessary body of knowledge for courses run by associations, universities, colleges and professional bodies. It meets the needs of instructors and students in the subjects of financial advice, financial planning, investments and wealth management. By focusing on individual wealth-management problems, the textbook also supplies a guide for developing, implementing and monitoring strategies for successful asset accumulation and wealth management in Australia.

Sharon Taylor

Roger Juchau

October 2017

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About the Authors

About the Authors Sharon Taylor is Associate Professor in Accounting at Western Sydney University (WSU). She
About the Authors Sharon Taylor is Associate Professor in Accounting at Western Sydney University (WSU). She

Sharon Taylor is Associate Professor in Accounting at Western Sydney University (WSU). She has worked at the Australian Taxation Office and is a Fellow of CPA Australia and a Registered Tax Agent. For many years, she was an academic supervisor in the School of Accounting, and also the Associate Head of School Engagement at WSU. Sharon is currently a member of the Financial Planning Academic Forum and Deputy Chair of the Financial Planning Education Council, and was a Foundation Fellow of the Association of Financial Educators. Additionally, she held the role of convenor of the Financial Services Discipline Team for many years, and was Chair of the committee developing both the Master of Commerce (Financial Planning) and Bachelor of Financial Advising degree programs. She has contributed to numerous publications, including Australian Accounting Research Foundation, Financial Services Review, Financial Planning Research Journal and Australasian Accounting Business and Financial Journal.

Roger H Juchau is Emeritus Professor of Accounting and Management at Western Sydney University (WSU). He has held academic posts at Lincoln University (NZ), Macquarie University, Nepean CAE and the Queensland Institute of Technology, and was Commonwealth Foundation Fellow at the University of the South Pacific (USP). Professor Juchau is a graduate of the Universities of NSW, Queensland and Sussex, and a Fellow of CPA Australia and the NZ Institute of Management. He has been visiting Professor at the University of California, Davis, and Wye College, University of London. He initiated and led the development of financial programs at USP, Nepean, Lincoln and WSU. His scholarly and professional contributions have appeared in journals, texts

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and monographs, complementing his work in professional development courses and educational consultancies.

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About the Contributors

About the Contributors Graeme Colley is currently the Executive Manager, SMSF Technical and Private Wealth at
About the Contributors Graeme Colley is currently the Executive Manager, SMSF Technical and Private Wealth at

Graeme Colley is currently the Executive Manager, SMSF Technical and Private Wealth at SuperConcepts, where he manages the SMSF technical program for clients, advocacy and assists in delivering the company’s education program to private clients. Previously, Graeme was Director of Technical and Professional Standards at the SMSF Association. Prior to that he was the National Technical Manager of ANZ’s financial services arm, OnePath Australia. At OnePath, he was responsible for providing technical advice on superannuation, Centrelink, aged care and taxation strategies to over 2,100 financial planners and users of OnePath products.

Dr Michelle Cull is a senior lecturer in Accounting and Financial Planning at Western Sydney University, where she has held various academic positions since 1999 and is currently the Director of Academic Program. She has contributed to the curriculum development for the Bachelor of Business (Accounting), Bachelor of Accounting (Financial Planning and Taxation) and Master of Financial Planning. Michelle previously worked extensively in the areas of commercial, financial and management accounting at ASX100-listed companies and has also worked as a consultant. She has completed a PhD on the role of trust in financial planning and contributed to numerous publications, including Accounting Education – An International Journal, Australasian Accounting Business and Finance Journal, Economic Labour Relations Review and Financial Planning Research Journal.

Ray Griffin holds an Executive Master of Business Administration, a Diploma of Financial Services and is a graduate of the Australian Institute of Company

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Directors. In 2017, he commenced a PhD with Griffith University researching the efficacy of Australian
Directors. In 2017, he commenced a PhD with Griffith University researching the efficacy of Australian

Directors. In 2017, he commenced a PhD with Griffith University researching the efficacy of Australian financial planning legislation. Mostly under his own Australian Financial Services Licence, he has operated his business for more than 28 years, and is a Director of Baiocchi Griffin Private Wealth Pty Ltd. He has been a regular commentator for magazines, radio and television, and is a past winner of Money Management’s Financial Planner of the Year award. In 2003, Ray chaired the International Council of Certified Financial Planners’ Strategic Planning Task Force, and was a key contributor to the development of the global standards-setting body, the Financial Planning Standards Board (FPSB). He co- founded the annual Corners for Kids Motorcycle Rally, and in 2007 instigated the establishment of Future2 Foundation, the charitable foundation of the Financial Planning Association of Australia.

Robert Monahan is the principal lawyer at Monahan Estate Planning. Robert was first admitted in 1976 and has been accredited by the Law Society of New South Wales since 1998 as an accredited specialist in the area of wills and estate law. Robert’s career has taken him from private practice to a corporate environment followed by a consultancy at Maddocks Lawyers. Robert has now returned to private practice since establishing his boutique estateplanning firm where he now works with his daughter, Julia. Robert is the general editor of the Estate Planning Service, published by LexisNexis, and a regular contributor to Retirement & Estate Planning Bulletin. With Michael Perkins he co-authored the book Estate Planning:

A Practical Guide for Estate and Financial Service Professionals, the fourth edition of which was published in 2015. Robert lectures in Estate Planning at the University of Technology, Sydney, and is a regular speaker at conferences for lawyers, accountants and financial advisers.

Michael Perkins is a partner at Perkins Fahey Rosenblum, a boutique private client firm in Sydney. He has over 30 years’ experience in private client practice. Michael

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assists his clients to create and manage multi-jurisdiction and multi-generation focused wealth management and succession
assists his clients to create and manage multi-jurisdiction and multi-generation focused wealth management and succession

assists his clients to create and manage multi-jurisdiction and multi-generation focused wealth management and succession strategies. He also assists family groups with their operations and governance and business owners with meeting their succession and wealth-extraction objectives. Michael has been teaching estate planning for over 10 years. With the support of Charles Sturt University, he has created online estate-planning subjects for its Master of Accounting and Finance program. He is a practitioner member of the Academic Community of the Society of Trust & Estate Practitioners (STEP).

Elen Seymour is a law lecturer at Western Sydney University, specialising in tax and financial services. Prior to becoming a lecturer, Elen worked for the Australian Taxation Office as a graduate and then as an auditor with the International Tax Transfer Pricing team. Later, Elen worked for PricewaterhouseCoopers as an international tax consultant in Sydney, before transferring to become a Senior Associate with the international tax team with PricewaterhouseCoopers in Ottawa, Canada. Elen has been lecturing in tax and commercial law since 2003, and held various positions in the university including Acting Director Academic Program, Chair of Learning and Teaching Committee. Elen is a Fellow of the Tax Institute and a member of the Tax Institute’s Membership Committee.

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Guide to the Book

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How students benefit from using Lexis® Learning LexisNexis has developed useful and interactive online learning
How students benefit from using Lexis® Learning LexisNexis has developed useful and interactive online learning
How students benefit from using Lexis® Learning LexisNexis has developed useful and interactive online learning
How students benefit from using Lexis® Learning LexisNexis has developed useful and interactive online learning

How students benefit from using Lexis® Learning LexisNexis has developed useful and interactive online learning activities and resources. These will assist you to develop important legal knowledge to achieve success in your course. To access these resources please go to the following website and register:

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Contents

Preface About the Authors Guide to the Book

Chapter 1

The Financial Planning Environment

Chapter 2

Ethics and Compliance

Chapter 3

The Client–Adviser Relationship

Chapter 4

Constructing a Statement of Advice

Chapter 5

Chapter 6

Cash Flow and Budgeting Securing and Managing Credit

Chapter 7

Asset Allocation and Managing Risk

Chapter 8

Investing in Shares

Chapter 9

Investing in Fixed-Income Securities

Chapter 10

Investing in Property and Collectables

Chapter 11

Investing in Managed Funds

Chapter 12

Investing in Superannuation

Chapter 13

Chapter 14

Taxation: An Overview for Financial Planners Tax Strategies

Chapter 15

Insurance — Life

Chapter 16

Insurance — Income Protection, Health and General

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Chapter 17

Superannuation and Retirement

Chapter 18

Social Security

Chapter 19

Estate Planning — Core Principles and Practice

Chapter 20

Keys to Successful Financial Planning

Appendix A — Time Value of Money Appendix B — Present and Future Value Tables Index

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[page 1]

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PART 1

PART 1 Introduction: Setting the Scene Chapter 1 The Financial Planning Environment Chapter 2 Ethics and

Introduction: Setting the Scene

Chapter 1

The Financial Planning Environment

Chapter 2

Ethics and Compliance

Chapter 3

The Client–Adviser Relationship

Chapter 4

Constructing a Statement of Advice

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[page 3]

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Chapter 1

The Financial Planning Environment

Focus

Chapter 1 The Financial Planning Environment Focus This introductory chapter sets the scene for the subsequent

This introductory chapter sets the scene for the subsequent technical chapters. In many ways, financial planning is a product of the circumstances that arose in the early 1980s when it became apparent that such issues as an ageing population, poor levels of domestic savings and substantive changes in government policy relating to the funding of an individual’s retirement created the need for holistic financial advice. This chapter attempts to define and explain the term ‘financial planning’, followed by a discussion of the factors which have contributed to the emergence of this new profession/industry. Finally, the chapter briefly considers the historical framework of the industry and the role played by the major professional bodies and other industry participants.

Learning Objectives

bodies and other industry participants. Learning Objectives After studying this chapter, students should be able to:

After studying this chapter, students should be able to:

have an understanding of the difficulties associated with defining the term ‘financial planning’ and the elements it incorporates;After studying this chapter, students should be able to: appreciate the impact of the external environment

appreciate the impact of the external environment in which the financial planning industry operates;‘financial planning’ and the elements it incorporates; understand that many economic factors have played a role

understand that many economic factors have played a role in heightening the importance of obtaining good financial advice;in which the financial planning industry operates; appreciate the history and development of the financial

appreciate the history and development of the financial planning profession/industry as we know it today;the importance of obtaining good financial advice; have an understanding of the roles of the professional

have an understanding of the roles of the professional bodies in maintaining codes of conduct, ethics and standards generally;advice; appreciate the history and development of the financial planning profession/industry as we know it today;

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understand the role of the government in relation to both fiscal policy and regulation, and how this impacts on the giving of advice; andhave an appreciation of the roles of other stakeholders and how these impact on the

have an appreciation of the roles of other stakeholders and how these impact on the future development of the financial planning industry.role of the government in relation to both fiscal policy and regulation, and how this impacts

[page 4]

Introduction

of the financial planning industry. [page 4] Introduction What is financial planning? In this chapter, we
of the financial planning industry. [page 4] Introduction What is financial planning? In this chapter, we

What is financial planning?

In this chapter, we discuss the impact of the factors mentioned in the ‘Focus’ above, and how their combined effect necessitated investors’ seeking professional financial advice, which, in turn, has resulted in the emergence of a new industry in Australia: financial planning. History continues to show us the ongoing volatility in financial markets over time. This fact, combined with factors affecting the Australian domestic scene, has led to numerous lessons being learned, as well as providing data for reflection. In 2008, for the first time, many investors experienced loss of their capital and they were keen to ensure there was no repeat of such losses. Hence, many investors sought financial advisers to give advice in relation to risk and return, market volatility, portfolio construction and diversification, as well as ongoing management of their investment portfolios. Before we can discuss the process of financial planning, it is important to examine a fundamental yet complex question: What is financial planning? There is no single answer. One possible response is:

There is no single answer. One possible response is: Financial planning: A holistic process whereby a

Financial planning: A holistic process whereby a client’s total position, both financial and non-financial, is examined and a set of actions or a plan is put in place which, once implemented, will assist in meeting the client’s ultimate goals and objectives.

As previously mentioned, the concept of financial planning as a discrete

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discipline is somewhat new. Until the early 1990s, financial advice was given by a multitude of different professionals. For example, accountants typically gave advice on investments, superannuation and tax issues, whereas lawyers were concerned with estate planning and superannuation. Then there were the insurance agents giving advice on insurance products, and real estate agents recommending strategies incorporating negative gearing and direct property — for example, purchase of residential units or homes rather than property trusts. Consequently, there was no all-encompassing approach to an individual’s wealth creation. This fragmented approach often left clients with no clear plan as to how their overall financial goals and aspirations were to be met, and whether, given their circumstances, the goals were realistic and/or achievable.

circumstances, the goals were realistic and/or achievable. A brief history of the financial planning environment The

A brief history of the financial planning environment

The financial planning industry as we know it today plays a drastically different role to the one it played in the early 1980s. At that time, Australians lived in an economic environment of high inflation and high interest rates. While the Labor government of the time sought to engineer the economy to make it generally more robust and internationalised, it was apparent that many domestic issues relating to savings and retirement needed to be addressed urgently. Australia’s government recognised that the nation’s declining birth rate, combined with the ageing baby-boomer population and a poor savings record, required drastic action. In the early 1980s, the government introduced rollover provisions in relation to superannuation to ensure that employees who left one employer to work for another could transfer (‘roll over’) their superannuation benefits to the new employer. Taxation laws were changed to encourage this practice, rather than having individuals withdraw their lump-sum superannuation benefits. In 1985, capital gains tax (CGT) was introduced and, with this, came the development of new investment products, which, in some cases, were CGT- exempt. Additionally, many investors for the first time sought professional advice as to how to best structure their investments to minimise tax effects.

[page 5]

Another government initiative in 1987 was the introduction of dividend imputation or franking credits. Previously, dividends were taxable in the hands of the company but then also formed part of the shareholder’s taxable

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income, with no recognition of the tax paid by the company. In effect, this was double taxation and did not provide any incentive for investors to buy shares in companies that paid dividends. The introduction of dividend imputation removed this disincentive and recognised that the shareholder was entitled to a credit for the tax paid by the company on the dividend. Internationally, events were also causing a ripple effect for the financial planning industry. In 1987, the share-market crash saw share prices fall by anything up to 50% in a few days. For many advisers in the financial planning sector, it was the first time both they and their clients had experienced such a drastic market correction. Many brokers and fund managers went out of business during this period. As the 1990s approached, dramatic changes were evident in the financial environment, both in Australia and overseas. In Australia, the property trust freeze and the collapse of financial institutions, such as the Pyramid Building Society, saw investors withdrawing funds and an overall climate of panic in the investment market of dividend income. Internationally, the 1990s were extremely volatile, with the crash of the Japanese stock market in 1994, followed by the United States government- bond crash in the same year. In 1997, world currency markets were severely impacted by the Asian crisis, when the World Bank and the International Monetary Fund combined to draft a rescue package for many Asian countries. Closer to home, in 1992, the introduction of the Superannuation Guarantee (SG) charge heralded a new era for Australians, with the introduction of a compulsory superannuation scheme. Since its introduction, there have been many changes within the superannuation arena, which, today, provides potentially trillions of dollars ($2.05 trillion as at the end of March 2015) 1 in funds to the Australian investment markets. Initially, the contribution by employers was 3% of their employees’ earnings to a superannuation fund. Currently, the rate is 9.5%, which will rise progressively over the years and, by 2022, the SG charge will be increased to 12% of employee earnings. In 2000, the beginning of the new century, share-market volatility was again evident, with sharp falls recorded in the value of share markets in many of the world’s developed countries. In the early part of the new decade, corporate collapses, such as HIH Insurance Limited, created a climate of instability and a lack of confidence that permeated the investment markets in Australia. This was exacerbated in 2007–08 with the subprime loan collapses in the United States and the ripple effect on world and Australian financial markets. Early 2008 again saw huge volatility on the world’s share markets, and this continues to the present time. In terms of the Australian share market, some of the market losses that occurred early in 2008 were initially, and to

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some extent, recouped, but an environment of uncertainty remains and is reflected in investors’ current behaviours. In late 2007, Australia underwent a change to a Labor government. In May 2008, the new government brought down its first Budget, signalling that taxation and financial services issues were firmly on the agenda. This focus has continued, with several inquiries being set up and reports released, such as the Ripoll Inquiry reviewing financial services, the Henry Tax Review considering taxation reform, and the Cooper Inquiry into superannuation. Findings from the Ripoll and Cooper inquiries were released in late 2009 and the report from the Henry Tax Review was handed down by the government in May 2010. Although the economic environment continues to improve in Australia, the same indicators are not present in other OECD (Organization for Economic Cooperation and Development) countries. By mid-2012, a sustained international recovery was still difficult to predict with any real confidence. In early 2012, concern was raised about the true state of the Australian economy. For example, many people working in the retail sector reported they could not remember a pre-Christmas period quieter than what had occurred in 2011. Similar sentiments were expressed about the housing and construction sectors, along with manufacturing and other businesses. Yet the official figures for the period January to March 2012 showed the Australian economy was growing much faster than expected — up a full 1% compared with the same period for

[page 6]

the previous year, and amounting to economic growth of 2.5% for the year. This was perhaps due to what had been referred to as a ‘two-speed’ economy:

the mining sector continued to boom, but the same could not be said of other sectors in the Australian economy. The ‘situation’ fuelled domestic instability, which was compounded by the fact that continuing uncertainty in Europe failed to provide confidence globally — thereby adding to the considerably volatile domestic sentiment and beliefs about the robustness of the Australian economy generally. In May 2012, the Reserve Bank of Australia (RBA) opted to cut interest rates, giving households some mortgage relief, which, it was hoped, would have the result of stimulating the economy. Overall, however, while the Australian economy has performed better than many other Western economies over the last decade or so, economic growth in Australia was slow, which has led to further cuts to interest rates, along with changes to fiscal

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