Entireti appoints new chair
Industry veteran Geoff Lloyd has added Australia’s largest licensee owner Entireti to his portfolio of chair roles, alongside Perpetual Wealth and Professional Planner publisher Conexus Financial. The appointment ends Fortnum founder Ray Miles’ tenure as chair after 17 years.
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.
AIOFP board exodus follows white label platform deal
Four directors of the Association of Independently Owned Financial Professionals have departed the board, citing concerns over the launch of a new platform in the wake of the Shield and First Guardian disaster. The white label arrangement with DASH comes in response to InterPrac advisers being blacklisted and is the controversial industry body’s second foray into platform product provision.
FAAA urges Productivity Commission to make phoenixing harder
The Financial Advice Association Australia has told the Productivity Commission that any changes to the insolvency regime need to more carefully restrict phoenixing activity as the Compensation Scheme of Last Resort impacts the financial advice sector.
Retirement Income Covenant, not the ‘Retirement Performance Covenant’
The government is consulting on changes to the APRA performance test which could see the inclusion of retirement income products and managed accounts, but The Conexus Institute has argued that expansion doesn’t address the spirit and intent the test was designed for.
What the new CGT rules mean for SME clients
The federal government’s recent announcement regarding small business capital gains tax concessions introduces significant changes that financial advisers must prepare for, writes financial adviser Sheshan Wickramage. By increasing the turnover threshold for the 50 per cent active asset reduction from $2 million to $10 million, the government has fundamentally altered the exit landscape for SME clients.
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.
APRA targets executive pay packets of under-fire Diversa Trustees
APRA has commenced an investigation into Diversa Trustees’ executive remuneration decision-making and processes, but says the move is unrelated to any enforcement action stemming from to the collapse of the First Guardian Master Fund.
Advice firms need 25pc annual fee rises to be sustainable: Peloton
Advice firms will need a 25 per cent increase in ongoing fees to sustain desirable shareholder returns, according to data and analysis from Peloton Partners. The findings come as the latest Adviser Ratings Landscape Report shows the average advice practice profit margin sits at 23.5 per cent.
Beware ‘unconscious concentration’: Rethinking diversification
Diversification is one of the most familiar ideas in investing. But Orbis Investments’ Eric Marais writes that looking around at the concentration risk that now defines large parts of today’s market, it is also one of the ideas most in need of a rethink.
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.
One philosophy but many models to solve the retirement advice challenge
Advice firms running multiple advisers, and licensees overseeing hundreds or thousands of them, are finding that the hardest part of retirement advice is not the technical work but agreeing on a consistent way to do it. Tying together the disparate elements of a solid retirement plan can present real challenges in the absence of a clear philosophy.
The biggest game in town: Inside AustralianSuper’s retirement income strategy
Since Jacki Ellis joined the nation’s biggest profit-to-member super fund as head of retirement just over one year ago, she’s been assessing and building the fund’s capabilities with the aim of delivering a fully personalised experience to all members by 2035. But that’s not to say there won’t be benefits for members who retire before that.
The ‘powerhouse’ women driving AZ NGA’s next growth phase
AZ NGA has grown into a $700 million behemoth under the leadership of co-founder and CEO Paul Barrett, who has become the public face of the group. But as the advice equity aggregator moves into its next phase of growth, it’s the counsel and experience of four key women that has become critical to driving the business forward.
Licensees