Lead generators alive and well in financial advice
Despite ASIC’s action on Shield and First Guardian, lead generation services are still in operation and two separate investigations presented to the Professional Planner Researcher Forum outline the dangers.
December 05, 2025
Morningstar pivots to pay for play product ratings
Morningstar will now offer fund managers the ability to pay for product ratings in a departure from the user-pays model that differentiated it from local peers. The researcher believes the change is necessary to remain sustainable in the Australian market but comes amid vigorous debate at this week’s Professional Planner Researcher Forum about the conflicts involved.
December 05, 2025
‘We moved relatively quickly’: ASIC defends reaction time on Shield, First Guardian
ASIC believes it moved quickly after it had enough evidence on the misappropriation of investor money in Shield and First Guardian as the federal opposition ramps up criticism of the regulator’s role in the collapse.
December 04, 2025
‘Chaotic year’ coming due to Shield, First Guardian action
Insignia Financial CEO Scott Hartley believes the pressure of reactionary regulatory reform due to the collapse of the Shield and First Guardian master funds means the financial advice ecosystem will be under intense scrutiny.
December 03, 2025
Only $1.6m recovered so far in First Guardian liquidation
In a blow to investors, the liquidators of the First Guardian Master Fund have only recovered $1.6 million and anticipate it will be another one and a half years before any distributions are made to unitholders.
December 03, 2025
ASIC investigating schemes similar to Shield and First Guardian
The collapse of the Shield and First Guardian master funds might be the largest in the industry, but the regulator has revealed there are other models similar to the $1.2 billion collapse that are being investigated.
December 02, 2025
Pressure is on researchers to ‘prove and improve’ following Shield, First Guardian collapse
Advisers are demanding more customised, bespoke investment solutions for clients, putting researchers under pressure to prove their systems and processes are up to the job of assessing the products advisers use. That scrutiny is only increasing in the wake of the collapses of Shield and First Guardian.
December 02, 2025
Competitive research industry needed for sector to thrive
Enhanced research is vital for protecting investors and advisers, but limiting the sector to researchers that are both raters and managers creates inherent tensions, writes SQM Research managing director Louis Christopher. Instead, smaller players with specialty niches who have a role to play in our industry should be acknowledged.
December 01, 2025
Managed account clients ‘getting what they’re promised’: IMAP
The Institute of Managed Account Professionals says managed accounts have largely delivered on client goals and haven’t suffered a major collapse or scandal. The comments come in response to revelations by Professional Planner that ASIC has requested information about any sales and revenue targets, inducements and benefits to offer SMAs to retail clients from providers and licensees.
November 28, 2025
First Guardian director may lose lawyer due to unpaid bills
One of the directors of the First Guardian Master Fund, Simon Selimaj, is at risk of losing his legal representation due to his inability to pay legal fees, and is seeking to sell assets. Receivers have also sought to gain his passport to help determine which countries he has visited which may help identify foreign accounts.
November 28, 2025
ASIC kicks off probe into SMA conflicts of interest
The corporate regulator has issued ‘please explain’ notices to licensees and separately managed account (SMA) providers demanding information about any sales and revenue targets, inducements and benefits to offer SMAs to retail clients. The probe follows the revelation of its long-held concerns about conflicts of interest in the booming managed accounts sector and comes on the eve of the Professional Planner Researcher Forum.
November 28, 2025
