Pressure mounts on Big Tech’s role in Shield and First Guardian
Unlicensed financial advice and harmful lead generation on social media and in AI-enabled chat threads are emerging as yet another concerning cultural development that governments, households and financial professionals must grapple with as part of Silicon Valley’s social reckoning.
Among the world’s best advisers, but too few to go round
World Financial Planning Day is a smart way of showcasing financial advice and financial planning and the benefits to consumers. But in Australia, at least, it’s not demand for advice that is lacking, but the supply. And until that’s addressed in a meaningful way, Australian advisers might be among the best in the world, but too many people will continue to miss out on their services.
World Financial Planning Day promotes value of advice in 22 countries
Now in its tenth iteration, World Financial Planning Day has focused in recent years on helping consumers protect themselves from fraud and scams, particularly online. FPSB chief executive Dante De Gori says that over the past decade the event has grown from “this new thing that no one really understood” to being observed in 22 territories around the world.
PI insurance market ‘pretty positive’, with minimal Shield, First Guardian impact
The collapse of the Shield and First Guardian master funds has had minimal impact on the professional indemnity insurance market for advisers and licensees so far, but insurers are paying far greater attention to trustees and platforms and the products they choose to host.
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CALI life code response backs half of Kell’s recommendations
The Council of Australian Life Insurers (CALI) has released its formal response to 85 recommendations included in a review of the Life Insurance Code by former ASIC deputy chair Peter Kell. The peak life insurance body says it supports 47 of the recommendations fully or with some qualification and has set out a timetable for working through the rest.
How Nvidia’s Jensen Huang could reshape geopolitics for investors
Stanford University professor Stephen Kotkin says computing power will become the key geopolitical contest between the US and China, predicting Nvidia founder and chief executive Jensen Huang will become an increasingly central figure in international relations. The comments came as Kotkin met with Conexus Financial founder Colin Tate AM and chair Geoff Lloyd in the famed Hoover Tower ahead of the Top1000Funds.com Fiduciary Investors Symposium at Stanford.
Competence, judgement, diligence the minimum required of licensees
ASIC’s finding that former InterPrac boss Garry Crole was neither fit and proper nor competent, and lacked diligence and judgement, is a timely warning: licensee leadership isn’t always what advisers assume. Advisers who don’t hold their licensees to account might find they only have themselves to blame if something goes catastrophically wrong.
‘Permanent capital’ behind Ironbark’s choice of Merchant in $256m deal
Merchant Wealth Partners’ $255.9 million investment in Ironbark Financial Group – its biggest investment in a wealth management business outside its US home market – underlines the rude health of the Australian financial advice sector. Ironbark executive chair Chris Larsen says the investment will power the local firm’s acquisition, technology and AI strategy.
Redesign the work, don’t just adopt the technology
A technology strategy shouldn’t start with the technology, and activity should not be confused with progress. Licensees in fear of being left behind by AI advances should think carefully before heading off on a strategy and before they start make sure they can provide clear answers to a few basic questions.
ASIC’s ‘guide’ for advisers considering private credit funds
ASIC’s 10 principles for “private credit done well” provide a timely and useful roadmap for financial advisers considering whether exposure to the asset class is right for clients. In a speech last week, Commissioner Simone Constant flagged fee transparency, liquidity mismatches and complex underlying structures as being among the things to watch out for.
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.
HNW investors trust advisers to navigate regulatory requirements
Research from Netwealth has found high-net-worth investors will rely on their trusted advisers to make financial decisions in the next 12 months. Investors are also focused on protecting their existing wealth and moving away from residential property investments.
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So long and farewell
Several months ago, I made the difficult personal decision to step down as Professional Planner editor. While I look forward to my future plans, it has been bittersweet to leave behind a masthead I have loved leading and a financial advice profession I have great respect for.
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How pro bono advice delivers a helping hand in tough times
Navigating the world of insurance claims can be daunting, especially for people facing significant health or financial challenges. Financial adviser Natalie Lackner volunteered for the Pro Bono Financial Advice Network to help those in need secure access to advice.
Analysis