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CBA's shock move set to transform financial services - Duration: 5:41.
Matt Comyn has launched his career as boss of the Commonwealth Bank of Australia with a bang, effectively splitting the nation's biggest bank in two
The new chief executive revealed on Monday he would be spinning off the bank's wealth, financial advice, mortgage broking and superannuation businesses, in a surprise move that was clearly calculated to address the endless scandals embroiling the bank
The spun-off business will become its own independent ASX-listed entity, CFS Group, with no formal or financial link to CBA
On the face of it, this is huge news. It could lead to a much more transparent, less conflicted, more consumer-friendly financial services sector in Australia
It will – on the face of it – mean there will be no more financial planners and mortgage brokers discreetly in the pay of the CBA, putting their customers' money in expensive super funds and investment vehicles managed by CBA, primarily for CBA's profit, not their customers'
In short, the move appears to address in one fell swoop the blight of 'vertical integration' – although as yet CBA has not said whether or not it will have a special commercial relationship with CFS
Vertical integration: what it is and why it's bad Vertical integration has been the business model favoured by all of the big four banks over the past couple of decades, and it works as follows
One single bank offers every single financial product and service you can think of: deposit accounts, mortgages, credit cards, business loans, stock broking services, financial advice, mortgage broking, superannuation, investment funds, investment platforms, life insurance, general insurance, annuities, and so on
The idea is that you never have to look outside your bank for your financial needs
This model made sense to the bank because it maximised customer fees. But for the consumer, it has proved to be crawling with conflicts of interest – and the bad press from these scandals has become an intolerable headache for the banks
These conflicts were most sensationally revealed in the royal commission hearings in March, which showed that the big banks and AMP were using their vertically integrated structure in a perfectly calculated way to rip off customers
But they were also clearly, if less sensationally, revealed in a report by the corporate watchdog ASIC earlier this year
Among many other damning findings, ASIC found bank-controlled financial advisers had a massive bias towards the products made by their bank regardless, apparently, of whether such products were in their clients' best interests
ASIC also found that 75 per cent of advice on superannuation, which for most people is the single most important component of their savings, was non-compliant
'Huge' development Alex Dunnin, head of research at financial services research company Rainmaker, told the announcement was "huge", taking the CBA back 20 years to the days when it was just a (very big) bank
He said it was a direct attempt to put an end to the endless negative headlines. "Carving up the integrated CBA wealth businesses so extensively may … be an implicit admission that it's just not possible, or not possible without huge effort over a long time, to properly and transparently clean up the perceptions of conflicts of interest," he said
"And even if they could set up mechanisms to manage these, would they be at such a level that it would pass scrutiny of cross examination at a royal commission and keep them out of the newspaper headlines?" However, he suggested the newly spun-off wealth business, CFS Group, may retain some sort of relationship with CBA
CBA itself did not reveal if there would be a deal with the newly-independent CFS Group
However, if CBA wanted to continue offering superannuation products integrated with its banking, it could follow the lead of ANZ and reach some deal with CFS to 'white label' its super products
The demerger is subject to board, shareholder and regulatory approvals. If it receives these approvals, the demerger is expected to be completed some time next year
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Bone and Tissue Graft in Metairie LA: Robbie | Oral Surgery Services - Duration: 0:37.
My name is Robbie, I'm from New Orleans, and I had bone and tissue grafting.
I had some complications from a previous surgery, so I came to see Dr. Smith.
Yes, I was a little bit nervous, but Dr. Smith was wonderful because he told me exactly what
to expect, and he was right.
Everything he told me was correct.
Dr. Smith is very professional but yet at the same time has a gift for making someone
feel very comfortable.
The staff is very friendly and very accommodating.
Everything is perfect right now — I'm very pleased.
I had a great experience, and I highly recommend OSS.
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Correctional Services unaware of hunger strike at Leeuwkop prison - Duration: 2:19.
Correctional Services unaware of hunger strike at Leeuwkop prison
Correctional Services unaware of hunger strike at Leeuwkop prison.
The Department of Correctional Services said on Wednesday it was unaware of an alleged hunger strike at its Leeuwkop prison in Johannesburg.
"The majority of inmates had both their breakfast and lunch as normal.
The Department is not aware of a hunger strike as alleged.
However‚ our security officials are monitoring the situation‚" department spokesperson Mocheta Monama said.
A man claiming to be an inmate at the prison phoned TimesLIVE on Wednesday saying that the majority of prisoners from one section had gone on a hunger strike to ensure their demands were met.
The man claimed they had not received soap and bedding‚ and that there was no medicine available‚ including chronic medication.
"We have undertaken this hunger strike in order to draw attention to management to respond to our plight." The alleged inmate claimed about 30 or 40 prisoners out of the 1‚300 inmates ate during their strike‚ which he described as peaceful.
He added that rehabilitation programmes were cancelled on Wednesday due to the strike.
Monama said a handful of inmates had handed a letter with their grievances to the head of Leeuwkop prison and demanded to speak to the regional commissioner.
"The department will ensure that the grievances submitted by the inmates receives the attention it deserves‚ and all procedures will be followed to ensure that the grievances are attended to appropriately.".
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How CTI Clinical Trial Services Improves Finance Efficiency with Sage Intacct - Duration: 2:06.
One of the things that we've been most impressed with
Intacct throughout the process has been their focus on the customer, and their response to customer needs.
I'm Brian Lawrence, a senior director of finance and taxation at CTI Clinical Trial Services.
About the time I started with CTI, was when we were getting ready to implement with Sage Intacct.
Through the implementation, and continuing on administering the software,
it's also giving me the opportunity to expand in a lot of other areas of Finance
that I probably would not have had the opportunity to get involved with,
if it wasn't for my, my work with the software.
I think the time that we've saved with Sage Intacct
has really, one, reduced stress for both myself and the other directors of finance;
but it's also allowed everyone to start focusing more high-level strategic type of tasks.
Around our consulting type projects, which are hourly-based,
employees are entering their information directly into Intacct, which is available right away.
And, through the invoicing process,
whether those are set up as recurring automatically
or quickly using the generate invoices function.
We have significantly decreased the time that it takes to issue our hourly invoices.
Sage Intacct is a great fit for professional services organizations
Obviously, our biggest need is to be able to track time.
To try to make sure that our labor,
which is our biggest expense, is being properly utilized.
We're able to, to look at upcoming projects.
See how much capacity there might be there, based on bill over hour percentages.
You know the ability to report on any combination of those dimensions is very powerful for us, as well.
Being able to combine multiple to come up with very specific reports,
generated directly out of the software, that can be run by the managers themselves.
That's really been a good increase in efficiency for us!
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Wisdom Teeth Removal in Metairie LA: Alex | Oral Surgery Services - Duration: 0:35.
My name is Alex, I am from Kenner, Louisiana, and I had my wisdom teeth removed by Dr. Ferguson.
Dr. Ferguson is a very down-to-earth, relaxed kind of oral surgeon.
He was always available for questions.
He was very good at explaining things the way that I could understand them.
All the staff are great and very friendly and very helpful.
Everything was fine, I had no complications, so it was really great process.
For my friends and family in Kenner and the surrounding Destrehan area, I highly recommend
Oral Surgery Services.
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School safety task force finds students want more mental health services - Duration: 1:03.
For more infomation >> School safety task force finds students want more mental health services - Duration: 1:03. -------------------------------------------
Question 12 - Melissa Lee to the Associate Minister of State Services (Open Government): - Duration: 6:01.
For more infomation >> Question 12 - Melissa Lee to the Associate Minister of State Services (Open Government): - Duration: 6:01. -------------------------------------------
Bone Grafting & Dental Implants in Metairie LA: Joann | Oral Surgery Services - Duration: 0:41.
Hi, my name is Joann.
I'm from Covington, Louisiana.
I recently had a bone graft, and implant, and a gum graft.
OSS is a wonderful place.
All the people are nice.
The staff are very friendly.
Dr. Smith's a great doctor.
He's a kind person, and he's got a good bedside manner.
The procedures so far have been wonderful.
Everything's been on schedule.
It's been a breeze, and I can't hardly think that I'm saying that, but it's true.
For my friends and family in Covington and Metairie, I highly recommend OSS.
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Dental Implants in Metairie LA: Larry | Oral Surgery Services - Duration: 0:49.
Hello, my name is Larry, I live in Marrero, Louisiana, and I've had dental implant surgery.
Before I came for surgery here, I was a little nervous, but once I met everyone and the staff
was as professional as they were, I lost that nervousness, and I feel a lot better about
things now.
Up to this point, the surgery has went very well, and I'm looking forward to everything
being completed soon.
Dr. Ferguson is a professional.
He does an excellent job.
He's easy to converse with.
I have had an excellent experience here.
I would highly recommend Oral Surgery Services to anyone.
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Orthognathic Surgery in Metairie LA: Summer | Oral Surgery Services - Duration: 0:44.
My name is Summer, I'm from New Orleans, and I had orthognathic surgery.
The surgery went great overall, and I feel like a new person.
Oral Surgery Services feels like a small family — really warm and friendly.
The staff knows you by name, really asks how you're doing.
It doesn't feel like a typical surgeons' office.
Dr. Smith is wonderful.
He was really warm.
Something about him just made me feel at home and comfortable.
Overall I had a fantastic experience with Dr. Smith in the entire Oral Surgery Services
team, and I would 100% recommend the team.
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Bone Grafting & Dental Implants in Metairie LA: Eddie | Oral Surgery Services - Duration: 0:36.
My name's Eddie.
I'm from Destrehan, Louisiana.
The procedure I had done was dental implant and bone graft.
The procedure went well.
The follow-up was great.
They called me 12 hours after the surgery, and they responded well on the questions I
needed answered.
The staff here was very friendly and professional.
Dr. Smith is a warm, friendly oral surgeon.
I felt very comfortable in his hands, and I'm thankful that he was my surgeon.
I had a great experience, and I recommend OSS.
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Canfield now offering 24/7 ambulance services - Duration: 0:53.
For more infomation >> Canfield now offering 24/7 ambulance services - Duration: 0:53. -------------------------------------------
Chronique 85 : les services offerts - Duration: 4:29.
For more infomation >> Chronique 85 : les services offerts - Duration: 4:29. -------------------------------------------
DPHHS introduces website highlighting public health clinics and testing services - Duration: 0:53.
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Les loyers sont-ils garantis en LMNP en résidences de services ? - Duration: 6:21.
For more infomation >> Les loyers sont-ils garantis en LMNP en résidences de services ? - Duration: 6:21. -------------------------------------------
Wisdom Teeth Removal in Metairie LA: Amy's Son | Oral Surgery Services - Duration: 0:45.
My name is Amy, and I'm from Metairie, Louisiana.
My son was here for services with Dr. Ferguson.
Our orthodontist found that his wisdom teeth were coming in at a severe angle — all four
— she referred us to Dr. Ferguson for that extraction.
Dr. Ferguson is an ultimate professional.
He made us extremely comfortable from the first meeting.
The staff here is professional and very efficient.
My son's surgery went extremely well, and recovery went very well, actually a little
better than I was expecting.
Overall, my family had an exceptional experience here.
For my family and friends in Metairie, I would highly recommend OSS.
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Fiduciary Services - Which Level of ERISA 3(16) Fiduciary Service Does Your Company Need? - Duration: 4:38.
So yesterday, I went through the exhibit hall. Some of you may have noticed me.
I walked up and down the exhibit hall, made a few laps.
I made eye contact with almost everybody in there and one person actually stepped up and introduced herself to me.
And now, I don't know if this is a good thing or a bad thing,
But Sue Miscik, who is right here, volunteered
To have a little discussion about how we position ourselves against other people, when we're compared against people at the bottom.
So Sue, are you up for coming up? Give Sue a round of applause.
You get microphone 7. It's very special. OK. All right. Thank you. Thanks for coming up. Thank you very much.
All right, so I was talking to Sue yesterday, and
I was asking her about this in terms of the different levels of capabilities they offer.
So, first give everybody just a brief overview of what you guys do in the 3(16) space.
So, my company is NPPG Fiduciary Services and we are a full scope 3(16)
Fiduciary that tacks on to a retirement plan and takes the responsibility and liability off of the plan sponsor.
Perfect.
So, that's in essence what she does and now we're gonna kind of pivot this
To make sure that we're delivering a message that helps those clients who aren't getting the same breadth of services that they offer,
To help them see the difference. See, when you're a client or prospect
When they don't know the difference between what you offer and what other people offer, whose fault is that?
Is it their fault or is it our fault?
It's our fault, right. Which is by the way good news, because it was their fault
There's not much we can do about it, but when it's our fault, we can fix it.
So, when we talked yesterday, you mentioned that there are, basically, three different levels as we discuss this.
So, at the bottom level, what type of services to those people provide?
Those are "3(16)-like" services or lite.
L-I-K-E or L-I-T-E. Sure.
People who are operating and performing 3(16) services,
But they're not taking a shift in the liability. Or, maybe taking a shift in one or two liabilities,
But not really providing liability coverage for the plan sponsor.
Perfect. So it's people who are providing similar service to that,
Maybe not the full breadth. Now at the next level,
So, we'll call that kind of the effective or base level. At the next level, we'll call that kind of the enhanced level.
What kind of services might those people provide?
There's some level of liability protection for the plan sponsor.
There's somebody actually doing some pieces of the 3(16) services the plan administrator services.
But it's limited in scope and breadth and they may or may not be named in a plan document.
They may or may not sign a 5500 form.
Got it.
Okay, and at the highest of the engaged level, kind of the pinnacle the industry, is naturally what you guys do Sue,
So, what are some additional services that you provide?
So, we're named in the plan document.
We become the plan administrator for about 30 different functions, and it's customizable to the level
That the plan sponsor needs. And we take on both the fiduciary liability,
Responsibility and actionability of those functions. Okay, cool.
So, imagine knowing all that at the three different levels,
If now, when Sue goes to meet with somebody and they say, "Well, we're interested in your services," if Sue said to them:
"Well, gee, when our clients come to us for these types of 3(16) services,
They're usually looking for a relationship at one of three levels. At the basic, kind of effective level,
They're looking for somebody who really is just going to provide some level of
Responsibility and kind of help to
Almost, cross the T's dot the I's for them. At the next level, might be somebody who's also doing some third party administration.
Things like that, and takes on a little more liability.
At the top, is a vendor who is fully engaged with your board, with people who have responsibility today, to shift that responsibility, as much as we can, to us.
To actually be in the plan documents. To make sure that we're taking
Responsibility for the TPA financial advisor to make sure everyone's in compliance.
So, which level are you looking for today?"
And now, the client just became educated that there are three different levels and
How that works. So, can you see where that might position Sue's business in a different light
Compared to the competition? Is this something that can work for you? Yes. Great. Thanks so much. Thank you very much.
Wait, I come bearing gifts, too. Give Sue a round of applause.
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Tooth Extraction & Dental Implants in Metairie LA: Ashley | Oral Surgery Services - Duration: 0:44.
My name is Ashley, I live in Kenner, Louisiana, and I had a tooth extraction.
I had two surgeries on my jaw to remove abscesses, and I had an implant placed so that I could
ultimately get a permanent tooth.
Everything went great, I've now got the permanent tooth, and I have had zero problems
with it — it's been great, and I absolutely have no worries about it for the future ever
having any problems with it again.
Oh, when I first came in to meet everyone, it was amazing.
I walked in the door, I was greeted immediately, I was comfortable.
Dr. Ferguson is an excellent, excellent surgeon and a wonderful human being.
And the way he treated me, and he just genuinely cares about his patients.
Dr. Ferguson and his team made me feel like family here.
I had a great experience here, and I would highly recommend Oral Surgery Services.
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Dental Implants in Metairie LA: Elmer | Oral Surgery Services - Duration: 0:34.
I'm Elmer from Luling, Louisiana.
I have been seeing Dr. Smith, and recently I had a dental implant done, and everything
went really, really well.
Dr. Smith, I find, he's very personable, and he just makes you feel very comfortable.
The staff, also — they make you feel very comfortable.
They take care of you very well.
They make you feel like family.
I had a great experience here and I would highly recommend OSS.
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