Industry Updates

HESTA appoints chief financial officer 

Health industry super fund HESTA has appointed Natalie Kelly as its chief financial officer. 

ART and AvSuper complete merger 

Australia’s second-largest super fund Australian Retirement Trust has successfully absorbed the $2.5 billion and 4800 members of AvSuper. 

FSC launches Digital Advice Expert Group

The Financial Services Council has announced the formation of the Digital Advice Expert Group which will replace the Digital Advice Association launched a year ago.

ASIC warns over cold callers and clickbait ads

ASIC is warning consumers to be wary after a review identified some cold calling operators using high-pressure sales tactics and online clickbait advertisements to lure consumers into receiving inappropriate superannuation switching advice.

Count extends contract with Iress

Iress has signed a three-year extension agreement with Count as provider of choice for its advice technology. 

Insignia completes $36.8b MLC Wealth migration to Expand

Insignia Financial has successfully migrated over 94,000 client accounts holding $38.6 billion funds under administration (FUA) from MLC Wrap, MLC Navigator, and associated offers to its Expand platform.

Vanguard Super cuts fees

Vanguard Super has reduced its annual administration fees from 0.35 per cent p.a. to 0.33 per cent p.a. with the administration fee cap lowered from $850,000 to $300,000.  

Qantas Super commits $200m to agriculture play

Qantas Super has committed $200 million with agriculture investor GO.FARM to transform underutilised agricultural land into horticultural projects in NSW’s Riverina, northern Victoria and other parts of Australia. 

FAAA releases draft policy platform for member consultation

The Financial Advice Association launched its draft policy platform for member consultation.

CSIRO and Alphinity release responsible AI framework

Alphinity Investment Management and Australians national science agency CSIRO have released a responsible AI (RAI) framework and toolkit for financial services.

Two-thirds of Australians underwhelmed by super balances: ART

Research from Australian Retirement Trust has found 67 per cent of Australians don’t feel their superannuation balance is in a good position for their age.

Australians switch financial habits due to rising cost of living: Findex

The majority of Australians (81 per cent) had to change their investment and saving goals in the last 12 months with the primary reason (44 per cent) being the rising cost of living, according to a Findex research.  

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