Industry Updates

ASIC’s Kirkland says rate of adviser registrations ‘encouraging’

Extending the adviser registration deadline to 16 February should give the profession ample time to fulfill the obligation, and there will be no further extensions. Newly installed ASIC commissioner Alan Kirkland says advisers should remember where the requirement for registration came from and that ultimately it is positive for the profession.

January 19, 2024

Super flows: AustralianSuper’s lead moderates, HUB24 retains edge

The assumption that flows are simply moving from retail funds to industry funds is outdated, as The Conexus Institute’s analysis of APRA data shows the four fastest growing small and medium retail funds are taking in strong flows while the story amongst big industry funds is mixed.

January 19, 2024

MSC acquires Certane Corporate Trust

Corporate trustee and fund administration platform MSC Group has acquired Certane Corporate Trust, formerly trading as AET Corporate Trust and part of Australian Executor Trustees.

January 19, 2024

ASIC grants registration deadline extension

ASIC will extend the deadline for its new adviser registration requirement, a day after the Financial Advice Association noted almost 6000 have been yet to complete it.

January 18, 2024

ALRC takes aim at ‘porridge’ of financial advice legislation

The Australian Law Reform Commission notes the length of Chapter 7 of the Corporations Act is similar in length to the novel Ulysses by James Joyce. After handing in the final report of the multi-year project, it has acknowledged what every adviser has said for years: the current laws they operate under are a mess.

January 18, 2024

Platforms emerge as competitive growth funds despite industry super dominance

In the first of a series of articles analysing the latest APRA superannuation asset data, David Bell and Geoff Warren of The Conexus Institute conclude that the eight largest profit-for-member super funds increased their market share in FY23 by about 2 per cent. Meanwhile, the adviser-facing wealth platforms are emerging as competitive growth funds.

January 18, 2024

Choice names CEO

Consumer advocacy group Choice has appointed Ashley de Silva as its CEO, the successor to Alan Kirkland who left the role last November.

January 18, 2024

Financial Advice NZ appoints former AFA general manager as CEO

Financial Advice New Zealand has appointed former AFA general manager and NZ national Nick Hakes as CEO.

January 18, 2024

Growth funds return 9.9 pc in CY23: Chant West

The median growth super fund (defined as 61 to 80 per cent in growth assets) has returned 9.9 per cent in calendar year 2023, according to researcher Chant West.

January 18, 2024

Insignia’s CEO baton pass compounds headwinds

Equity analysts say the imminent departure of Insignia Financial chief executive Renato Mota and handover to a still-unnamed successor could worsen a string of commercial challenges facing the company as a listed wealth manager. Meanwhile, the market is coalescing around a number of internal and external candidates.

January 17, 2024

Exam changes welcomed, but cost should be cut: Associations

Adviser exam changes have industry backing, but industry associations used government consultation to raise concerns about cost blow-outs that have occurred since the corporate regulator commenced facilitation of the exam.

January 17, 2024

Almost 6k advisers still need to complete new ASIC registration obligation: FAAA

Nearly 6000 financial advisers are yet to be registered under a separate obligation with ASIC, putting them at risk of no longer being able to provide advice, the Financial Advice Association has warned.

January 17, 2024