Industry Updates

The evolving retirement ecosystem: What shape will it take?

After attending the Professional Planner Advice Policy Summit in February, executive director of The Conexus Institute David Bell reflects on the roles of super funds, financial advisers and the government in an evolving retirement landscape, and how these sectors failing to work together will result in an unstable and vulnerable ecosystem and eventually hurt retirees.

InterPrac takes AFCA to court over fairness concerns in dispute resolution process

InterPrac is suing the Australian Financial Complaints Authority over concerns that the complaints authority has not fairly handled the resolution process, following criticism from Sequoia managing director Garry Crole that other parts of the advice chain are also culpable in the Shield and First Guardian failures.

The onus is on advisers to embrace technology

The application of technology, including but not only AI, will clearly address efficiency issues within advice firms, but zoom out and the impact on Australian society is potentially profound. A widening advice gap only amplifies the differences between the “haves” and the “have-nots” which must be addressed by improving both the efficiency and affordability of financial advice and HUB24 believes technology enables both.

Back to front: North’s end-to-end strategy to ignite heated rivalry

The latest drop from North is an interactive wealth portal that unifies the entire advice journey, from creation to implementation, and is guaranteed to ignite heated rivalry in the platform space.

‘Freedom within a framework’: Industry on balancing choice and limitation in advice tech

When it comes to advice tech, licensees must offer “freedom within a framework” that balances choice with some limitations to help drive advice practice efficiency, the Professional Planner Advice Policy Summit heard.

Forget the naysayers, financial planning is the ideal career for women

International Women’s Day shines a spotlight on the achievements of women but advice leaders say the real challenge is sustaining that momentum all year round. This year, the theme is “give to gain” and, in this article, three inspirational women share their advice journeys and provide tips for advice businesses looking to attract more women as employees and clients.

Stop phoenixing to make the CSLR sustainable

The biggest cost to the Compensation Scheme of Last Resort could be slashed by rewriting the rules followed by the Australian Financial Complaints Authority to prevent phoenixing of financial advice licensees.

Industry funds use Canadian PM visit to push investment diplomacy

If anyone needs a measure of the superannuation system’s growing clout in global geopolitics, look no further than Canadian Prime Minister Mark Carney’s decision to prioritise a meeting with industry super fund bosses in Sydney over meeting the Australian Prime Minister. It’s a reminder that in the face of an increasingly hostile relationship with the US, the so-called “middle power” nations are using pension capital to rewrite the rules.

Press quits Sequoia governance role as InterPrac shows little improvement

Former ASIC Commissioner Danielle Press has quit the governance committee for InterPrac-owner Sequoia Financial Group just seven months after she was recruited to help the licensee lift standards in the wake of its involvement in the $1 billion Shield and First Guardian collapse.

The digital retirement advice tool ‘doing the work of 250 advisers’

Aware Super has driven a significant increase in the number of retired members drawing down more than the minimum amount from their account-based pensions, in the pilot phase of a new digital advice platform. The $210 billion profit-to-member fund expects the impact to be replicated when it makes the platform available to all members.

Multi-faceted advice solutions needed to solve retirement

Industry leaders believe face-to-face interactions and tailored advice are fundamental to closing the retirement advice gap, and that any solution must both increase the supply of human advisers and support them with smart technology to be more productive.

Insolvent licensees implicated in Shield, First Guardian to get indefinite AFCA memberships

AFCA has given indefinite extensions of the insolvent licensees implicated in Shield and First Guardian, due to concerns that impacted investors haven’t had time to complain. The move comes as the FAAA continues to push for managed investment schemes to be included as part of the external dispute resolution process.

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