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
Advisers weigh pros and cons of Div 296
The Albanese government will push ahead with its controversial plan to double the tax paid by super accounts above $3 million and include unrealised gains in its calculus. For advisers, the so-called 'div 296' changes create an opportunity to have tough conversations around estate planning with clients and meet the next generation, but they also just add to the complexity and uncertainty around super.
August 27, 2025
Calls for platforms to compensate Shield, First Guardian victims
A day after ASIC disclosed it was suing Equity Trustees for due diligence failures relating to Shield and First Guardian, consumer advocate Super Consumers Australia has called on trustees to hold themselves to account for their role in the collapse of the two funds and remediate clients directly.
August 27, 2025
Family comes first in multi-generational advice
There’s a well-worn saying in wealth circles: the first generation makes it, the second spends it, and the third blows it. But for advisory firms that specialise in high-end multi-generational wealth, the goal is to help families not only preserve their capital across generations but also protect relationships and maintain a shared sense of purpose, writes Minchin Moore’s Mark Minchin.
August 27, 2025
Shield, First Guardian fallout dominates ASIC’s FY26 strategy
Issues brought to light by the failures of the Shield and First Guardian master funds will dominate ASIC priorities this financial year, according to its FY26 corporate plan, with legal proceedings already brought against Equity Trustees for its alleged role in the collapse. ASIC will also be spending the next year probing AFSLs offering managed accounts and compliance with the education standard deadline.
August 27, 2025
Centrepoint grows managed accounts, boosts cyber and AI investment
Centrepoint Alliance has seen a 40 per cent increase in FUM in its managed accounts business, and expects the momentum to continue as more and more advisers make the move away from implementing portfolios themselves. It’s also investing heavily in cybersecurity, but CEO John Shuttleworth tells Professional Planner no business is “bulletproof”.
August 26, 2025
Advisers split on who failed consumers in Shield, First Guardian collapse
As the collapse of Shield and First Guardian rattles the industry, advisers debate who should have done better due diligence and bear responsibility for putting the failed schemes in front of consumers, raising questions about whether platforms and licensees should have had more prominent gatekeeping roles.
August 25, 2025
Fitzpatricks looks for growth with ‘unique’ Entrepreneurs’ Organization partnership
Fitzpatricks Advice Partners has partnered with the Entrepreneurs' Organization as it looks to grow its connection with business owners and founders. Chief executive Andrew Fairweather tells Professional Planner that the deal might be just the start.
August 25, 2025
Intergen wealth transfer creates opportunities to tap younger advisers
A new generation of young advisers and fresh entrants offers a strong value proposition for practices wanting to capitalise on the intergenerational wealth transfer, where forming relationships with the next wave of clients and strengthening their financial literacy will be crucial.
August 22, 2025
The YFYS performance test undermines super’s fiduciary duty
Treasurer Jim Chalmers’ confirmation that the government will likely tweak the annual super performance test is welcome. Just as red tape in financial advice needs to be wound back, so too should super funds be freed of this government intervention and enfranchised to make investment decisions.
August 22, 2025
