Financial Planning in Australia

"Financial Planning in Australia: Advice and Wealth Management" by Sharon Maria Taylor and Roger H. Juchau is a leading textbook in the field of financial planning, particularly in the Australian context. Here is a comprehensive overview of the book:

Key Themes

1. Financial Planning Environment: The book begins by setting the scene for the financial planning industry in Australia, covering the regulatory environment, ethical considerations, and the client-adviser relationship.
2. Ethics and Compliance: It delves into the importance of ethics and compliance in financial planning, ensuring that practitioners adhere to regulatory requirements and industry standards.
3. Client-Adviser Relationship: The text emphasizes the critical role of the client-adviser relationship in successful financial planning, highlighting the need for trust, communication, and understanding between the two parties.
4. Statement of Advice: It provides practical guidance on constructing a Statement of Advice, a crucial document in the financial planning process.
5. Wealth Management: The book covers various aspects of wealth management, including cash flow and budgeting, securing and managing credit, asset allocation, and managing risk.
6. Investment Strategies: It offers detailed insights into different investment strategies such as investing in shares, fixed-income securities, property, and collectables.

Plot Summary

The book is structured into several chapters that provide a comprehensive overview of the financial planning process in Australia. Here is a brief summary of the chapters:

1. Introduction: Sets the stage for the financial planning industry in Australia, introducing key concepts and regulatory frameworks.
2. Ethics and Compliance: Discusses the ethical considerations and compliance requirements for financial planners.
3. Client-Adviser Relationship: Examines the importance of building a strong client-adviser relationship.
4. Constructing a Statement of Advice: Provides practical guidance on creating a Statement of Advice.
5. Building Wealth: Covers various strategies for building wealth, including cash flow management, credit management, and asset allocation.
6. Investment Strategies: Offers detailed information on different investment options such as shares, fixed-income securities, property, and collectables.

Critical Reception

While there is no specific critical reception available in the search results, the book is widely recognized as a leading text in the field of financial planning in Australia. It is prescribed by ASIC RG 146 compliance courses, indicating its relevance and credibility in the industry.

Authors' Background

Sharon Maria Taylor is a Senior Lecturer and First Year Advisor at the University of Western Sydney, specializing in Accounting, Finance, and Financial Planning. She is also the Deputy Chair of the Financial Planning Education Council and has extensive experience in both the Australian Taxation Office and the university sector.

Roger H. Juchau was Emeritus Professor of Accounting and Management at the University of Western Sydney. He is a leading educator who initiated accounting programs at four universities and is an internationally published author.

Editions

The book has been published in several editions, with the 8th edition being the most recent. The 6th edition, published in 2014, also provides a contemporary and technical view of financial planning issues in Australia.

Availability

The book is available in paperback and can be purchased from various online retailers. It also includes a comprehensive suite of online learning materials for students and lecturers.