How Fortnum invested in improving its cyber security
When Fortnum Private Wealth reported a cyber security breach to ASIC it prompted the regulator to sue the licensee, and earlier this month Fortnum paid $1.35 million to resolve the matter. Entireti group chief executive officer Neil Younger and Fortnum CEO Matt Brown spoke exclusively to Professional Planner about the lessons learned, and the future of protecting client data.
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.
‘But-for’ compensation will live on, just not at the CSLR
The Australian Financial Complaints Authority will continue to issue controversial “but-for” determinations after 30 June next year, even though investors who lodge complaints with it after that date will not be eligible for “but for” compensation from the Compensation Scheme of Last Resort. This is one of the reforms aimed at putting the CSLR on a more sustainable financial footing, and at easing the funding burden on the advice sector.
Regulator ‘closely scrutinising’ Sequoia’s second crack at selling InterPrac
In a second go at offloading its beleaguered financial advice licensee InterPrac, listed wealth management group Sequoia Financial has sold the business to Bellbird Australia. A deed of cross-guarantee with other entities in the Sequoia group has been revoked, raising the concerns of investors seeking compensation for losses in the failed Shield and First Guardian master funds.
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.
Transforming to serve 100,000 clients takes more than a rebrand
To achieve transformational change, advice businesses need four essential ingredients: direct client relationships, scale, capital and transformation capability. Until now, no advice business has possessed all four.
‘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.
Fortnum Private Wealth pays $1.35m to resolve cyber case
The Entireti-owned Fortnum Private Wealth has agreed to pay $1.35 million to resolve a lawsuit brought by the Australian Securities and Investments Commission over alleged failures to manage and mitigate cyber-security risks.
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.
Why the personal conversation matters in financial advice
Having the answer to a client’s problem isn’t always the same as being helpful. Nicole Bendeich writes that simply providing clients with more information is not the same as understanding their fears and what gets in the way of making a decision.
Industry
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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.
Risk
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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.
Regulation