AZ NGA platform tender escalates ‘data war’
Paul Barrett’s AZ NGA is close to completing an RFP process which will give the $38 billion advice aggregator near unprecedented control over client data and functions including cash management. The tender – in which at least two major platform providers are participating – could disrupt the economics of Australian wealth management and spark the advent of cheaper, US-style custody for advisers.
Why the principal of this $1.4b super-firm sold control to Count
Jason Birch helped build Skybridge from a regional advice firm in central west NSW to a national roll-up of 35 acquisitions. Now, he is handing ASX-listed Count an initial 75 per cent stake to fund the next stage.
Fewer but better-quality advisers a solid foundation for the future
Financial adviser numbers have stopped falling, and the profession now has a solid base on which to rebuild. The overall standard of remaining advisers is better than it was a decade ago, and new entrants are also higher quality than in the past. But improving access to advice in the near term will hinge on productivity gains rather than growth in adviser numbers.
NGS Super gets ahead of DBFO in member advice design
NGS Super built its financial advice offering ahead of the proposed Delivering Better Financial Outcomes reforms, including a new digital service launched in May. Chief executive Natalie Previtera says that while any legislative change would bring clarity to its offer, it would only require some tinkering and not a fundamental overhaul.
Changes to the Privacy Act impacting financial advice firms
The Privacy Act is changing on 10 December, and advice practices must include in their privacy policy all ways in which a “computer program” is being used to make or inform decisions that have a significant impact on a person’s rights and interests.
FSCP decision reveals an underrated benefit of association membership
The financial adviser code of ethics requires advisers to uphold and promote professional ethical standards and hold each other accountable for protecting the public interest. This can be harder for advisers working in isolation or with restricted peer contact, and limited insight into how others operate.
Class action against Macquarie echoes soon-to-be-eliminated ‘but for’ determinations
A class action against Macquarie Investment Management over its role in the collapse of the Shield master fund claims it should compensate investors for investment returns they missed out on by not being invested somewhere else. It echoes the controversial “but for” determinations made by AFCA, which from June next year will be eliminated.
Industry veteran Helmich honoured for contribution to global profession
The former executive director of AMP’s advice businesses, Steve Helmich, has been recognised by the global financial planning standard-setting body for his contribution to raising standards around the world.
How advisers can avoid the ‘tailors’ fate’
When a long-established bespoke trade mistakes disruptive technology for a productivity tool, change can remain barely noticeable until it suddenly explodes. The “tailors’ fate” holds a warning for advisers who assume personal client relationships will remain king and protect them from upheaval.
M&A and push to reduce fees driving great ‘investment menu clean-up’
Advice and wealth management firms worldwide are undertaking a great “investment menu clean-up”, driven by M&A, a desire for stronger investment conviction and lower client fees and, in Australia, renewed regulatory scrutiny of product failures.
Researcher Forum
This is the flagship event dedicated to the governance and construction of investment portfolios by financial advisers in Australia. It brings together influential stakeholders including research houses, asset consultants, platforms, licensees and responsible entities to debate best practice in investment research, advice and managed accounts.
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.
Ways advisers can give clients the aged care advice they need
Assyat David, co-founder of Aged Care Steps, says more clients are asking about aged care, and advisers must decide whether to build the expertise in-house or outsource it to serve their clients well.
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.
Industry