WT expects adviser increases but practice consolidation
With advice practices seeking to leverage the benefits of scale, WT Financial Group managing director Keith Cullen expects his own advice network to grow in adviser numbers but with 40 per cent practices over the next few years.
May 10, 2024
FSC calls on government to fix super advice fees legal debacle
After bolstering its ranks with the addition of a number of licensees and digital advice firms to its membership, the Financial Services Council has called on the government to fix the Delivering Better Financial Outcomes package, arguing the bill should specify it is not a requirement for funds to check every Statement of Advice.
May 10, 2024
Super for house deposit scheme to taxpayers billions: SMC
Allowing young Australians to tap into their super for a house purchase could cost taxpayers billions (even potentially a trillion) of dollars by the end of the century, a new modelling by Super Members Council shows.
May 09, 2024
The advice was fine, but ASIC wants super funds to do more checks
The corporate regulator has criticised super funds for a lack of oversight of advice fee deductions, despite its own review finding 94 per cent of the advice sampled had no adverse consequences for members. The findings come amid industry debate over the Delivering Better Financial Outcomes bill and how much due diligence trustees will be required to conduct.
May 09, 2024
ASIC reports overlooks value of advice
A case study in a report from the corporate regulator on trustee oversight of advice fees has made a peculiar assumption – that trustees can predict whether advice will have a positive impact over the succeeding decades, Simon Hoyle writes.
May 09, 2024
Expect spike in tech costs next financial year
Advice firms are being warned technology and employee costs will rise considerably next financial year. It comes amid an inflationary environment which has seen all businesses increase prices to cover costs and an advice tech sector that has been giving favourable deals in an oversaturated market.
May 08, 2024
‘We don’t trust you’: Shareholders unimpressed with Perpetual deal
Perpetual’s leadership has been accused of hiding information from the market amid of a potential deal to sell off its name, wealth management and corporate trust business to KKR. The controversial transaction will result in the end of an era, with CEO Rob Adams to retire and the asset manager to be re-branded.
May 08, 2024
AMP launches private debt option for super members
AMP has launched a debt strategy, which can be accessed by members invested in the MySuper or Future Directions options range.
May 08, 2024
HESTA appoints chief financial officer
Health industry super fund HESTA has appointed Natalie Kelly as its chief financial officer.
May 08, 2024
ART and AvSuper complete merger
Australia’s second-largest super fund Australian Retirement Trust has successfully absorbed the $2.5 billion and 4800 members of AvSuper.
May 08, 2024
No obligation to take feedback on board: Jones
Despite ongoing consultations and roundtables into advice reform, Minister for Financial Services Stephen Jones concedes he under no obligation to take any stakeholder advice. The comments come amid fiery debate and concerns over the Delivering Better Financial Outcomes process from the advice sector, who the minister says “misread the play” on those changes.
May 07, 2024
How to reduce the cost of financial advice
The introduction of the first tranche of Quality of Advice Review legislation is a small step forward in improving the costs and accessibility of advice, writes adviser David Smith. But nothing of substance will be materialised until QAR Recommendation 9 – eliminating Statements of Advice – becomes law.
May 07, 2024
