Shadow Treasurer says Hayne royal commission left behind ‘regulatory wreckage’
Shadow Treasurer Tim Wilson believes the Hayne royal commission has left behind ‘regulatory wreckage’ which made advice inaccessible and pushed up fees, adding the “obsession” with upfront fees has not delivered better outcomes for consumers. As the policy response to Shield and First Guardian is expected to be delivered in the coming weeks, Wilson also predicts the government will move to deny people the ability to switch funds.
ClearView shareholders agree to $415m acquisition by Zurich
Shareholders of ASX-listed life insurer ClearView have voted in favour of an acquisition by Swiss-based peer Zurich. The deal further consolidates the Australian life insurance market, with most firms now owned by internationally based parent companies.
Industry
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Shield, First Guardian adviser has travel ban lifted
Ferras Merhi, the financial adviser central to ASIC’s investigation into the $1 billion Shield and First Guardian collapse has had his travel ban lifted by the Federal Court, despite opposition from the corporate regulator.
WT defines success by growing businesses, not selling services
WT Financial Group managing director Keith Cullen believes the licensee’s commercial success isn’t centred around offering more services to charge advisers but rather lifting the commercial capabilities of the underlying businesses.
Escala looks to national expansion one year on from Focus deal
High-net-worth specialist advisory Escala is looking to expand beyond Sydney and Melbourne to become a national brand, a year on from a restructuring of the business by US-based Focus Financial Partners.
CGT, negative gearing reforms reflect Australian values
Labor has built a generational political brand, and one that endures in the face of some major challenges here and abroad, Conexus Financial founder and managing director Colin Tate told the 50th ALP National Conference in Adelaide. But it must push back against extreme demands on AI and technology if it is to boost productivity and seize a huge economic growth opportunity.
Why responsible AI belongs inside every compliance framework
Years of advice file reviews show most adverse findings are process gaps, not misconduct, writes 3Lines director Julia Vojkovic. AI is best placed to catch them, provided it strengthens professional judgement rather than replaces it.
Morgan Stanley moves client subset off legacy platform to Netwealth
Morgan Stanley Wealth Management will move a subset of its clients off its legacy platform onto Netwealth, further aiding the platform provider’s expansion into the stockbroking and private wealth market. The deal comes as the fast-growing Netwealth plans to double in size over the next four years, despite regulatory issues caused by First Guardian in the past 12 months.
Overlooked and unloved: Opportunities beyond technology and AI
Produced in partnership with Orbis Investments. Orbis Investments head of IT and healthcare research, Povilas Dapkevicius, is feeling uncomfortable. For the past three years, global equities have surged around 22 per cent per annum, driven higher by mega-cap technology stocks and the artificial intelligence (AI) boom. The June initial public offer of SpaceX, which finished
Putting values at the heart of advice
When it comes to strategic advice, incorporating a client’s values is just as important as their circumstances, needs and goals, according to Russell Investments. Values can also be a core consideration when selecting investments to ensure alignment with portfolios and outcomes.
Researcher Forum
Advice Policy Summit
This event is open to CEOs and senior leaders of financial planning licensees, dealer groups and boutique advice firms, along with C-suite executives in superannuation funds with oversight of advice, education and guidance.
How a strained system can deal with new wave of mental health claims
Super funds and insurers are already dealing with a surge in mental health-related insurance claims, but they might just be the tip of the iceberg, with changes to state-based personal injury schemes pushing more people towards super and insurance for claims.
Shadforth is buying businesses, not books
Not even a year on from its acquisition of Melbourne-based financial advice firm PMD Financial Advisers, Shadforth is still looking for M&A opportunities but strictly to add like-minded advisers, rather than just client books. CEO Terry Dillon tells Professional Planner what those ideal businesses looks like.
How pro-bono work helped adviser Nicola Beswick create new firm
Lawyer turned financial adviser Nicola Beswick recently launched her own financial firm White Rabbit Advisory. Through her experience on the board of the Pro Bono Financial Advice Network, she learned valuable lessons which helped her navigate the challenges of setting up her own business.
Regulation