Fee squeeze starves fundies
A squeeze on asset management fees has cut costs for clients and protected margins for advisers, but the flipside is that advisers and their clients are missing out on the capabilities of some of the world’s best managers because the market has simply become unattractive.
February 02, 2024
CALI warns against using genetic test for insurance underwriting
The Council of Australian Life Insurers has come out to support a ban on using genetic test results in insurance underwriting, ensuring Australians are not deterred from taking the test to manage their health.
February 02, 2024
Sequoia acquires paraplanning service firm
Sequoia Financial Group has acquired the assets of Clique Paraplanning, a national paraplanning service with employees and contractors primarily in Melbourne and Sydney.
February 02, 2024
UniSuper hires new chief risk officer from Cbus
UniSuper has nabbed fellow industry fund Cbus’ talent Wade Martin as its new chief risk officer.
February 02, 2024
‘Pretty easy fix’: Jones open to dumping qualified adviser tag
Minister for Financial Services Stephen Jones has made it clear to a room full of super fund chairs at the Investment Magazine Chair Forum that advice must be a central part of member retirement strategies. The comments come with a not-so-subtle concession the “qualified adviser” moniker will be gone: “if that’s the biggest problem we’ve got then it’ll be pretty easy to fix,” the minister said.
February 01, 2024
Shift more of the ASIC funding burden to licensees: Petition
As the number of financial advisers declines, inequities are emerging in who foots the bill for the ASIC funding levy. A petition launched by a Fremantle-based financial adviser asks the government to have another think about who pays what.
February 01, 2024
Count firm acquires Melbourne accounting firm’s client book
Advice network Count has acquired the accounting client book of Business Accounting Melbourne via its subsidiary firm Kidmans Partners.
February 01, 2024
AMP confirms all advisers registered ahead of ASIC deadline
AMP is boasting that all of its roughly 900 advisers have fulfilled the obligation to be registered with ASIC before the original deadline. Group executive for advice Matt Lawler says this shows the value of larger licensees that can keep on top of the various obligations that can easily fly under advisers’ radar.
January 31, 2024
Govt looks to codify discretionary qualification powers
The government has released draft legislation giving the Minister for Financial Services discretionary powers to have non-FASEA degrees approved for advisers to meet the education standard. The updated law will allow advisers to have their existing qualification accepted not only by providing an academic transcript but also just a statement issued by the provider of the degree.
January 31, 2024
FAAA members hit with phishing email
The Financial Advice Association has warned its members against what appears to be a phishing email from CEO Sarah Abood on Wednesday.
January 31, 2024
Equity Trustees adds Clearview and Guild Super to client list
Equity Trustees has become the superannuation trustee of Clearview and Guild Super, adding $5 billion in funds under supervision.
January 31, 2024
FAAA publishes pre-budget submission
The Financial Advice Association has published its FY25 pre budget submission, with a focus on reducing the cost of professional financial advice.
January 31, 2024
