Industry Updates

Make your vote count

The legitimacy of a merged FPA and AFA hinges on how many members of each association turn out to vote almost as much as it does on the vote itself. With the vote commencing in February, it’s critical as many members as possible have their say at this historical moment.

AMP acquires Nano home loan book

AMP Bank has acquired Nano’s residential mortgage portfolio, adding approximately $400 million in loans to its residential mortgage book.

‘Tougher nut to crack’: Foreign tech may think twice about coming down under

The backdrop of a shrinking adviser base has made business growth in Australia a challenge for advice tech providers, and wealth tech consultant Finura Group predicts foreign companies have begun to realise the local market and superannuation system presents a unique set of complexities.

Workplace trends present opportunities for the advice industry

The financial advice industry has what it takes to win the war for talent, writes Bell Direct CEO Arnie Selvarajah.

Investor Desk launches digital investment service

Investor Desk has launched a new digital investment service through its thematic portfolios in collaboration with OpenInvest.

Insignia grows automation footprint by using bots

Since Insignia Financial implemented digital worker ‘Optimus’ in 2019, its digital workforce has steadily increased. It now automates over 60 processes, reducing costs and improving business efficiencies.

Summerhayes appointed Zurich chair

Former FSC director and APRA executive board member Geoff Summerhayes has been appointed as chair of the board of Zurich Financial Services.

ACCC conducting sweep of social media influencers

The ACCC has commenced a sweep to identify misleading testimonials and endorsements by social media influencers, based on consumer tip-offs.

AFA, FPA push for member engagement ahead of consult deadline

The member consultation period on a proposed merger between the Financial Planning Association and Association of Financial Advisers is due to close on 31 January, with members encouraged to provide their feedback before then.

MLC appoints non-executive director

MLC Life Insurance has appointed David Stephen to its board as an independent non-executive director.

Insignia anticipates revenue fall from shifted low-fee-paying clients

The ongoing transition of the former MLC Advice network into the Bridges licensee will see low-fee-paying fixed-term clients moving off those arrangements, creating a short-term revenue reduction for Insignia Financial.

Cancelled advice software deals AMP revenue blow

Ahead of announcing its half-year results next month, AMP will write-down almost $70 million related to discontinued advice software programs and a reduction in used office space.

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