Industry Updates

WA advice practice launches within AMP network

Advice practice Hatch Financial Group has launched in Western Australia as a part of the AMP Advice network.

July 01, 2024

ASIC calls for AFSLs to correct FAR details, launches compliance hunt

ASIC has called AFSLs to correct records regarding their financial advisers on the Financial Advisers Register having discovered errors relating to qualifications and training courses.

July 01, 2024

‘Chill out, you can do both’: Fiduciary duty can co-exist with entrepreneurship

Focusing on business growth and profitability can lead to the perception this is at odds with a fiduciary duty, but the Professional Planner Licensee Summit heard these ideals aren’t mutually exclusive.

June 28, 2024

‘Damn good fit’: Infocus completes Madison acquisition

Infocus has completed its acquisition of Madison, a month after the binding heads of agreement was signed. Infocus founder Darren Steinhardt tells Professional Planner the Madison brand will remain intact and there isn’t a single adviser in the Madison network he wouldn’t have welcomed if they were recruited organically.

June 28, 2024

Moving out of house: Selecting the right outsourcing partners

Licensees have more potential partners and outsourced service providers to work with today than ever before. The Professional Planner Licensee Summit heard that getting the right arrangements in place can help raise adviser capacity, business efficiency and profitability – as well as potentially reducing PI insurance costs.

June 27, 2024

Horizontal collaboration takes place of vertical integration

Vertical integration in financial advice is dead – or it should be – but horizontal collaboration is emerging in its place. The Licensee Summit heard how a tie-up between BlackRock, Lonsec and AMP promises to open access to robust and professionally managed SMAs even for small advice practices, while avoiding the conflicts identified by the Hayne royal commission, and in the face of a looming regulatory focus on SMA performance.

June 27, 2024

AMP Foundation appoints Alexis George as chair

AMP chief executive Alexis George has been appointed chair of the AMP Foundation, a corporate foundation working with individuals and social enterprises.

June 27, 2024

Industry underinvestment has caused productivity losses

The greater advice industry needs more investment to maximise efficiency to help practices increase client numbers by 50 to 100 per cent, the Professional Planner Licensee Summit has heard. But while investment in technology is cited as a key booster, data from Investment Trends noted advice practices believe streamlining fee consent requirements will generate significant efficiency gains.

June 26, 2024

Rocky road ahead with govt inaction pushing up advice costs

Despite the government’s claim it intends to improve the accessibility and affordability of advice, the Financial Advice Association is bracing for advice costs to rise. The association is also calling for a public inquiry into Dixon Advisory, which has been a key cost driver for advisers left to cover compensation for victims of the disgraced business.

June 26, 2024