Unity of purpose as non-aligned groups bulk up to compete
As the financial planning industry was undergoing a consolidation into institutional hands, driven largely by the global financial crisis (GFC) and regulatory uncertainty surrounding the Future of Financial Advice (FoFA) changes, the non-aligned sector was undergoing changes of its own. As a sector it was forced to lift its game considerably, to develop more robust
August 20, 2014
For investors returning to emerging markets, here are seven things you should think about
Global asset manager AllianceBernstein said today that there were seven points investors should consider if they wish to join the move back into emerging markets. “After several years of disappointing returns, emerging-market equities are regaining interest, attracting flows and outperforming their developed-market counterparts this year,” said Morgan C. Harting, an Emerging Markets Portfolio Manager based
August 19, 2014
Global ETF investors return to emerging markets
In July, ETF investors added close to US$35.5BN to ETFs globally, helping to maintain the industry’s close to US$2.6TN in assets under management. Strong positive flows were seen across the US, Europe and APAC, with Australia based ETFs receiving $368m in flows – improving on last month’s record inflow of $354m. The increasing escalation in
August 18, 2014
Macquarie Private Wealth remediation suggests new approach from regulator
With the enforceable undertaking (EU) against Macquarie Private Wealth moving into the remediation phase on Friday, it appears the regulator may be adopting a new template for tackling problems in the financial advice sector. The Australian Securities and Investment Commission (ASIC) last week revealed this next stage will require Macquarie to send out more than
August 18, 2014
Clipping the ticket: When are product margins acceptable?
There are many criticisms of the Future of Financial Advice reforms. The biggest one is that the ban on commissions and other forms of conflicted remuneration fails to address the sales culture inherent within the banks and AMP. Those of us who work in the financial services industry have always been aware of the systemic
August 18, 2014
The future in focus as non-aligned groups exploit the growing gap with institutions
The impact of regulatory change in the financial planning industry has been multifaceted. In the short term it has undoubtedly turned up the heat on all licensees to ensure compliance systems and monitoring of authorised representatives is up to scratch. But a series of interviews with leading non-aligned financial planning licensees – which will feature
August 18, 2014
SPAA to launch SMSF mentoring program for members
The SMSF Professionals Association of Australia (SPAA) will launch a dedicated technical advice service for its members next month, according to the association’s head of technical standards. This will be structured as an online portal, described as a “mentoring program” by Graeme Colley, SPAA’s director of technical and professional standards. “Members who are part of
August 15, 2014
To be (licenced) or not to be – for accountants it’s really a question of ‘which one?’
Dispute resolution process, compliance framework, PI insurance, audit certificates, responsible managers, ASIC and legal requirements– all part of the landscape for those accountants who wish to obtain their own limited AFSL with the removal of the accountant’s exemption. Figures from $15,000to $30,000 are bandied about in the financial services media about the costs of obtaining
August 15, 2014
New mortgage broking, financial planning hybrid lifts off
Canopy Private, a new non-aligned wealth management firm combining mortgage broking and financial advice, launched in Sydney this month. The practice is headed up by Christopher Bates, who says he will split his focus equally between the two areas, with the mortgage broking especially targeted at property investors. “I’m approaching it as holistic advice, but
August 15, 2014
OneVue’s mFund capabilities expand Allan Gray distribution
OneVue’s mFund Settlement Service capabilities will be leveraged by a fund services client for the first time. Allan Gray, an existing OneVue outsourced unit registry client, is expanding its distribution and making the Allan Gray Australia Equity Fund and Allan Gray Australia Opportunity Fund available via mFund. The Australian Securities Exchange (ASX) launched mFund in
August 14, 2014
Lonsec research responds to increased demand for SMA platforms
Lonsec has undertaken new research into Australia’s separately managed account (SMA) platforms in recognition of the increasingly important role SMAs play in offering investors heightened transparency and greater control over their investments. In response to strong interest from its clients, Lonsec conducted what it believes to be the first comprehensive research into SMA platforms in
August 13, 2014
SMSF advisers weighing up the alternatives for fund members
Here are some revealing statistics from a recent Productivity Commission report. A female born in 2012 can expect to live, on average, to 94; her male counterpart, to 92. The number of Australians aged 75 or more is expected to rise by four million between 2012 and 2060, increasing from 6.4 per cent of the
August 13, 2014
