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A debate is raging about what the Financial Adviser Standards and Ethics Authority's Code of Ethics means for ESG investing and advising clients on ethical investment options, with FASEA chief executive ... A debate is raging about what the Financial Adviser Standards and Ethics Authority's Code of Ethics means for ESG investing and advising clients on ethical investment options, with FASEA chief executive Stephen Glenfield forced to clarify the issue. The example provided in Standard 6 of the Code of Ethics appears to be the source of the confusion - states that financial advisers must take into account the broad effects arising from the client acting on their advice and actively consider a client's broader, long-term interests and likely circumstances. In the accompanying Code of Ethics Guidance, releases by FASEA in October 2019, this example is given in relation to Standard 6: "Where your clients indicate they only wish to invest in ethical or responsible investments, you will need to consider whether limiting your product recommendations in this manner is appropriate." Dave Rae, a financial adviser and owner of DPR Wealth, explained that his reading of the guidance indicates that advisers should be asking clients whether they would prefer to invest in an ethical or responsible manner. For Rae, who is a member of the Ethical Adviser's Co-op and the Technical Working Group for the Australian Sustainable Finance Initiative, that would mean business as usual - however for other advisers it could present a significant hurdle to jump. "The way the explanatory statement is worded to me quite clearly says that every adviser will have to consider ethical and responsible investments," Rae said. "And the only way you can consider that is by asking the client whether they have particular ethical considerations or preferences." For Rae, the issue of whether the FASEA code means advisers have to ask whether their client has ethical investment preferences is one of semantics. Stephen Glenfield, FASEA chief executive, offered this clarification to Financial Standard: "In short, Standard Six does not require the adviser to ask about ethical investments." "Rather, where a client indicates they only wish to invest in ethical or green investments, Standard Six requires the adviser to consider whether this is in the client's best interest." Nonetheless, Rae is not alone in his interpretation of FASEA's comments; others have also taken the explanatory statement around Standard 6 to mean ethical investing may require more attention from advisers. Read more...Read more

Fifty shades of green

ELIZABETH MCARTHUR | In Ethics & Governance

It's been a slow burn but environmental, social and governance concerns have finally become mainstream among institutional and retail investors. According to Rainmaker data analysing 139 multi-manager ... Read more

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Intergenerational transfer hits $1.5tn KARREN VERGARA Australians give away the vast majority of their wealth, as some $1.5 trillion has been passed on to the next generation since 2002, the Productivity Commission finds.	Cannon-Brookes takes stake in Rabbitohs ELIZABETH MCARTHUR Atlassian co-founder and billionaire Mike Cannon-Brookes has purchased a stake in NRL club South Sydney Rabbitohs, after recently becoming a minority owner of the Utah Jazz basketball team.

Joining the 1% around the world: Analysis ELIZABETH MCARTHUR New analysis reveals that Australians would have to work 66 years and five months to join the country's wealthiest 1%, while Chinese workers would need more than 101 years in the workforce to join China's 1%.	Family offices back Regal resources fund ELIZABETH MCARTHUR A small group of family offices have backed a new long/short resources fund from Regal Funds Management to the tune of $90 million.

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Out with the old

MARK CARNEGIE
FOUNDING PARTNER
M.H. CARNEGIE & CO. PTY LTD

Venture capitalist Mark Carnegie was born into a wealthy and successful family and is attune to his exceptional privilege. Here he shares with Elizabeth McArthur his investing philosophy, philanthropic work and why he thinks the smart money is in cryptocurrency.

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Jonathan Webster Director Jameson Capital	Brett Davies Partner Legal Consolidated Barristers & Solicitors	Jack Nelson Portfolio Manager Stewart Investors	Anthony Doyle Director, Cross Asset Investment Specialist Fidelity International
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For a small number of Australian-based family offices and an increasing list of ultra-high-net-worth individuals (UHNWIs), it's a great time to be in ...	Let's consider the omnipotent, omniscient and omnipresent Family Court. For indeed no Court in Australia has more power. It is free to do what it wishes ...	The rise of environmental, social and governance (ESG) investing has pushed awareness of these issues in front of institutional family offices across ...	One of the most important channels that lower interest rates works through is via higher asset prices, leading to increased levels of household wealth.
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