Lazard Asset Management lowers minimum investment on four funds
Lazard Asset Management Pacific Co. announces the lowering of its minimum investment for four funds to A$20,000, down from A$100,000. The four funds concerned are: – Lazard Australian Equity Fund – Lazard Select Australian Equity Fund – Lazard Australian Diversified Income Fund – Lazard Global Small Cap Fund Lazard Asset Management Pacific Co CEO Susan
May 18, 2015
Another non-aligned financial planning licensee abandons upfront risk commissions
Fortnum Financial Advisers will scrap upfront commissions on life insurance advice from July 1 2015, becoming the latest Australian Financial Services licensee to make the change. It follows similar announcements from AMP and Centrepoint Alliance at the start of May. Ray Miles, executive chairman of Fortnum, believes the financial planning industry has only a very
May 18, 2015
The cheque list: What is the real value of your financial planning business?
A thriving practice growing at an annual rate of 10 per cent with a profit of $300,000 is definitely worth more than a stagnating or declining business with the same annual profit. Yet historically, both have attracted similar prices and multiples, using the much quoted three-times recurring revenue or 4-6 times earnings before interest and
May 18, 2015
How to avoid putting self-managed super fund beneficiaries in a bind
Section 59(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) provides that generally only a trustee can exercise discretion under a super fund’s governing rules. Therefore, a binding death benefit nomination (BDBN) appears to be not allowed, because it involves someone other than a trustee (that is, the member) exercising discretion (that is, to whom
May 18, 2015
netwealth Advice has released its enhanced Model Office financial planning software
The netwealth Advice Group has released its enhanced Model Office financial planning software. The Model Office enhancements have been built upon ensuring the delivery of significant business efficiencies required by adviser firms and Licensees, and to increase the client experience. The Model Office program simplifies the ease of use of the Iress Xplan technology. The
May 15, 2015
Discussing uncomfortable truths can be the key to effective estate planning
Allaying fears about whether a client’s daughter will be at risk of attack after inheriting around $500,000 is just one real-life example of estate planning advice cited by Gil Gordon, principal of RI Lower Hunter. “Our industry, because it’s so focused on product and strategy, has missed the opportunity to say to the families ‘what
May 15, 2015
Gift horse or Trojan horse – what to make of bank support for a financial planning profession?
If something looks too good to be true, or so the saying goes, then it’s probably not true. It’s a principal that shapes the response to much of what lobs into the Professional Planner inbox. Then again, we’re told never to look a gift horse in the mouth. But we all remember the story of
May 15, 2015
Once more unto the breach, dear friends: Why licensees shouldn’t shy away from ‘fessing up
Breach reporting is not something AFS licensees should fear or avoid. The breach reporting mechanism established by ASIC is nothing more than an expectation that licensees will promptly, responsibly and objectively reflect on every situation to try to improve for next time and report those that are significant enough to warrant the attention of ASIC.
May 15, 2015
An unemployment conundrum
The global financial crisis and its aftermath have had a profound effect on Organsisation for Economic Co-operation and Development (OECD) labour markets. Nearly seven years since the crisis began, only four of the thirty countries, for which comparable data currently exists, have an unemployment rate below its 2007 level – Germany, Israel, Japan, and Poland.
May 14, 2015
Institutional investors continuing to buy equities despite expectations of near-term market correction
Global institutional investors have continued to increase their risk appetite and buy equities despite concerns about overvalued prices and a likely market correction in the near term, according to new investor behaviour research by State Street Global Advisors (SSGA), the investment management arm of State Street Corporation (NYSE: STT). (See attached media release and Asia
May 14, 2015
ClearView opts for Financial Synergy software to deliver efficiencies for members, advisers and administration
Industry leading superannuation and investment software provider, Financial Synergy announces another successful implementation of its specialist platform, Acurity, with new client ClearView Wealth Limited (ClearView, ASX: CVW). ClearView, an integrated wealth management and life insurance company, were looking to enter the mid-market super space as a complement to their existing wealth and life insurance products.
May 14, 2015
BUDGET 2015: Technical analysis of the impact on advice strategies
The 2015 Budget, handed down yesterday by the Treasurer Joe Hockey, contained few surprises for the financial planning community – either as business owners in their own right or for clients. The technical analysis of the changes and the impact on advice strategies and investments will emerge over coming days and Professional Planner will provide
May 13, 2015
