Industry

IOOF accelerates integration with $5B legacy account transfer

After finalising the MLC deal, the biggest advice network in Australia has accelerated its quest for technology-based integration with a “flick of the switch” transfer of 38,827 accounts onto its new proprietary suite of investment platforms.
Industry

ALP attacks ‘shonky’ advisers in SMSF bill shut-down

Financial services minister Jane Hume defended the industry after ALP senator Jenny McAllister said "shonky" advisers would be the main beneficiaries of a proposal to increase SMSFs to six allowable members.
Superannuation

High fees, happy members: Small funds score on sentiment

The only thing large funds scored higher on was apathy; when given a list of things that members can do to prepare for retirement such as reading information or visiting a financial planner, 35.8 per cent of large fund members had done nothing compared to 27 per cent of small fund members. 
Regulation

Corps Act split would separate companies from consumers: ALRC President

The ALRC president explained how lifting Chapter 7 from the Corps Act would separate consumer protection obligations from company lifecycle regulation, which would both improve navigability and reduce complexity.
Industry
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Industry

Time to take individual adviser registration seriously: FPA

The time is "absolutely" right for the financial advice industry to start discussing the prospect of individual adviser registration and think pragmatically about what that means according to FPA chief Dante De Gori.
Industry

The quid pro quo morality test for advisers

A new research project out of WSU will chart the moral development of advisers and clarify how FASEA's mandate has influenced moral awareness in the industry. Unlike the exam, however, the test will provide detailed feedback back to advisers.
Industry

HUB24, IOOF ready to fill the technology ‘gap’ left after WEXIT

The big banks’ collective retreat from wealth management left a giant void in terms of investment in technology and infrastructure. Given tech has been pegged as the saviour of advice, it’s up to platform providers like HUB24 and large groups like IOOF to take up the reigns.
Top Comments

“I’m not arguing against unconflicted advice models – but whether a client pays a fixed or asset based fee has nothing to do with why the cost of providing advice has risen sharply and made it less accessible for those who need it most.”

Daniel Budreika

Planning for Prosperity in Fullarton, SA

Fix conflicts before making advice more accessible: Consumer group

4 February 2021

“I am sick to death of being told financial advisers are crook. ALL the people I call friends in this industry do the right thing and have done so for years. They have always put the clients interest first, been ethical not only in business but in their personal lives as well.”

Steven Pugh

Professional Investment Services in Osborne Park, WA

FASEA’s demise: Be careful what you wish for

3 February 2021

“If AFSLs are still holding onto traditional business models then they will end up redundant and without a business. Fortunately, not all AFSLs and advisers have been blind and apathetic in responding to - albeit not so perfect - FASEA’s standards and ethics.”

Angelique McInnes

Central Queensland University in QLD

FASEA’s demise: Be careful what you wish for

3 February 2021

Investment
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Investment

Magellan systematizes bucket strategy with FuturePay play

CEO Brett Cairns explained a product design that essentially formalises a basic investment strategy – setting aside a cash reserve "to help support income in fall-back positions". Investors will be blocked from retrieving their contribution to the cash bucket, however.
Investment

ESG ratings just ‘opinions’: Dimensional

Dimensional's head of responsible investment has echoed concern around the world that there are too many ESG ratings agencies with not enough governance around them.
Investment

ETF warning: Make sure the label matches what’s in the tin

Investors, advisers and ultimately the regulator should all be paying closer attention to the underlying construction of ETF products according to Zenith Investment Partners' Dugald Higgins, who warns that many don't stick as close to the sector they're purportedly mirroring as they claim.
Education
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Education

FASEA’s demise: Be careful what you wish for

Industry leaders should endorse the spirit and substance of the Code of Ethics and accept that there will be inconvenient commercial consequences for some of the industry’s participants, argues Robert MC Brown.
Education

Kaplan doles out free FASEA exam prep tools

Education provider Kaplan has announced free examination support for advisers who are yet to successfully complete the FASEA exam requirement, which all advisers must do before January 1, 2022.
Education

FASEA’s Glenfield: 10,000 qualified advisers a ‘strong’ story

Past the halfway point in its exam transition program, the authority’s CEO says its time to acknowledge what the uplift in professionalism means to consumers. “I had faith in the outcome of this,” Stephen Glenfield tells Professional Planner.
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July 27, 2021

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December 1, 2021

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