‘Reservations’ about bringing YFYS to retirement products
The Financial Advice Association has argued against bringing the Your Future Your Super performance test to retirement products, and it is not alone in its view. Other YFYS expansion suggestions have also received pushback, with the SMSF Association arguing against extending any such test to self-managed funds.
April 23, 2024
PFAN partners with Pancare and MND Victoria
The Pro Bono Financial Advice Network has partnered with Pancare and MND Victoria, further expanding the group’s charity participants. Chair Nicola Beswick says adding more advisers to the network has helped aide in the ability to create more partnerships, but hopes more advisers will continue to join.
April 23, 2024
Average retirement age in Australia increases by 4 years
Australia’s retirement age has increased four years between 2000 and 2020, which was the 12th biggest increase in all OECD countries, according to study from Age Calculator.
April 23, 2024
Super funds deliver fifth straight month of gains: Chant West
The median growth super fund has returned 8.8 per cent in the 2024 financial year so far with one more quarter ahead, according to research house Chant West.
April 23, 2024
Aware Real Estate begins two Melbourne housing developments
Aware Real Estate has launched large-scale housing development at Queens Road, in Melbourne’s inner south, and Preston in the city’s north, with the aim to add more than 700 homes to the city’s housing market.
April 23, 2024
JANA appoints director of client development
Asset consultant JANA has appointed Habib Chebli as director of client development, based in Melbourne.
April 23, 2024
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
