Industry Updates

Outreach shows youth financial knowledge gap

A pair of financial advisers recently visited high school students on behalf of the Financial Advice Association to educate them on topics such as budgeting and superannuation. This initiative, part of the association’s “informal” project to teach financial literacy to students, showed greater outreach is necessary to improve youth financial literacy.

AMP to launch digital bank for small business

AMP will be launching a digital bank offer designed for small businesses and sole traders in Q1 of 2025.

Court approves $110m AMP royal commission class action

The Supreme Court of New South Wales has approved the settlement for the shareholder class action brought against AMP after the Hayne royal commission in 2018 for $110 million, according to an update from class action law firm Maurice Blackburn.

COG pulls Diverger offer after lack of shareholder support

After launching a surprise counteroffer to acquire Diverger at the end of last month, COG Financial Services has formally withdrawn its non-binding offer, conceding a lack of interest from key Diverger shareholders.

‘Icing on the cake’: Winning the 2023 AMP University Challenge

A trio of students from Deakin University won the AMP University Challenge this year. They tell Professional Planner that the competition teaches participants how to transfer academic knowledge into real world application.

HUB24 launches Discover offer

HUB24 has launched an offer called Discover to complement its existing Core and Choice offers.

FAAA to push minister on QAR, ASIC levy at Congress

With specific details for half of QAR Stream One released, the FAAA will turn to pushing for more detail on the future of SOAs, safe harbour steps and the ASIC levy as it hosts the Minister for Financial Services Stephen Jones at Congress next week in Adelaide.

Striver to expand recruitment drive after success with Brimstone

After feedback from student attendees at the inaugural Brimstone event found 85 per cent would consider advice as a career path, Striver has received further backing from commercial partners to add dates in Melbourne, Brisbane and Perth for 2024 as it aims to do its part to help attract talent to financial advice.

FAAA launches Career Centre for advice profession

The Financial Advice Association has launched its Career Centre, an online resource for employees, job seekers, and career changers in the financial advice profession.

AFCA appoints two industry directors

The Australian Financial Complaints Authority has appointed Raylene Bellottie and Yien Hong to its board as industry directors, replacing Claire Mackay and Andrew Fairley.

Infocus invests in Wealth Connexion

Infocus has taken an undisclosed equity position in advice business Wealth Connexion in Brisbane, which will in turn acquire several retail practices formerly held by Infocus.

Gen X, Y most optimistic about retirement lifestyle: Aware Super

Australians with over 20 years left in the workforce are twice as likely to expect a more luxurious standard of living in retirement than they have today, according to new research by Aware Super.

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