Industry Updates

Without Dixon, financial advice complaints drop

The latest AFCA complaint numbers for the financial year has seen a 51 per cent spike in the advice sector. However, this is largely due to two firms – Dixon Advisory and Best Leader Markets – contributing almost half those complaints and without them, advice complaints continue to trend downwards.

July 27, 2023

Insignia embarks on major shake-up of licensee business

Insignia Financial will create a company to house three of its licensees – RI Advice, Consultum and TenFifty – with the aim of selling off a majority stake to aligned practices over time. It’s part of an overhaul of the company’s advice licensing arm, under which Godfrey Pembroke and Millennium3 will also be sold.

July 27, 2023

Death knell for the traditional insto dealer group model

Five years after Kenneth Hayne swung a wrecking ball through the business model of vertically integrated financial advice, Australia’s largest advice provider is tellingly abandoning the last vestiges of the institutional licensee model, writes Aleks Vickovich.

July 27, 2023

Bentham Global Income Fund added to CFS platform

The Bentham Global Income Fund has been added to the CFS First Choice platform.

July 27, 2023

Advice fees stabilise amid political noise on cost

Advice fees seem to be stabilising, despite high inflation and rising regulatory costs. According to data from multiple advice service providers, there has been either a minimal hike or even a decrease in advice fees.

July 26, 2023

‘Magnificent gift’: Chalmers doubles down on nation-building super dream

Treasurer Jim Chalmers has thanked Australian Retirement Trust and QIC for their $150 million investment in social housing in Queensland, as he expanded on his vision that superannuation funds invest in “big national priorities” that can also generate returns to members. The compulsory super system is a gift to Australia’s economy, Chalmers said, adding he wouldn’t trade it with any other nation.

July 26, 2023

Magellan appoints former Janus Henderson executive to board

Magellan Financial Group has appointed former Janus Henderson executive Andrew Formica as a non-executive director.

July 26, 2023

Pengana appoints Mercer to advise of private credit arm

Pengana Capital Group has appointed Mercer as an investment adviser on the portfolio construction of Pengana Credit, its recently launched private credit arm.

July 25, 2023

SOAs can drive customer satisfaction: PhD thesis

Unpublished research by financial planner and doctoral student Ben Neilson indicates that consumer satisfaction hinges on streamlining Statements of Advice – a stark contrast to the Quality of Advice Review's recommendation of eliminating them altogether.

July 25, 2023

The missing Link: Insto advice group extends olive branch to external advisers

To help streamline its connectivity with planners, Link Advice has made a trio of changes to its Adviser Online digital platform in a bid to simplify registration and third-party authorisation. Additionally, it will add further improvements in the coming financial year to automate advice fees.

July 25, 2023