FSC adds advice licensees to membership
The Financial Services Council has appointed the heads of WT Financial Group and Fortnum to the board amid a change in strategy to incorporate advice businesses to the council’s remit.
April 23, 2024
Due diligence is a two-way street for advisers and licensees
The description by ASIC of the Australian financial services licensee Lanterne as a “licensee for hire” has put the spotlight on the resourcing of licensees and their ability to deliver services efficiently, honestly and fairly, and on the responsibility of advisers to do their own checks on the substance of the licensee that authorises them, Simon Hoyle writes.
April 22, 2024
Fortnum, PFS creates new parent brand in its Entireti
A new parent company will be introduced to cover the Fortnum and Australian Unity PFS advice brands, allowing both licensees to maintain their pre-existing images. Fortnum managing director Neil Younger believes this is best way to leverage the benefits of both brands individually while gaining the advantages of scale from the combined entity.
April 22, 2024
‘Strange figure’: Research finds $1.6m retirement expectation
The average Australian believes they need $1.6 million for a comfortable retirement, more than two-and-half times the ASFA retirement standard, according to research from CFS. The number increases to $2 million for those who have never received financial advice.
April 22, 2024
Macquarie Bank pays $10m for failing to monitor third-party adviser
Macquarie Bank has agreed to pay a $10 million Federal Court penalty for failing to monitor the conduct of third parties, including convicted financial adviser Ross Hopkins who embezzled $2.9 million from his customers’ accounts without being detected by the bank.
April 19, 2024
Super funds and experts at odds over ‘redundant’ YFYS performance test
Vanguard Super has publicly backed the retention of the annual performance test, as a growing number of funds also warm to the status quo after tweaking their strategic asset allocation to make sure they don't fail. But while it may keep funds’ compliance officers happy, the current test is not in members' best interests, argue a number of academics and researchers who advocate for a multi-metric approach.
April 19, 2024
ASFA appoints AustralianSuper executive to board
The Association of Superannuation Funds of Australia has appointed AustralianSuper’s Paula Benson, chief officer of strategy and corporate affairs as a board director.
April 19, 2024
UniSuper commits $623m in renewables fund
UniSuper has poured US$400 million ($623 million) into an energy transition and climate opportunities fund, aiming to support the global net zero transition.
April 19, 2024
Paydirt: Advice firms should be making 40pc profit
Almost all financial advice firms are undercharging for their services in Australia, according to advice business consultancy Peloton Partners. The firm’s principal Rob Jones believes practices should be repricing their services at least every two years.
April 18, 2024
QAR and CSLR legislation ‘problematic’: FAAA
In a policy update to members, the Financial Advice Association has lamented how recent reforms to advice – legislation covering the Quality of Advice Review and Compensation Scheme of Last Resort – have been handled by government.
April 18, 2024
Dixon Advisory settlement approved by Federal Court
The Federal Court has approved the $16 million settlement in a class action lawsuit against E&P, the parent company of Dixon Advisory & Superannuation Services (DASS), and former executives Alan Dixon and Christopher Brown.
April 18, 2024
Client first, then product: Maximising the benefits of client reviews
Client reviews present the tip of the iceberg when it comes to the advice process, but according to planners, they are crucial opportunities to show the value provided by advisers.
April 17, 2024
