Shield, First Guardian investors received allegedly fraudulent SOAs
Investors who suffered losses in the Shield and First Guardian scandal may have received Statements of Advice that appear to have been wrongly or falsely attributed to financial advisers who are currently under investigation by the corporate regulator. An investigation by Professional Planner reveals one victim of the collapsed scheme never spoke to or met with the adviser whose name and company appears on the SOA provided to her.
September 03, 2025
Hayne royal commission no laughing matter for super funds
AustralianSuper CEO Paul Schroder’s invocation of Kenneth Hayne’s financial services royal commission in a high-profile national speech might have been in jest. But Lachlan Maddock writes as the sector – and the $400 billion mega-fund he leads – comes under rightful scrutiny over poor member service standards, it could come back to haunt him.
September 03, 2025
How a ‘push rather than a pull’ from its network saw Morgans expand its wealth offering
Morgans is well-known as a stockbroking firm, but demand from its network saw it improves its capabilities to support holistic wealth offerings. Making these changes a decade ago has seen Morgans become one of the most desirable licensees, according to CoreData’s annual licensee satisfaction research.
September 02, 2025
CSLR special levy doesn’t fix ‘fundamental flaws’ in funding model: FAAA
The Financial Advice Association Australia has used a submission to Treasury to push back against breaching the sector funding cap for financial advisers while warning that changes to the special levy would not address deep-rooted problems with the CSLR.
September 02, 2025
Structuring retirement portfolios to align with income needs
Structuring a retirement portfolio begins with recognising that not all income sources are created equal, and requires a nuanced understanding of spending hierarchies and income sources. New retirement income products offer the features and flexibility to tailor solutions to clients’ specific spending and income needs.
September 02, 2025
Retirement advice moves beyond just a super balance
Financial advisers have been at the forefront of helping Australians accumulate wealth, and now there’s a growing opportunity to help them spend that money - and spend it with confidence - when they retire.
September 02, 2025
ASIC expands allegations against Shield, First Guardian adviser
Ferras Merhi, the former adviser alleged by ASIC to have earned almost $40 million for promoting and recommending the Shield and First Guardian master funds, has used a primetime TV program to plead he was a victim of poor due diligence by researchers and platforms. However, ASIC has painted a different picture, expanding its legal proceedings against the former InterPrac authorised representative.
September 01, 2025
Asia’s ultra-wealthy weigh up alternatives exposures
Alternatives have been a boon for Asian family offices chasing enhanced portfolio returns and diversification, but not everyone is ready to jump on board, as the range of allocations between family offices could range from 10 per cent to almost 100 per cent. According to global investment consultant Cambridge Associates, each family’s past experience with the asset class to some extent dictates their future commitments and advisers need to respect that preference.
September 01, 2025
Heavily hyped Dixon inquiry quietly scrapped
The so-called inquiry into the collapse of Dixon Advisory has been quietly scrapped, with the new Senate Economics References Committee, led by former Minister for Financial Services Jane Hume, declining to continue the review. The Financial Advice Association of Australia said ending the inquiry “betrays the victims” who put faith in the government to investigate product collapses and called for the review to not only be re-adopted, but to include the failures of the Shield and First Guardian master funds in its remit.
August 29, 2025
YFYS’s kaleidoscope of perverse outcomes shows need for reform
A mere seven products failed the latest iteration of the YFYS performance test, the results of which were released on Friday. Lachlan Maddock writes the test looks less and less fit for purpose as more and more funds learn to live within its constraints, but some of its biggest problems stem from its application to the smallest parts of the industry.
August 29, 2025
Count enters new era of productivity and scale
Count saw revenue rise 28 per cent as it successfully integrated the Diverger businesses and the SMA service that came with them. CEO Hugh Humphrey says that managed accounts, outsourcing, AI and automation have boosted productivity.
August 28, 2025
InterPrac last licensee standing as ASIC cancels another Shield-connected AFSL
ASIC has cancelled the license of MWL financial services for its role in advising clients to invest in the Shield Master Fund, which it called a “low cost advice project”. It leaves Sequoia-owned InterPrac as the only licensee connected to Shield to not be cancelled by the regulator.
August 28, 2025
