Industry Updates

FSC calls for pragmatic regulatory approach to related-party arrangements

The Financial Services Council has suggested a more pragmatic approach to prohibiting related-party investments and that Treasury should investigate the drivers of loss that lead to unpaid AFCA determinations, in a pair of submissions to consultations addressing the fallout of the $1 billion Shield and First Guardian collapse.

Behind Royal London Asset Management’s Australian expansion

After a decade of quiet groundwork down under, Royal London Asset Management has launched four funds with seed capital of $1 billion, hired an experienced funds management leader to build its local office and is engaging advisers and investors at pace.

ASIC says there are too many MISs to effectively review

ASIC has told a parliamentary committee that it can’t functionally monitor all managed investment schemes (MISs) as the government considers policy changes that would strengthen MIS standards.

Div 296 tax highlights the opportunities and value of advice

The passing of the Div 296 bill on Tuesday creates both opportunities and threats for the superannuation industry and advice profession while simultaneously fostering trust and distrust in the super system.

Why modern retirement demands better conversations and smarter technology

When Kristine Goodwin, director of growth and distribution at North, sits down with Ashley Tilston, CEO of Spectrum Wealth Partners, the conversation quickly moves beyond markets, products and performance. Instead, it lands on a far more complex question facing advisers today: what does retirement actually mean now and how should advice businesses evolve to support it?

‘Disgraceful’: Infocus’s dire review of Shield, First Guardian advice

After taking on former Shield and First Guardian clients to help do what it could to mitigate the damage of the $1 billion collapse, Infocus was left in dismay over what they discovered from the advice provided to clients. Managing director Darren Steinhardt flagged it as “disgraceful” and was disappointed that type of misconduct still permeates in the industry.

The evolving retirement ecosystem: What shape will it take?

After attending the Professional Planner Advice Policy Summit in February, executive director of The Conexus Institute David Bell reflects on the roles of super funds, financial advisers and the government in an evolving retirement landscape, and how these sectors failing to work together will result in an unstable and vulnerable ecosystem and eventually hurt retirees.

InterPrac takes AFCA to court over fairness concerns in dispute resolution process

InterPrac is suing the Australian Financial Complaints Authority over concerns that the complaints authority has not fairly handled the resolution process, following criticism from Sequoia managing director Garry Crole that other parts of the advice chain are also culpable in the Shield and First Guardian failures.

The onus is on advisers to embrace technology

The application of technology, including but not only AI, will clearly address efficiency issues within advice firms, but zoom out and the impact on Australian society is potentially profound. A widening advice gap only amplifies the differences between the “haves” and the “have-nots” which must be addressed by improving both the efficiency and affordability of financial advice and HUB24 believes technology enables both.

Back to front: North’s end-to-end strategy to ignite heated rivalry

The latest drop from North is an interactive wealth portal that unifies the entire advice journey, from creation to implementation, and is guaranteed to ignite heated rivalry in the platform space.

‘Freedom within a framework’: Industry on balancing choice and limitation in advice tech

When it comes to advice tech, licensees must offer “freedom within a framework” that balances choice with some limitations to help drive advice practice efficiency, the Professional Planner Advice Policy Summit heard.

Forget the naysayers, financial planning is the ideal career for women

International Women’s Day shines a spotlight on the achievements of women but advice leaders say the real challenge is sustaining that momentum all year round. This year, the theme is “give to gain” and, in this article, three inspirational women share their advice journeys and provide tips for advice businesses looking to attract more women as employees and clients.

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