What a brief encounter with Elon Musk taught me about the limits of capitalism
A brief encounter with Elon Musk in 2013 showed that he would not flinch at rolling the dice, writes Conexus Financial founder and managing director Colin Tate AM. But SpaceX’s mega-IPO demonstrates that citizens, regulators, capital allocators and advisers need to decide whether they are comfortable with who is holding those dice.
Shield and First Guardian AFCA complaints almost 3500 amid awareness drive
AFCA complaints about Shield and First Guardian have reached 3429 as ASIC has spent the past few weeks catching the attention of investors who are unaware they may have been invested in the schemes.
AFCA halts InterPrac determinations amid court battle
The Australian Financial Complaints Authority has halted its work on completing InterPrac Financial Planning determinations while it manages court proceedings brought on by the licensee, which accused the complaints authority of lacking “fairness” by not apportioning blame across the system.
Licensees need to be ‘front and centre’ on data
As debate over who “owns” client data rages on, licensees should be entitled to controlling platform data as they are ultimately responsible for governance of advice by network operators, the Professional Planner Licensee Summit heard.
‘Data war’ a major roadblock to big productivity gains for advisers
A standoff between platforms and advice businesses over who controls client data is holding back productivity gains that could transform the economics of advice. The Professional Planner Licensee Summit heard that platforms are sitting on client data that isn’t theirs to keep and the industry can’t reach its productivity potential until it changes.
Balance of power shifting back to licensees
Under Australian law, financial advice licensees are recognised as powerful intermediaries between the distribution of financial products and household wealth. Now, licensees are starting to enjoy economic conditions commensurate with that heightened liability.
What I took away from the world’s ‘festival of private capital’
The on- and off-stage antics at the extravagant Milken Global Conference in Los Angeles tell us a lot about where institutional capital is right on the money – and where it is putting its head in the sand.
Sequoia chair resigns amid InterPrac turmoil
Mike Ryan, chair of ASX-listed Sequoia Financial Group which owns under-fire InterPrac Financial Planning, has resigned from the company as the group grapples with multiple legal troubles in the aftermath of the $1 billion Shield and First Guardian collapse.
Fintech looks to add 50 advisers in three years with private advisory launch
Wealth management fintech Openmarkets has revealed plans to expand into private wealth with the goal of adding 50 financial advisers to its AFSL in the next three years as it pivots to a B2B model in the aftermath of regulatory action that has been settled with ASIC.
Crunch time: Why less is often more in private credit
Produced in partnership with Barings. The private credit sector has had a pretty good decade, with the exception of the last 12 months. After a period of strong performance and record inflows, conditions are turning, although the broad themes that underpinned the rise of private credit haven’t changed. There is still a credit demand and
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.
CALI calls for insurer lead generation carve-out
The Council of Australian Life Insurers has called for a carve-out from any regulatory restrictions on lead generation, arguing the potential for damage isn’t as significant as in investment advice and that adding restrictions would prevent Australians from using market comparison sites to change insurance coverage.
Lessons from the middle: Leadership, resilience and the courage of conviction
The principles of high-performance leadership – whether in business or sport – remain remarkably consistent and include the ability to maintain clarity, integrity, and conviction under immense pressure. Former Australian test cricketer Usman Khawaja told the Top1000funds.com Fiduciary Investors Symposium that the only time you really lose is when you stop trying.
Reflecting on nearly half a century in financial advice
After an extensive 47-year career, Paul Harding-Davis says that while every decade has seen a significant step change that has felt like an “Armageddon” it has instead only seen the standard of the industry improve. Reflecting on his long career to Professional Planner, he is still evangelical about recruiting young people to advice.
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