‘Growth is key’: New AMP CEO says platform flows won’t come at expense of margin
AMP’s platform flows hit a record high in 1H26, but competition for industry fund outflows is heating up and ASIC has put platform governance under the microscope. But new CEO Blair Vernon tells Professional Planner the business can keep growing.
Industry tensions over who will lead on cyber governance standards
The Financial Services Council has criticised the Association of Superannuation Funds of Australia for engaging in anti-competitive behaviour for applying to the country’s consumer watchdog for an exemption to negotiate with third-party vendors on behalf of all super funds. The government has deferred to the associations to work together on creating a standard, but the dispute raises questions over whether the industry can self-regulate.
YFYS performance test has done its dash
The Coalition’s Your Future Your Super reforms, especially the contentious performance test, deserve credit for weeding out poor-performing funds and helping instil a more cost-conscious culture in super. But the test has largely accomplished its mission and its continuation undermines the system’s global competitiveness.
Sequoia agrees to court undertaking blocking InterPrac’s exit from cross-guarantee
ASX-listed Sequoia Financial Group has agreed to a court undertaking that it won’t lodge a certificate with ASIC that says the sale of InterPrac Financial Planning to Conquest Investment Partners is “bona fide, fair and reasonable”. Without that certificate, Sequoia can’t remove InterPrac from the deed of cross-guarantee.
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.
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.
Sharpe era over with deputy elected to be next FAAA chair
Financial Advice Association Australia deputy chair Michelle Veitch will succeed David Sharpe as chair, closing a tenure that included the association’s merger, as well as navigating key regulatory changes including advice reform and the Compensation Scheme of Last Resort.
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.
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.
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.
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