Industry Updates

‘Vanilla’ AFSL prices surge as advisers disperse

Empty AFSL’s with no client books have gone from having virtually no value to being sold for an average of $70,000, with ex-institutional advisers clamouring for an independent ticket yet reluctant to wait on ASIC to approve a new license.

September 21, 2020

Hooked on investing as a teen: Kellie Davidson

After her father got her interested in the stock market, Kellie Davidson started gravitating towards investing before deciding to "make a difference" in financial planning. As one of the nation's leading advisers, she's keen to pay it forward with pro-bono and charitable work.

September 18, 2020

Institutions absent in Licensee of the Year award

GPS Wealth and Affinia were the big winners at this years' awards, while no award was given for the Institutionally Branded Licensee of the Year due to "an insufficient number of qualifying licensees".

September 18, 2020

Advice demand doubles in 5 years

Latest studies reveal that the need for advice has surged in the last few years, while existing clients are clamouring for engagement from their financial advisers.

September 17, 2020

Crowded platform market ripe for consolidation

The investment platform market looks due for adjustment as adviser numbers dwindle and more competitors jostle for a seat at the table. A wave of M&A activity and a race for operational scale could be required before the sector’s bright future is fully realised.

September 16, 2020

Cycling with clients: The Chris Morcom story

Hewison Private Wealth adviser Chris Morcom would rather be in the fresh air with clients than deal with an overly complex and bureaucratic financial services regulatory system.

September 15, 2020

Harry Baker, the professional year pioneer

As the first to make it through FASEA’s 1600-hour training mandate for new advisers, Harry Baker represents a glimmer of hope for an industry that is desperate to attract a new generation of participants.

September 14, 2020

Court slaps $50M fine on MLC trustee

In ASIC's largest ever civil action, MLC Nominees and Nulis Nominees have been lumped with a combined $57.5 million worth of penalties after they duped hundreds of thousands of superannuation members into paying for advice that wasn't provided.

September 14, 2020

IOOF’s Whereat: ‘We’re not arrogant enough to think we’ll get everybody across’

Darren Whereat reveals IOOF’s pitch to MLC advisers and explains where the group sits on conflicts, compliance and culture. The head of advice is nothing if not forthright. “Don’t guild the lily and don’t put any fluff around it,’ he says. “Tell it like it is.”

September 11, 2020