Insurers urge sub-diploma level education for ‘qualified advisers’
The Council of Australian Life Insurers wants 'qualified advisers' employed by life insurers to need only a Certificate IV equivalent to provide advice. The suggestion falls short of expectations of at least a minimum diploma level education for this new second tier advice model after the Quality of Advice Review reforms.
May 30, 2024
Moving the dial on gender diversity
Promoting gender diversity is a big issue for financial services and despite the progress made so far, many are still characterised by finance stereotypes that can deter more diverse candidates from joining the sector. As a starting point for those looking to bring genuine change – be it internally or in the broader industry – difficult conversations must be had about how to eliminate “micro-exclusionary” events and recognise men and women’s different ways of working.
May 30, 2024
ASIC influence over DBFO advice fee deduction rules questioned
The corporate regulator is suspected of backing consumer groups in pushing for tougher trustee oversight of advice fee deductions from super funds, a contentious issue threatening to destroy the veneer of industry consensus over advice reform. ASIC has confirmed it has provided regular advice to Treasury on the QAR response project but has refused multiple times to release its formal recommendations.
May 28, 2024
‘Higher the fee, lower the return’ narrative hurting members
With RG97 and the Your Future Your Super performance test pushing a strong narrative of bringing down fees at all costs, superannuation members may actually be missing out on attractive net returns from more expensive-to-manage asset classes. The Fiduciary Investors Symposium has heard that it’s time for the super sector to bust the myth.
May 28, 2024
Former Westpac adviser launches HNW practice
Advice practice Freshwater Wealth has launched with an offering for high-net-worth individuals, including retiring baby-boomers and single and widowed women.
May 28, 2024
Mercer Super hit with additional licence conditions
APRA has ordered Mercer Super to meet additional licence conditions after “risk management and compliance management deficiencies” were identified by the regulator.
May 28, 2024
Perpetual’s demise should loom large for licensees
Infocus’ proposed takeover of Madison is just the latest in a frenzied M&A cycle for advice licensees. With a diminishing pool of advisers, licensees have little choice but to pursue inorganic growth, but they must avoid the lesson learned the hard way by asset managers that scale alone cannot override a problematic business model, writes Aleks Vickovich.
May 27, 2024
Infocus courts Madison after Godfrey Pembroke deal fizzles out
Clime Investment Management will make another attempt to offload licensee business Madison, this time to Infocus for $2 million which includes platform WealthPortal. The takeover bid comes amid fresh revelations over why the much-hyped Godfrey Pembroke-Madison tie-up fell over.
May 27, 2024
The opportunity cost of the control illusion
Giving up control can lead to even greater control, Paul Barrett writes, but taking that first step can be confronting to business owners who may not see the long-term benefit and it can lead to strong M&A opportunities stalling.
May 24, 2024
Family offices show little appetite for outsourcing investment
Family offices globally will continue to position their core offering as investment managers, maintaining small staff headcounts and outsourcing non-core responsibilities, according to a report from UBS.
May 24, 2024
