When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

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Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

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The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

[smartcode_project:default project_id=342 project_image_fid=357508]

Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

[smartcode_project_cta:default project_id=342]

Staff Writer

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

Leading Australian integrated property development group, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>, has released the signature penthouses crowning its landmark AURA by Aqualand precinct at 168 Walker Street in North Sydney, unveiling Il Magnate and La Divina as the largest and most luxurious penthouses in the suburb.

With prices anticipated to commence from $15 million, and each accompanied by a new Porsche Carrera 911 valued at over $500K, the residences mark the culmination of <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>’s decade-long journey and the beginning of its final sales chapter. 
&nbsp; 
Their release follows more than $850 million in record-breaking residential sales and the building’s completion and occupation.

[smartcode_project:default project_id=30959 project_image_fid=358868]

The Richards Stanisich-designed 284 sqm Il Magnate and 224 sqm La Divina penthouses, collectively known as The Icons of AURA, are conceived as grand luxury homes rather than apartments, with expansive proportions, elevated materiality and curated identities that reflect their status as one-off residences.&nbsp;

Il Magnate features a grande master suite, complete with substantial walk-in dressing area and ensuite, three other bedrooms, second ensuite and another bathroom, powder room, open plan kitchen, scullery, substantial dining area and generous living room divided by a feature fireplace, and a multifunction wintergarden, which is ideal for a study and adjoining office breakout space. &nbsp;

Meanwhile, the La Divina residence offers the same amenities, sans the powder room, on a slightly smaller alternate floor plan configuration.

[smartcode_project:default project_id=30959 project_image_fid=358863]

Each occupies half of AURA by Aqualand’s topmost 28th level, comes with four secure car spaces and pairs sweeping Sydney Harbour panoramas with large-scale living spaces, refined detailing and a level of craftsmanship and amenity rarely offered in the North Shore market.&nbsp;

Penthouse residents will also receive Etymon’s ‘Black Key’ private concierge and lifestyle management service, an invitation only offering providing the ultimate in bespoke personalisation, including a range of everyday discrete services, from dinner party management, grocery deliveries, pet feeding or plants watered, dinners, snacks and coffee deliveries, event ticket sourcing, right up to organising travel visas and international airfares. Rarely seen in Australian properties, the service provides residents the benefits of living in a world-class luxury hotel-style home, akin to The Ritz, or the Waldorf Astoria.

[smartcode_project:default project_id=30959 project_image_fid=358862]

<a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>’s Director, Kirsten Stanisich, said the studio set out to craft residences that feel profoundly considered, contemporary and deeply connected to their setting.

“From the outset, we approached these penthouses with the sensibility of a grand Parisian residence - generous in scale, elegant in proportion and designed to feel more like a handcrafted home than an apartment," Stanisich said.

“Their elevated position and sweeping harbour outlook informed every decision, creating a rare connection between urban sophistication and natural calm. We shaped each space with expressive materiality, sculptural forms and bespoke detailing that invite touch and interaction.&nbsp;

“The result is a pair of residences defined by volume, light and an inherent softness - refined, flexible and deeply personal. These penthouses are unlike anything else in North Sydney, offering a sanctuary of true luxury framed by some of the city’s most remarkable views.”

For Aqualand’s Head of Sales &amp; Marketing, Alex Adams, the collaboration with Porsche underscores the shared ethos behind the residences.

“Aqualand’s collaboration with Porsche underpins both brand’s sharing an obsession with craftsmanship, design excellence, and enduring value," Adams said.

“Our penthouses are created for those who appreciate the finer details and expect the extraordinary at every touchpoint. Including a Porsche simply extends that experience beyond the residence - it’s a continuation of the lifestyle our buyers already live.”&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292862]

Aqualand’s Managing Director, Jin Lin, said the penthouses represent both the pinnacle of AURA by Aqualand and an important design benchmark for the company’s future pipeline.&nbsp;

“These stunning penthouses reflect the purest expression of Aqualand’s design ambition," Lin said.

“The unparalleled design intent makes them not only the glistening crown of AURA by Aqualand, but the crown of North Sydney itself. They’re essentially a thank you gift to a burgeoning community that deserves this level of quality and architectural consideration.&nbsp;

“We’re leveraging the unrivalled standard set here as the foundation for what comes next, including our upcoming Anderson Street, Chatswood; 15 Blue Street, North Sydney and Central Barangaroo projects. Purchasers of these penthouses will essentially be living inside the blueprint of Aqualand’s future.

“These landmark residences demonstrate how far North Sydney has evolved and the strength of demand for highly curated, bespoke luxury homes. They’re more than penthouses, they’re legacy residences.&nbsp;

“With AURA by Aqualand now a thriving new precinct with residents well and truly settled, and our in-house world-class lifestyle amenity activated, Il Magnate and La Divina represent a once-in-a-lifetime opportunity to secure an extraordinary piece of North Sydney’s future.”

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Joel Robinson

Aqualand launches North Sydney penthouses with free Porsche Carrera 911

<a href="https://www.apartments.com.au/developments/bokarina-qld-4575">Bokarina</a> Beach has quietly evolved into one of the Sunshine Coast’s most complete coastal lifestyle precincts, defined not just by proximity to the ocean, but by how residential living, local retail and everyday amenity are stitched together.&nbsp;

Gardner Vaughan Group’s <a href="https://www.apartments.com.au/new-apartments/bask-bokarina-38-bokarina-boulevard-bokarina-qld-4575">Bask Bokarina</a> now represents the final residential chapter in that transformation.

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Over recent years, the Bokarina Beach precinct has taken shape as a walkable, community-oriented neighbourhood, anchored by beachfront access, Lake Kawana to the west, and a growing mix of cafés, specialty retail and public open space.&nbsp;

With Zinc Bokarina already delivered next door by <a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG), Bask is the last opportunity to buy a brand new apartment within the precinct, effectively rounding out a fully formed coastal village.

GVG has positioned Bask to strengthen that lifestyle framework. Ten ground-floor retail spaces are planned beneath the residences, extending Bokarina Boulevard’s existing activity and reinforcing the area’s everyday convenience, from casual dining and coffee to local services, within a short walk of the beach.

[smartcode_project:default project_id=141609 project_image_fid=333359]

The residential component comprises 135 apartments across two buildings, Mydas and Caretta, with a clear shift toward larger three- and four-bedroom layouts and penthouses. That mix reflects a maturing buyer profile in Bokarina, where demand is increasingly led by owner-occupiers and active downsizers seeking space, permanence, and connection to place rather than short-term coastal accommodation.

Design and amenity have followed the same logic. Residents will have access to a heated plunge pool, gym, private dining room with a full kitchen, landscaped communal gardens with barbecues and a firepit, and a shared herb and vegetable garden, facilities intended to support daily use rather than resort-style turnover. Pet-friendly features, including a dog wash bay, acknowledge both buyer expectations and the area’s dog-friendly beach, located around 250 metres from the site.

[smartcode_project:default project_id=141609 project_image_fid=333366]

“Bokarina has become one of the Sunshine Coast’s most desirable beachside communities, and Bask represents the very last chance to buy new in this location,” GVG Director Sam Gardner said.&nbsp;

“Our focus has been to create spacious, functional apartments that meet the needs of locals who want to downsize without compromise, as well as those seeking a full-time coastal retreat.”

Positioned between the Pacific Ocean and Lake Kawana, Bask apartments have been oriented to capture outlooks toward the water or the Glass House Mountains, reinforcing the project’s connection to its natural surroundings. With parks, beachfront paths, hospitals, retail and public transport already in place, Bask arrives at a point where the broader precinct is no longer emerging, but established.

Construction is expected to complete in Q3 this year, with apartments ready to move into this Spring.

[smartcode_project_cta:default project_id=141609]

Bask to complete Bokarina’s Sunshine Coast lifestyle precinct as final apartments are released

Property development giant <a href="https://www.apartments.com.au/developers/avid-property-group">AVID Property Group</a> is approaching completion, and sell-out, of its Surry Hills apartment development, <a href="https://www.apartments.com.au/new-apartments/the-rathbone-23-47-flinders-street-surry-hills-nsw-2010">The Rathbone</a>.

The Flinders St project has sold well over half of its 32 apartments, which will sit above two retail spaces.

Now hitting the market are the final 14 one-, two-, and three-bedroom apartments, which start from $1.15 million. AVID is targeting a mid-2026 completion.

[smartcode_project:default project_id=5947 project_image_fid=51208]

AVID General Manager New South Wales Danny Boubli said as more apartments are introduced to increase housing options in inner-city areas, homebuyers are searching for a &nbsp;sense of belonging in addition to location, convenience and value.&nbsp;

“There are very few opportunities for new developments in Surry Hills, and since acquiring the site, we’ve even seen one early purchaser merge two apartments plans together, reflecting the demand for a spacious, premium offering in a prime location,” Boubli said.&nbsp;

“Demand has been strong since we launched to market – we don’t see these final apartments staying on the market for long.”&nbsp;

Architectural firm Studio SC has designed the building which pays homage to the former 1900s Rathbone Terraces that once sat on the 990 sqm island site.

Boubil said the team has made every effort to create "truly liveable apartments", through&nbsp;functional floor plans, security, storage, and the inclusion of quality fittings.

[smartcode_project:default project_id=5947 project_image_fid=51207]

&nbsp;

Sustainable design has also been implemented throughout the development, with natural light flooding each apartment, ventilation throughout, extensive landscaping and where possible, materials with a high level of recycled content and low volatile organic compound paints have been used. &nbsp;

Apartments range in size from 57 sqm for the one-bedrooms to the large-scale 165 sqm three-beds which are priced at $2,575,000.

[smartcode_project_cta:default project_id=5947]

AVID launches final apartments at The Rathbone, Surry Hills

Financial Advice

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Landlords and real estate agents could face court, and prison or penalties up to $1.3 million, if they advice renters to use their superannuation to cover their rental payment during the coronavirus crisis.
In a note sent by ASIC's financial services enforcement group director Tim Mullally to the Real Estate Institute of Australia, Mullally said it could breach financial advice laws.
“ASIC is aware that some real estate agents are advising tenants who are unable to pay their rent, or who may find themselves in such a situation in future, to consider applying for early release of their superannuation," the letter read.
“Recent media reports and social media commentary outlining this conduct by some real estate agents is of significant concern to ASIC and, we would hope, you."
“ASIC intends to monitor this situation closely, and if contraventions of the licensing requirements of the Corporations Act are found, ASIC will not hesitate to act swiftly to protect vulnerable consumers,” Mullaly said.
The letter comes after workers who have been laid off due to COVID-19 were given permission to access up to $20,000 worth of superannuation over the next two years.
Mullaly continued stating that financial advice must only be provided by qualified and licensed financial advisers, not by real estate agents.
Individuals can be fined up to $126,000 and up to five years in jail for providing unlicensed financial advice. Corporations can be slapped with fines up to $1.26 million.
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“Tenants facing financial difficulty need sound financial guidance and potentially debt counselling. Specifically pointing them to and recommending them to consider the specific possibility of accessing superannuation is, again, likely to amount to a breach of the Act,” Mullaly said.
 
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jrobinson-rf4aSBido9

Landlords and real estate agents could face five years in prison by telling tenants to pay rent with their superannuation

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The barriers faced by consumers when considering financial advice have been highlighted in new research published by the Australian Securities &amp; Investments Commission (ASIC).
The report, titled Financial advice: What consumers really think, presents independent research into consumer experiences of, and attitudes towards, financial advice.
The study analysed an online sample of 2545 people (weighted to reflect the overall population), and focused on the overall use of financial advisers, motivators and barriers to seeking personal advice, and consumer attitudes towards the financial advice industry.
Just 27 per cent of the sample had received financial advice in the past, and only 12 per cent had received advice in the past 12 months.
Managing investments such as shares and managed funds, retirement income planning, growing superannuation, and budgeting or cash flow management, represented the most common reasons for which financial advice was sought. 
‘While Australians believe financial advisers can offer significant expertise on financial matters, our research shows that many don’t seek advice because they are put off by factors such as high costs, significant distrust of the industry and a perception that financial advice is only for the wealthy’ said ASIC commissioner Danielle Press.
The research shows that, while 41 per cent of Australians intend to get personal financial advice in the future, many of them will not proceed because of these perceived barriers.
‘Financial advisers have an important role to play in helping consumers improve their financial position, and there is a real opportunity for the advice industry to rebuild that trust by reorienting itself and putting consumers at the heart of its services… it is imperative that people wanting advice when making critical financial decisions are able to access high quality advice and equally, feel confident that the advice is in their best interests’ Ms Press concluded. 
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wdavis-8cCN98p7xp

ASIC report highlights lack of consumer trust in financial advice industry

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Assistant Minister for Financial Services Jane Hume announced that financial advisers will be given up to an extra two years to upgrade their professional standards and qualifications.
The Morrison government concession means that currently operating financial planners will have until January 2022 to pass a financial advice exam and until January 2026 to graduate from a financial advice university or TAFE degree accredited by Financial Adviser Standards and Ethics Authority, she said.
Labor shadow minister for financial services Stephen Jones slammed the delay, he said "the government are being negligent and dragging their feet on urgent reform." 
Some financial adviser lobbyists were grateful for the changes but said they didn't go far enough.
In particular, the executive director of the Association of Independently Owned Financial Professionals, Peter Johnston said the government should give further leeway to advisers specialising in life insurance and income protection.
"Risk insurance advisers should not need a four-year degree. They should need a 12-month refresher diploma in risk insurance because they're only dealing in that area," he stated.
 
Senator Hume said the financial advice exam was available only in capital cities and would not be available in regional areas until September 2019.
"The extension of the exam will ensure that all advisers, including rural and regional advisers, will have two years to sit the exam, as originally intended," she said.
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j.ballantyne1990-6AQqhLzZaK

Financial advisers given extra two years to upgrade their professional qualifications

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EXPERT OBSERVATION 
A significant number of Australians are embarrassed by their financial situation.
The Mortgage Choice and CoreData’s Financial Fitness whitepaper explores Australians’ attitudes and behaviours towards their finances.
Our research has found that when it comes to their finances, many Australians say they are embarrassed, which may stem in part from their personal debt and overall money habits.
According to the whitepaper research, 34% of respondents say they feel embarrassed by their financial habits. Furthermore, it revealed that 42% of Australians feel embarrassed by their personal debt, and one third hide the fact that they are in debt.
The research gave some insight into how Australians are using their credit cards, with a fifth of respondents saying they pay only the minimum amount on their credit card each month and 11% said they have not paid off their credit card in full for the last three months or more.
The fact that people are not paying off the balance on their credit card each month is worrying. However what is also particularly concerning is the number of Australians who pay only the minimum amount of their balance each month.
This prolongs the amount of time they are in debt as a considerable proportion of the payment is servicing the interest, rather than the balance and is one way consumers feel trapped in a seemingly endless cycle of debt.
The research found that more than a quarter (27%) of Australians spend more than they earn, which may explain why they are racking up personal debt.
These habits may be contributing to the shame and embarrassment some Australians say they feel about their finances. Indeed, the whitepaper reveals that almost a fifth (19%) of Australians say they are living secret financial lives.
This begs the question, are the feelings of embarrassment keeping Australians from taking an active role in managing their money? 
The research suggests this might be the case, as one-fifth of Australians said they often do not regularly monitor their finances.
The problem with avoiding the topic of money altogether is that often, a small problem can snowball into something more serious if it is not dealt with early on.
I encourage anyone feeling embarrassed or ashamed of their financial situation to seek professional help. The reality is you are not alone and there are things you can do to take control of your personal debt, but you need to start sooner rather than later.
SUSAN MITCHELL is the Chief Executive Officer of <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
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A third of Australians feel embarrassed by their finances: Susan Mitchell

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EXPERT OBSERVER
I have been working in and around investment markets for 35 years now. A lot has happened over that time.
The 1987 crash, the recession Australia had to have, the Asian crisis, the tech boom/tech wreck, the mining boom, the Global Financial Crisis, the Eurozone crisis. Financial deregulation, financial re-regulation. The end of the cold war, US domination, the rise of Asia and then China. And so on.
But as someone once observed the more things change the more they stay the same. And this is particularly true in relation to investing. So, what I have done here is put some thought into the nine most important things I have learned over the past 35 years.
1. Make the most of the power of compound interest. This is one of the best ways to build wealth and this means making sure you have the right asset mix.
2. Don’t get thrown off by the cycle. The trouble is that cycles can throw investors out of a well thought out investment strategy. But they also create opportunities.
3. Invest for the long term. Given the difficulty in getting market and stock moves right in the short-term, for most it’s best to get a long-term plan that suits your level of wealth, age, tolerance of volatility, etc, and stick to it.
4. Diversify. Don’t put all your eggs in one basket. But also, don’t over diversify as this will just complicate for no benefit.
5. Turn down the noise. After having worked out a strategy thats right for you, it’s important to turn down the noise on the information flow and prognosticating babble now surrounding investment markets and stay focussed. In the digital world we now live in this is getting harder.
6. Buy low, sell high. The cheaper you buy an asset, the higher its prospective return will likely be and vice versa.
7. Beware the crowd at extremes. Don’t get sucked into the euphoria or doom and gloom around an asset.
8. Focus on investments that you understand and that offer sustainable cash flow. If it looks dodgy, hard to understand or has to be based on odd valuation measures or lots of debt to stack up then it’s best to stay away.
9. Seek advice. Given the psychological traps we are all susceptible too and the fact that investing is not easy, a good approach is to seek advice.
Below Shane Oliver goes into more detail about each of the 'The nine most important things he learned about investing over the past 35 years'.
# 1 There is always a cycle
Droll as it sounds, the one big thing I have seen over and over in the past 35 years is that investment markets constantly go through cyclical phases of good times and bad. Some are short term, such as those that relate to the 3 to 5 year business cycle. Some are longer, such as the secular swings seen over 10 to 20 year periods in shares. Some get stuck in certain phases for long periods. Debate is endless about what drives cycles, but they continue. But all eventually contain the seeds of their own reversal. Ultimately there is no such thing as new eras, new paradigms and new normal as all things must pass. What’s more share markets often lead economic cycles, so economic data is often of no use in timing turning points in shares
# 2 The crowd gets it wrong at extremes
What’s more is that these cycles in markets get magnified by bouts of investor irrationality that take them well away from fundamentally justified levels. This is rooted in investor psychology and flows from a range of behavioural biases investors suffer from. These include the tendency to project the current state of the world into the future, the tendency to look for evidence that confirms your views, overconfidence and a lower tolerance for losses than gains. So, while fundamentals may be at the core of cyclical swings in markets, they are often magnified by investor psychology if enough people suffer from the same irrational biases at the same time. From this it follows that what the investor crowd is doing is often not good for you to do too. We often feel safest when investing in an asset when neighbours and friends are doing the same and media commentary is reinforcing the message that it’s the right thing to do. This “safety in numbers” approach is often doomed to failure. Whether its investors piling into Japanese shares at the end of the 1980s, Asian shares into the mid 1990s, IT stocks in the late 1990s, US housing and dodgy credit in the mid 2000s or Bitcoin in 2017. The problem is that when everyone is bullish and has bought into an asset in euphoria there is no one left to buy but lots of people who can sell on bad news. So, the point of maximum opportunity is when the crowd is pessimistic, and the point of maximum risk is when the crowd is euphoric.
# 3 What you pay for an investment matters a lot 
The cheaper you buy an asset the higher its prospective return. Guides to this are price to earnings ratios for share markets (the lower the better – see the next chart) and yields, ie the ratio of dividends, rents or interest payments to the value of the asset (the higher the better). Flowing from this it follows that yesterdays winners are often tomorrows losers – because they became overvalued and over loved and vice versa. But while this seems obvious, the reality is that many find it easier to buy after shares have had a strong run because confidence is high and sell when they have had a big fall because confidence is low. But the key point is that the more you pay for an asset the lower its potential return and vice versa.
# 4 Getting markets right is not as easy as you think
In hindsight it all looks easy. Looking back, it always looks obvious that a particular boom would go bust when it did. But that’s just Harry hindsight talking! Looking forward no-one has a perfect crystal ball. As JK Galbraith observed “there are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.” Usually the grander the forecast – calls for “great booms” or “great crashes ahead” – the greater the need for scepticism as such calls invariably get the timing wrong (in which case you lose before it comes right) or are dead wrong. Market prognosticators suffer from the same psychological biases as everyone else. If getting markets right were easy, then the prognosticators would be mega rich and would have stopped doing it long ago. Related to this many get it wrong by letting blind faith - “there is too much debt”, “house prices are too high and are guaranteed to crash”, “the Eurozone will break up” – get in the way of good investment decisions. They may be right one day, but an investor can lose a lot of money in the interim. The problem for ordinary investors is that it’s not getting easier as the world is getting noisier as the flow of information and opinion has turned from a trickle to a flood and the prognosticators have had to get shriller to get heard.
# 5 Investment markets don’t learn A key lesson from the history of investment markets is that they don’t seem to learn. The same mistakes are repeated over and over as markets lurch from one extreme to another. This is even though after each bust many say it will never happen again and the regulators move in to try and make sure it doesn’t. But it does! Often just somewhere else. Sure, the details change but the pattern doesn’t. As Mark Twain is said to have said: “history doesn’t repeat, but it rhymes.” Sure, individuals learn and the bigger the blow up the longer the learning lasts. But there’s always a fresh stream of newcomers to markets and in time collective memory dims.
# 6 Compound interest is like magic
This one goes way back to my good friend Dr Don Stammer. One dollar invested in Australian cash in 1900 would today be worth $240 and if it had been invested in bonds it would be worth $950, but if it was allocated to Australian shares it would be worth $593,169. Although the average annual return on Australian shares (11.8% pa) is just double that on Australian bonds (5.9% pa) over the last 119 years, the magic of compounding higher returns leads to a substantially higher balance over long periods. Yes, there were lots of rough periods along the way for shares, but the impact of compounding at a higher long-term return is huge over long periods of time. The same applies to other growth-related assets such as property.
# 7 It pays to be optimistic The well-known advocate of value investing Benjamin Graham observed that “To be an investor you must be a believer in a better tomorrow.” If you don’t believe the bank will look after your deposits, that most borrowers will pay their debts, that most companies will grow their profits, that properties will earn rents, etc then you should not invest. Since 1900 the Australian share market has had a positive return in roughly eight years out of ten and for the US share market it’s roughly seven years out of 10. So getting too hung up worrying about the next two or three years in 10 that the market will fall risks missing out on the seven or eight years out of 10 when it rises.
# 8 Keep it simple stupid
Investing should be simple, but we have a knack for overcomplicating it. And it’s getting worse with more options, more information, more apps and platforms, more opportunities for gearing and more rules &amp; regulations around investing. But when we overcomplicate investments we can’t see the wood for the trees. You spend too much time on second order issues like this share versus that share or this fund manager versus that fund manager, so you end up ignoring the key driver of your portfolio’s performance – which is its high-level asset allocation across shares, bonds, property, etc. Or you have investments you don’t understand or get too highly geared. So, it’s best to keep it simple, don’t fret the small stuff, keep the gearing manageable and don’t invest in products you don’t understand.
# 9 You need to know yourself to succeed at investing
We all suffer from the psychological weaknesses referred to earlier. But smart investors are aware of them and seek to manage them. One way to do this is to take a long-term approach to investing. But this is also about knowing what you want to do. If you want to take a day to day role in managing your investments then regular trading and/or a self managed super fund (SMSF) may work, but you need to recognise that will require a lot of effort to get right and will need a rigorous process. If you don't have the time and would rather do other things like sailing, working at your day job, or having fun with the kids then it may be best to use managed funds. It’s also about knowing how you would react if your investment suddenly dropped 20% in value. If your reaction were to be to want to get out then you will either have to find a way to avoid that as you would just be selling low and locking in a loss or if you can’t then you may have to consider an investment strategy offering greater stability over time (which would probably mean accepting lower returns)
DR SHANE OLIVER is the Head of Investment Strategy and Chief Economist for AMP Capital 
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Nine key points for successful investing: AMP Capital's Shane Oliver

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ASIC has commenced civil penalty proceedings in the Federal Court against Port Phillip Publishing Pty Ltd (PPP), an online financial publisher and Australian financial services licence (AFSL) holder, and its director and CEO, Kris Sayce.
The proceeding concerns an article promoting an investment strategy which, according to PPP, consumers could adopt to “piggyback”, or mimic the performance of, the Australian Government’s Future Fund. 
<a href="https://newslettercollector.com/newsletter/wednesday-how-you-could-pocket-an-extra-540-to-6-667-every-month/" target="_blank">The 2017 article</a> which said that the investment strategy would generate monthly income of $540 to $6,667 was not written by Sayce, but Matthew Hibbard.
Sayce promotes himself as "never one to pull punches, especially when it comes to Australia’s hapless bureaucracy and special interest groups."
Once dubbed the ‘Jeremy Clarkson of Australian finance’, Sayce began as a London finance broker specialising in small-cap stock analysis on London’s Alternative Investment Market — which covered everything from Kazakhstani gold miners to toy train companies. 
Sayce is a fully accredited advisor in shares, options, warrants and foreign-exchange investments, who spent several years at a leading Australian wealth-management company before he began working at Port Phillip Publishing, where he is the publisher and CEO of the Albert Park-based company. 
The article, which included client testimonials purportedly supporting the strategy, was targeted at retirees.
It was published on two of PPP’s websites and emailed to some 120,000 subscribers. It's open rate has not been revealed.
Readers were able to access the promoted investment strategy by purchasing a detailed guide from PPP for $49.
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
The document entitled “Your Quick Start Guide to ‘Piggybacking’ the Future Fund” was sent to 833 of PPP’s subscribers during the relevant period between September 2017 and January 2018.
</div>
</div>
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ASIC alleges that the article and the guide were misleading and deceptive because consumers could not mimic the performance of the Future Fund by adopting the promoted investment strategy.
ASIC allege PPP did not disclose that the touted returns could only be achieved by investing approximately $154,286 and $1.9 million.
ASIC allege the article did not represent the opinions of Matthew Hibbard, the PPP retirement investment expert.
"Instead, it was substantially copied by one of PPP’s copywriters from an article published by an American related entity of PPP in the United States entitled, Americans Now Legally Piggybacking Canadian Social Security ... And Collecting Extra Monthly Checks from $400 to $4,700.”
ASIC further allege Hibbard had not conducted, as outlined, "research in the order of 900 hours in relation to the investment strategy; and had not connected with over 5,400 people who had generated income by adopting the investment strategy."
ASIC also allege that the three testimonials contained in the article were false.
The testimonials were advised as "folks like":
<ul>
<li>77 year-old M H a retired farmer living in South Australia, he stumbled across this weird - but lucrative - income strategy a few years back. Since then he’s open to monthly income amounts like $575 and $1,362...</li>
</ul>
<ul>
<li>Retiree Leon M switched on this secret strategy inside his self-managed super fund...and now collects a monthly income stream of around $540...</li>
</ul>
<ul>
<li>Or Jolly, who – on average – collects $6,667 each month using this loophole.</li>
</ul>
ASIC alleges that PPP and Sayce breached various consumer protection provisions of the ASIC Act and Corporations Act, that PPP breached its AFSL obligations, and that Sayce breached his duties as a director of PPP. 
In addition to declarations and financial penalties, ASIC seeks corrective advertising orders, injunctions and disqualification orders against the Frankston South-based Sayce. 
The first hearing of the matter is listed for 22 February 2019.
It is regulatory guide 234 Advertising Financial Products and Services (including credit): Good Practice Guidance (RG234) that provides guidance to help promoters comply with their legal obligations not to make false or misleading statements or engage in misleading and deceptive conduct, ASIC advised.
Port Phillip Publishing claims with its 20 subscription services and five free daily emails that its readers get a "comprehensive insight into the ideas that the mainstream media frequently neglects – or is too lazy to research."
PPP's most recent addition to the stable was Harry Dent Daily, which offers the thoughts of <a href="/expert-insights/investing/harry-dent-says-he-was-early-with-his-dire-sydney-price-collapse-forecast">the controversial doomsday property analyst</a>.
Port Phillip Publishing was established in 2005 as the Australian outpost of US publisher, Agora Inc, which was founded by best-selling author and entrepreneur Bill Bonner.
Many of its subscription newsletters are paid: 
• Australian Small Cap Investigator – A$99 annually • Secret Crypto Network – A$99 annually • Exponential Stock Investor – A$99 annually • Phillip J Anderson Cycles, Trends and Forecasts – A$99 annually • The Gowdie Letter – A$99 annually • Global Investor – A$99 annually • Harry Dent Boom &amp; Bust letter – A$99 annually • Wealth Eruption – A$99 annually • Money Morning Trader – A$49 monthly • Crisis &amp; Opportunity – A$149 annually • Gowdie Family Wealth – A$449 annually • Revolutionary Tech Investor – A$1,499 annually • Quant Trader – A$3,499 annually • Gold &amp; Commodities Stock Trader – A$2,499 annually • Microcap Trader – A$4,999 annually • Crash Market Investor – A$2,999 annually • Crypto Tech Investor – A$2,499 annually • Extreme Crypto Trader – A$2,999 annually • Billion Dollar Breakout Trader – A$2,999 annually • Microcap Global Trader – A$2,999 annually • Phil Anderson’s Time Trader – A$2,999 annually • Options Trader – A$3,499 annually
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ASIC seek to take financial services licence off Kris Sayce, the Port Phillip Publishing boss

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EXPERT OBSERVER
A few months ago Reserve Bank Governor Phillip Lowe provided four common sense points we should all keep in mind regarding borrowing to finance a home.
I thought they made sense and so summarised them in a tweet to which someone replied that every checkout operator knows them.
Which got me thinking that maybe many do know them, but a lot don’t, otherwise Australians would never have trouble with their finances.
So I thought it would be useful to expand Governor Lowe’s list to cover broader financing and investment decisions we make.
 1. Shop around
We often shop around to get the best deal when it comes to consumer items but the same should apply to financial services. As Governor Lowe points out “don’t be shy to ask for a better deal whether for your mortgage, your electricity contract or your phone plan”.
The same applies to your insurance, banking, superannuation, etc. It’s a highly-competitive world out there and financial companies want to get and keep your business.
So when getting a new financial service it makes sense to look around. And when it comes time to renew a service – say your home and contents insurance - and you find that the annual charge has gone up way in excess of inflation (which is currently around 2%) it makes sense to call your provider to ask what gives.
I have often done this to then be offered a better deal on the grounds that I am a long-term loyal customer.
 2. Don’t take on too much debt
Debt is great, up too a point. It helps you have today what you would otherwise have to wait till tomorrow for.
It enables you to spread the costs associated with long term “assets” like a home over the years you get the benefit of it and it enables you to enhance your underlying investment returns.
But as with everything you can have too much of it. Someone wise once said “it’s not what you own that will send you bust but what you owe.”
So always make sure that you don’t take on so much debt that it may force you to sell all your investments just at the time you should be adding to them or worse still potentially send you bust.Or to sell your house when it has fallen in value.
A rough guide may be that when debt servicing costs exceed 30% of your income then maybe you have too much debt – but it depends on your income and expenses.
A higher income person could manage a higher debt servicing to income ratio simply because living expenses take up less of their income.
3. Allow that interest rates can go up as well as down 
Yeah, I know that it’s a long time since offical interest rates were last raised in Australia – in fact it was way back in 2010.
So as Governor Lowe observes “many borrowers have never experienced a rise in official interest rates”. But don’t be fooled by the recent history of falling or low rates.
My view is that an increase in rates is still a long way off (and they may even fall further first) - but that’s just a view and views can be wrong.
History tells us that eventually the interest rate cycle will turn up.
Just look at the US where after six years of near zero interest rates, official US interest rates have risen 2% over the last three years.
So, the key is to make sure you can afford higher interest payments at some point. And when official rates move up the moves tend to be a lot larger than the small out of cycle moves from banks that have caused much angst lately.
4. Allow for rainy days
This is another one raised by Governor Lowe who said: “things don’t always turn out as we expect. So for most of us having a buffer against the unexpected makes a lot of sense.”
The rainy day could come as a result of higher interest rates, job loss or an unexpected expense.
This basically means not taking all the debt offered to you, trying to stay ahead of your payments and making sure that when you draw down your loan you can withstand at least a 2% rise in interest rates.
5. Credit cards are great, but they deserve respect
I love my credit cards. They provide me with free credit for up to around 6-7 weeks and they attract points that can really mount up (just convert the points into gift cards and they make optimal Christmas presents!).
So, it makes sense to put as much of my expenses as I can on them. But they charge usurious interest rates of around 20-21% if I get a cash advance or don’t pay the full balance by the due date.
So never get a cash advance unless it’s an absolute emergency and always pay by the due date.
Sure the 20-21% rate sounds a rip-off but don’t forget that credit card debt is not secured by your house and at least the high rate provides that extra incentive to pay by the due date.
 6. Use your mortgage for longer term debt
Credit cards are not for long term debt, but your mortgage is. And partly because it’s secured by your house, mortgage rates are low compared to other borrowing rates – at around 4-5% for most.
So if you have any debt that may take longer than the due date on your credit card to pay off then it should be on your mortgage if you have one.
7. Start saving and investing early
If you want to build your wealth to get a deposit for a house or save for retirement the best way to do that is to take advantage of compound interest – where returns build on returns.
Obviously, this works best with assets that provide high returns on average over long periods.
But to make the most of it you have to start as early as possible. Which is why those piggy banks that banks periodically hand out to children have such merit in getting us into the habit of saving early.
Of course, this gives me an opportunity to again show my favourite chart on investing which tracks the value of $1 invested in Australian shares, bonds and cash since 1900 with dividends and interest reinvested along the way.
Cash is safe but has low returns and that $1 will have only grown to $237 today.
Shares are volatile (&amp; so have rough periods highlighted by arrows) but if you can look through that they will grow your wealth and that $1 will have grown to $526,399 by today.
<img src="https://www.urban.com.au/images/2018/11/15/Share%20VS%20Cash%20100%20years.JPG" alt="">
8. Allow that asset prices go up and down
It’s well known that the share market goes through rough patches.
The volatility seen in the share market is the price we pay for higher returns than most other asset classes over the long term.
But when it comes to property there seems to be an urban myth that it never goes down in value.
Of course property prices will always be smoother than share prices because it’s not traded daily and so is not subject to daily swings in sentiment. But history tells home prices do go down as well as up.
Japanese property prices fell for almost two decades after the 1980s bubble years, US and some European countries’ property values fell sharply in the GFC and the Australian residential property market has seen several episodes of falls over the years and of course we are going through one right now.
So the key is to allow that asset prices don’t always go up – even when the population and the economy are growing.
9. Try and see big financial events in their long-term context
Hearing that $50 bn was wiped off the share market in one day sounda scary – but it tells you little about how much the market actually fell and you have only lost something if you actually sell out after the fall.
Scarier was the roughly 20% fall in share markets through 2015-16 and worse still the GFC that saw roughly 50% falls.
But such events happen every so often in share markets – the 1987 crash saw a 50% in a few months &amp; Australian shares fell 59% over 1973-74. And after each the market has gone back up.
So, we have seen it all before even though the details may differ.
The trick is to allow for periodic sharp falls in your investment strategy and when they do happen remind yourself that we have seen it all before and the market will find a base and resume its long-term rising trend.
10. Know your risk tolerance
When embarking on investing it’s worth thinking about how you might respond if you found out that market movements had just wiped 20% off the value of your investments.
If your response is likely to be: “I don’t like it, but this sometimes happens in markets and history tells me that if I stick to my strategy I will see a recovery in time” then no problem.
But if your response might be: “I can’t sleep at night because of this, get me out of here” then maybe you should rethink your strategy as you will just end up selling at market bottoms and buying tops.
So try and match your investment strategy to your risk tolerance.
11. Make the most of the Mum and Dad bank
The housing boom in Australia that got underway in the mid 1990s and reached fever pitch in Sydney &amp; Melbourne last year has left housing very unaffordable for many.
This contributed to a huge wealth transfer from Millennials to Baby Boomers and some Gen Xers.
Hopefully the current home price correction underway will help in starting to correct that. But for Millennials in the meantime, if you can it makes sense to make the most of the “Mum and Dad bank”.
There are two ways to do this.
First stay at home with Mum and Dad as long as you can and use the cheap rent to get a foot hold in the property market via a property investment and then using the benefits of being able to deduct interest costs from your income to reduce your tax bill to pay down your debt as quickly as you can so that you may be able to ultimately buy something you really want.
(Of course, changes to negative gearing if there is a change to a Labor Government could affect this.) Second consider leaning on your parents for help with a deposit.
Just don’t tell my kids this!
12. Be wary of what you hear at parties
A year ago Bitcoin was all the rage.
Even my dog was asking about it – but piling in at around $US19,000 a coin just when everyone was talking about it back then would not have been wise (its now below $US6500) even though many saw it as the best thing since sliced bread.
Often when the crowd is dead set on some investment it’s best to do the opposite.
13. There is no free lunch
When it comes to borrowing &amp; investing there is no free lunch – if something looks too good to be true (whether it’s ultra-low fees or interest rates or investment products claiming ultra-high returns &amp; low risk) then it probably is and it’s best to stay away
In closing, I have focused here mainly on personal finance and investing at a very high level, as opposed to drilling into things like diversification and taking a long-term view to your investments.
DR SHANE OLIVER is the Head of Investment Strategy and Chief Economist AMP Capital
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Shane Oliver's 13 common sense tips to help manage your finances

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Former financial adviser and accountant, Satvir Singh Birk, of Reedy Creek, was today sentenced in to two and a half years imprisonment, following an ASIC investigation.
On 25 May 2018, Mr Birk, 42, pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000.<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2016-releases/16-216mr-gold-coast-former-financial-advisor-and-accountant-charged-with-multiple-counts-of-fraud-involving-approximately-800-000/" target="_BLANK"> </a>
The charges relate to conduct between September 2010 and October 2011, while Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and a director of the Carter Group (now in external administration) which was a corporate authorised representative of PIS.
ASIC alleged that Mr Birk dishonestly used his position as a director in that he:
· caused cheques to be drawn on a client’s superannuation account without authorisation;
· deceived some clients as to the use of funds withdrawn from their superannuation funds;
· deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and used a portion of the proceeds for the benefit of Mr Birk’s father; and
· misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
‘Mr Birk’s actions were dishonest and betrayed the trust of his clients. Today’s decision shows this type of behaviour will be met with serious consequences,’ said ASIC Commissioner Danielle Press.
Mr Birk has been convicted and imprisoned for two and a half years, to be released after serving four months upon entering into a recognisance order of $10,000 upon the condition that he be of good behaviour for a period of two and a half years.  
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
In July 2017, ASIC permanently banned Mr Birk from providing financial services. (<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2017-releases/17-245mr-asic-permanently-bans-gold-coast-financial-adviser/" title="17-245MR ASIC permanently bans Gold Coast financial adviser">MR17-245</a>).
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Former Gold Coast financial adviser sentenced to two and a half years in jail

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Financial adviser Noel Whittaker says headlines about property booms can lure inexperienced buyers into traps.
He also wrote recently that headlines with doom and gloom scenarios can scare people from making a good decision to buy.
"So, if you are serious about investing in property, stop reading the headlines and set yourself a specific plan," advised Noel Whittaker, the author of Making Money Made Simple and numerous other books on personal finance.
"One day we are told that real estate is booming, the next day people like Steve Keen and Harry Dent are predicting falls of up to 40%.
"When a boom is on we are even subjected to articles telling us how much our home is increasing each day, often accompanied by comments that it’s a tax-free gain and worth more than we are earning.
"Of course, it’s all nonsense – capital gain is not something that is happening, it is something that has happened.
"And the sad reality is that a big capital gain last year is a red flag that next year may be very different."
Whittaker noted the principal is called regression to the mean.
"I am not at all troubled by the usual negative comments about property that are circulating at the moment. 
"Australia’s population is on track to reach 40 million within 35 years – this has to be positive for anybody who buys well-located, quality real estate today and hangs on to it for the long term."
He advised there is no such a thing as a single property market – not for Australia, not even for a single capital city – there are myriad property markets all doing their own thing.
"How can you compare a townhouse in Cairns with a mansion in Point Piper?
"All over Australia some markets may be rising, other markets may be falling, and some may be flat."
He also noted real estate figures are notoriously unreliable because they take no account of improvements by owners,
Whittaker advised the first task for prospective investors was to find out exactly what they could afford, which means talking to a lender or mortgage broker, and laying all your cards on the table.
"Then, having worked out your price bracket, you need to research areas where you can buy a property you like for the price you’re able to pay.
"Once you have established that you are in the running, take the time to research the market thoroughly so that you become an expert on the area.
"You do this by going to open houses, befriending local real estate agents, and reading everything you can about your preferred location.
"Then when you come across a genuine bargain you will know that you have struck a winner.
"Always keep in mind that the secret of success in real estate is to buy well, and then add value." 
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Noel Whittaker says if you want to invest in property, stop reading the news

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The Australian Securities and Investments Commission (ASIC) has announced changes to reporting dates for a number of required notifications in the transition to the new financial adviser professional standards reforms. 
The revised schedule is intended to simplify licensees’ disclosure obligations. ASIC is also clarifying the process for recognising advisers as ‘existing providers’. 
Existing Providers
Financial advisers who are listed on the Financial Advisers Register (FAR) between 1 January 2016 and 1 January 2019 will be recognised as an ‘existing provider’ under the new professional standards. 
Therefore, financial advisers who are currently authorised to provide personal advice to retail clients on more complex financial products should make sure they are on FAR. 
Without recognition as an ‘existing provider’ an adviser must pass an exam and complete an approved qualification by 1 January 2019 to work as a financial adviser. They must also undertake a year of work and training. 
If a person is an ‘existing provider’, they have until 1 January 2021 to pass the exam, and 1 January 2024 to complete an approved qualification. In the meantime, they can continue to work as a financial adviser. 
Financial advisers can demonstrate that they are an ‘existing provider’ if they are:
<ul>
<li>‘current’ on the Financial Advisers Register (FAR) at any time between 1 January 2016 and 1 January 2019; and</li>
<li>not banned, suspended or disqualified as at 1 January 2019.</li>
</ul>
Changes to FAR notifications
ASIC will also make changes to the timing of the earliest notification requirements under the professional standards reforms.  These changes will simplify licensees’ notification obligations and enable ASIC to implement the required systems changes more effectively.
These changes do not affect advisers’ and licensees’ substantive obligations under the professional standards reforms. Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes.
A key change is that ASIC will push back the timing for licensees to notify of new advisers who are joining the industry for the first time after 1 January 2019. As a result, new ‘provisional relevant providers’ can only be added to FAR from 15 November 2019.
Further information about the changes to notification dates can be found on ASIC’s Professional standards for financial advisers – reformswebsite.
<h2>Background</h2>
The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commenced on 15 March 2017. It introduces a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.
For further information, please visit ASIC’s website: <a href="https://asic.gov.au/regulatory-resources/financial-services/professional-standards-for-financial-advisers-reforms/" target="_blank">Professional standards for financial advisers – reforms</a>. ASIC will update content on this website from time to time to provide further information about the reforms.
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