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Technology
AI the next ‘superstar’ player for advice practices
Only a fraction of advice practices are making significant use of AI, but the exponential growth of its capabilities means practices will potentially miss out on an all-star team member if they are not integrating the technology into their processes, the Netwealth Accelerate Summit has heard.
Chris DastoorSeptember 16, 2024
Technology
Just one in 10 advice firms integrate tech effectively: Research
90 per cent of practices are not implementing technology systems effectively, the latest Netwealth AdviceTech report has found. The research, unveiled at the Netwealth Accelerate Summit on Thursday, identified a best practice method that advice firms can replicate.
Investment
Private market change is structural, not cyclical: iCapital
A structural change in private markets is the result of companies becoming less profitable after becoming listed, the Netwealth Accelerate Summit has heard creating a stronger value opportunity for investors looking to access the asset class. However, investors are yet to benefit from this due to barriers in the distribution of private market products.
Industry
CFMEU saga spreads as APRA takes First Super chair to court
First Super co-chair and former CFMEU boss Michael O’Connor has stepped down from his role at the helm of the $4.5 billion industry super fund after the prudential regulator took legal action against him for allegedly hiring a CFMEU official in the fund’s contracted work. The lawsuit suggests the aftermath of the federal government’s forced administration of the infamous construction trade union is rippling beyond Cbus to other corners of the superannuation sector.
Aleks Vickovich and Darcy SongSeptember 9, 2024
Superannuation
Cbus faces SIS Act breach if CFMEU board seats remain vacant
The $94 billion Cbus super fund may breach the SIS Act if three employee-representative vacancies on the board of its trustee, United Super, are not filled within 90 days. The risk has emerged following the forced administration of controversial trade union the CFMEU, and APRA-imposed licence conditions on United Super and BUSSQ.
Simon HoyleSeptember 4, 2024
Regulation
Coalition move to kill tax adviser ethics bill fails
The Coalition-led disallowance in the Senate that would block the tax adviser ethics bill has failed. A last-ditch meeting held by Minister for Financial Services Stephen Jones on the morning of vote that negotiated the details of amendments with the professional associations was enough to sway the tie-breaking vote of Senator David Pocock.
Tom RavlicSeptember 11, 2024
On Practice1
Turning to support staff for future advisers
The pipeline of support staff to financial advisers highlights a way to convince more young people to pursue financial advice as a career. Not only is it a necessary way to help encourage more people to become advisers but creates long-term staffing solutions for career-driven employees.
Beata KuczynskaSeptember 11, 2024
Opinion
Creating a performance enhancing remuneration model for staff
It may seem counterintuitive but evidence shows that business that pay bonuses to all staff have a higher profit margin, writes Sue Viskovic. However, there isn’t a one-size-fits-all approach towards designing the right model.
Sue ViskovicSeptember 10, 2024
Regulation1
E&P sees Dixon in rearview mirror while advisers foot the bill
The parent company of Dixon Advisory, E&P Financial Group, has told the market its legacy issues are behind it, while preaching its core values of putting clients first and acting with integrity. Meanwhile, former Dixon clients are left on their own to fight for compensation and advisers and licensees are left to foot the bill. Simon Hoyle and Chris Dastoor write it’s par for the course for a flawed scheme design and a “diabolical” funding model.
Chris Dastoor and Simon HoyleAugust 29, 2024
Licensees
Count’s CBA remediation provision now closed
Count has finished up the remediation provision it took on after acquiring Count Financial from Commonwealth Bank more than four years ago. CEO Hugh Humphrey tells Professional Planner it’s a “big milestone” for the group in the thick of a transition in the advice profession that has turned Count into one of the largest licensees via a raft of acquisitions.
Chris DastoorAugust 30, 2024
Technology
HUB24 sees margin crunch amid continued investment
Platform provider HUB24 has identified improved profit margins as a strategic priority for the next financial year, after making on loss-leading acquisitions that it aims to bring to breakeven. The initiative coincides with the goal to reach $115 billion on the platform over the next two years, which will almost close the gap to the institutional players that once dominated the space.
Chris DastoorAugust 20, 2024
Research
Asset consultants outpacing licensee researchers for adviser satisfaction
Adviser satisfaction with licensee research teams is improving but remains the lowest of all key groups of licensee staff. Advisers who run fast-growing practices, which also tend to be the most common users of asset consultants, express greatest satisfaction with licensees that offer open Approved Product Lists.
Simon HoyleSeptember 3, 2024
2 - 3 December, 2024
Researcher Forum
10 - 11 February, 2025
Advice Policy Summit
The Advice Policy Summit is recognised as the key event for the leaders of financial planning dealer groups and licensees to meet and engage with peers and colleagues to discuss the issues that underpin great businesses and the delivery of great advice.
Email to register now.
Risk
Bringing feminine traits to risk advice
Risk advice is now regarded as a much more personal service, but it is delivered by a much smaller pool of financial advisers. Traditionally feminine traits such as nurturance, sensitivity and warmth naturally lend themselves to life insurance which should encourage more women to consider it as a speciality.
Beata KuczynskaSeptember 2, 2024
Profiles
Generating impactful advice outcomes for an underserved market
It’s challenging for younger advisers to connect to older pre-retirees who have decades more life experience, so Pursue Wealth adviser Julia Armstrong found her niche dealing with younger women who she could relate to.
Beata KuczynskaAugust 28, 2024
On Practice3
All in the family: Serving four generations of clients
Just over three decades ago, Leanne Bull began relationships with a pair of clients that unbeknownst to her at the time would lead to her serving four generations of family members. While the advice landscape has changed much over the decades since that first meeting with Dow family, the multi-generational partnerships show the client/adviser relationship remains essential.
Chris DastoorApril 15, 2024
Business is increasingly risky, giving good advice is not