Retirement-savings disaster looms
A new report by HSBC shows the planet is headed for a retirement-savings disaster, with 579 million retirees around the world dependent on government benefits for 37 per cent of their retirement incomes, on average, and an additional 1 billion people set to retire by 2050. Australian retirees depend on state pensions and benefits for
September 19, 2013
ICAA: enough SMSF change
The Institute of Chartered Accountants Australia has urged the Australian Securities and Investment Commission not to make unnecessary changes to self-managed superannuation rules and will form a team to determine the practical implications of the regulator’s latest consultation paper on its 61,000 members. In her speech to the Institute of Chartered Accountants’ National SMSF Conference
September 19, 2013
Options multiply for alternatives exposure
Retail investors’ obsession with liquidity and low fees, combined with an insatiable appetite for yield, has pushed many dangerously into managed futures, according to Dominic McCormick, chief investment officer at Select Asset Management. McCormick, whose company has a retail distribution arrangement with global alternatives manager Neuberger Berman in Australia, said demand for daily liquidity, full
September 19, 2013
Investors need sharp eye for earnings
The much-anticipated Septaper by the US Federal Reserve turned out to be a fizzer. Bonds, equities and the Aussie dollar all performed well upon hearing the news. For now, the guessing game on policy moves continues, though it will be interesting to see how asset classes fare when the pressure in the liquidity hose eventually
September 19, 2013
Exemption a “fantastic opportunity” for Beacon
Beacon Financial Group is in negotiations to buy an accounting firm and will develop a new licensing solution for accountants, ahead of sweeping legislative changes. Peter Daly, managing director of Beacon Financial Group, said the abolition of the accountants’ exemption from July 1, 2016, created a “fantastic opportunity”, with Beacon preparing to offer three different
September 17, 2013
Reverse mortgages: stuck in a niche
Financial planners are missing out on a multi-billion-dollar opportunity, with the Australian reverse mortgage sector growing over 7 per cent in the last year and few advisers recommending equity-release products to retiring baby boomers. According to the Deloitte Actuaries and Consultants’ Australian Reverse Mortgage Survey, commissioned by the Senior Australians Equity Release Association (SEQUAL), more
September 17, 2013
Tooling up for investment strategy compliance
Many self-managed superannuation funds don’t meet the new investment strategy-compliance requirements while others are “unnecessarily worried” that they don’t, according to Meg Heffron, principal of SMSF administrator, Heffron. Heffron urged financial planners and accountants to brush up on changes to the Superannuation Industry (Supervision) Act, which now requires trustees to regularly review their investment strategies
September 17, 2013
Zenith Fund Awards feature three new categories
The Professional Planner | Zenith Fund Awards 2013 feature three new fund categories, covering direct property investment, exchange-traded funds (ETFs) and infrastructure. The total number of sector categories remains unchanged, with the reorganisation of categories covering Australian equity alternative strategies, international equity alternative strategies and alternative strategies (including CTA/macro, multi-strategy, fund-of-hedge-fund, agribusiness, commodities and private
September 06, 2013
Perpetual: hunger for growth
Forty per cent of financial planners will exit the industry over the next few years as many realise they’re either too old or too set in their ways to change, according to chief executive of Perpetual Geoff Lloyd. He added that “part-time advisers”, such as accountants who dabbled in advice on the side and ageing
August 29, 2013
How to respond to complaints
Until now I have avoided the temptation to comment on the range of news reports about the misbehaviour at CBA Financial Planning (CFPL) and the apparent lack of response from the Australian Securities and Investments Commission (ASIC). The original incidents are not the catalyst for this column, but rather the many “tut-tut” comments that I
August 27, 2013
Revolution at NAB continues
National Australia Bank Wealth’s Godfrey Pembroke dealer group has appointed former state manager at MLC Advice Solutions, Sean Allen, to the position of general manager, as sweeping changes to the group’s management structure continue under new chief executive, Andrew Hagger. Allen, who replaces Peter Smith, will be responsible for boosting the productivity of Godfrey Pembroke’s
August 27, 2013
Planners face reality check on SMSF business
Financial planners consistently overestimate the amount of revenue they will derive from self-managed superannuation fund clients, but those who foster relationships with accounting firms are far better placed to meet targets. While the Vanguard and Investment Trends Self-Managed Super Fund Planner Report covered a range of investor and adviser issues, a recurring theme was the
July 30, 2013
