New Fitzpatricks CEO outlines growth plan
Almost six months into the role, new Fitzpatricks Group CEO Andrew Fairweather plans to drive the firm’s national strategy to create an aligned cultural environment for its advisers. Fairweather has built upon 20 years of Fitzpatricks’ history, which will see a key face return to the storied advice network to support the new regime.
February 27, 2025
Assets frozen of adviser involved in Shield failure
The Federal Court has frozen assets of financial adviser Ferras Merhi who is caught up in ASIC’s investigation into the failed $480 billion Shield Master Fund. The regulator has also targeted the former director of a marketing/lead generation company involved with the scheme.
February 27, 2025
Maximise existing tech stacks before adding shiny new tools
Before adding new tech, advice practices should complete a stocktake of pre-existing services as a desired solution may already exist. With the attraction of shiny new toys constantly coming to market, like AI, the features may already exist through pre-existing vender agreements.
February 26, 2025
If data is really the new oil, super funds better get drilling
As Treasury consults on a set of principles for delivering optimal retirement income solutions, it’s clear that super funds must develop a much deeper understanding of members. But earlier submissions to Treasury on the retirement phase of superannuation showed that funds still struggle when it comes to gathering what they need to know about members to inform important decisions, with gaps in their knowledge and difficulties accessing shared information.
February 26, 2025
‘Disappointing’ end to PJC wholesale investor review
A Parliamentary Joint Committee has made two recommendations on changing the wholesale investor test, which legal experts believe has done nothing to justify keeping the current system in place.
February 25, 2025
Coalition tax-deductible lunch plan gives bonus to advice practices
The Coalition’s election proposal to allow small businesses to claim up to $20,000 off their taxable income for meal expenses could offer small advice practices an edge with maintaining client relationships or to maintain staff happiness.
February 25, 2025
The ‘seven deadly sins’ holding back best practice
Financial advice businesses should make sure they don’t fall prey to the “seven deadly sins” which are holding back best practice and stopping firms reach their growth potential.
February 24, 2025
‘Simpler, leaner’ Iress reports profit after FY23 loss
After reporting a $137.5 million loss this time last year, Xplan-owner Iress has bounced back reporting profit growth for FY24. The gain comes as the group edges towards the end of its business simplification program.
February 24, 2025
‘No frequent flyer number’: Super fund homogeneity alienates high-balance members
The SMSF sector has capitalised on the poor service offered by APRA-regulated funds as members with larger balances look to an alternative that offers personalised advice in a uniquely customised fund, according to research from CoreData. For those members, value for money is a higher priority than pricing and are willing to pay for a premium service.
February 21, 2025
Insignia revisits advice tech as efficiency drive continues
Four and a half years after unveiling its “Advice 2.0” strategy and a new technology platform to improve adviser efficiency and productivity, Insignia Financial is facing significant new investment to either upgrade its existing tech or migrate to something new.
February 21, 2025
Australian and Cook Islands governments sign MoU on super portability
The Australian government has signed a Memorandum of Understanding with the Cook Islands government on superannuation portability.
February 21, 2025
ASIC was right not to act on its MDA review (and still shouldn’t)
Institute of Managed Account Professionals chair Toby Potter says regulatory action on MDAs is not needed since there have been almost no consumer complaints and a range of investor benefits. The comments respond to the findings of a confidential 2019 ASIC review, revealed by Professional Planner this week.
February 20, 2025
