Financial planners’ interest in platform alternatives continues to grow
Financial planning firms, particularly those not aligned with banks, are eyeing options to circumvent the high costs of platforms, says the head of online investment start-up Stockspot. Chris Brycki, founder and chief executive of Stockspot, which follows a primarily direct-to-consumer business model, says he is also being approached by financial planners. In recent weeks, four
August 13, 2014
Planners have greater freedom of platform choice in 2014
Planners have greater freedom of platform choice in 2014, with 35% (up from 28%) saying they choose from any provider they wish. Consequently, fewer planners (29%, down from 36%) say the reason they use a particular platform as their primary over another is due to dealer group preference. “Over the last few years planners’ choice
August 12, 2014
BetaShares announces strategic alliance with US ETF provider WisdomTree
BetaShares has announced a strategic alliance with WisdomTree Investments, Inc. (NASDAQ: WETF), a leading exchange-traded product (“ETP”) sponsor and asset manager. Under the terms of the agreement, BetaShares has been granted exclusive rights to market the full range of WisdomTree US listed ETFs in Australia and New Zealand to institutional investors. In addition, BetaShares and
August 12, 2014
Demand for overseas assets rises as investors ride wave of optimism
Demand from Australian investors for international shares increased markedly in July, according to the Certitude Global Investing Intentions Index (CGIII). The CGIII, which collates the views of over 630 actively engaged leading investors and measures their net demand for global investments, revealed that 22% of investors plan to increase their exposure to international shares, up
August 11, 2014
PJC chair says co-regulation ‘potential model’ for raising planners’ standards
The chair of the Parliamentary Joint Committee (PJC) charged with examining the educational, ethical and professional standards of Australia’s financial planners says there are examples from professions that can be applied to create a robust and effective co-regulatory approach to lifting standards. Senator David Fawcett, chair of the Parliamentary Joint Committee on Corporations and Financial
August 11, 2014
ASIC slaps new licence conditions on Commonwealth Financial Planning, FinWiz
The Australian Securities and Investment Commission (ASIC) has put Commonwealth Financial Planning (CFPL) on notice that its Australian financial services licence could be cancelled if it fails to comply with new conditions imposed by the regulator. Asked what the consequences of non-compliance with the conditions could be, ASIC said: “Generally, AFS licence holders that do
August 11, 2014
Don’t be afraid to speak out and be heard – if not now, then when?
As the Commonwealth Bank of Australia (CBA) news broke, I could sense hearts sinking. Not just my own, but the hearts of thousands of financial planners across Australia, relentlessly campaigning to change the future of our profession. When an industry player as large as CBA – responsible for more than 1800 salaried and aligned advisers –
August 11, 2014
Research aims to help put dollar figure on price of financial planning services
The issue of how to structure and price a financial planning service, and articulate the value of that service to clients, underpins a practice’s ability to generate fee income. In 2009 the first comprehensive analysis of how planning practices structure, price and sell advice was undertaken by Elixir Consulting. The analysis has been conducted each
August 11, 2014
ETF education needed: Market Vectors
Market Vectors Australia, the exchange traded fund (ETF) business of Van Eck Global, has today launched a holistic education initiative with the intention of communicating to advisers and their clients the benefits of ETFs, how they work and how to use them. “While ETFs have been around for almost 15 years, there’s still a lot
August 08, 2014
Australian ETF industry breaks $12 billion in funds under management
The growth of the Australian exchange-traded product (ETP) market accelerated in July to break through $12B in assets under management, reaching a new record high of $12.2 billion, according to the BetaShares Australian ETF Review – July 2014. Funds under management increased by over $500 million – or 4.6% – during the month; driven by
August 08, 2014
Financial Wisdom class action continues to build momentum
Victims of poor advice at the hands of Rollo Sherrif and other financial planners from the former Financial Wisdom-owned practice Meridien Wealth are continuing to sign up to the class action. Launched by plaintiff legal firm Shine Lawyers and the re-birthed Meridien Wealth, public meetings have begun to attract new potential litigants, according to David
August 08, 2014
Advocacy trumps FUA, adviser numbers as signs of business health, says Fitzpatricks
In the less than three years that John McMurdo has led the Fitzpatricks Financial Group the business has grown from $520 million of funds under advice to close to $3 billion, and adviser numbers have grown from 20 to 55. But all of that is beside the point, McMurdo says, and growth in these numbers
August 08, 2014
