NZ retail managed funds increased by $1.6bn during March Quarter 2014
Overall Retail Managed Funds at the end of March 2014 totalled $42.8bn, jumping 20.2% over the past year. During the March quarter funds continued to grow strongly by 3.8% even though the rally on international stock markets over the past couple of years took a bit of a breather. This was despite unabated, indeed unprecedented, coordinated fiscal
July 04, 2014
Active extension funds thrive in current market environment
Over the last 12-months the Australian long/short sector generated solid returns consistent with the strong absolute performance of the Australian equities market. For the 12-months ending 31 May 2014, the average return for Zenith rated active extension long/short managers was 20.1% compared to 16.1% for the S&P/ASX 300 Accum. Index. Over the same period, the
July 04, 2014
Cycle of QE indefinite, hold equities
Central banks could continue pumping money into the economy for decades and interest rates in the United States are set to rise but maybe not this year. These were some of the conclusions drawn at a recent investment and portfolio construction conference. According to financial advisers and experts at the Perfecting Investment Portfolios Conference, which
July 04, 2014
CBA breaks cover to announce expanded advice victim compensation scheme
The Commonwealth Bank of Australia (CBA) yesterday broke its long period of silence following last month’s Senate Economics References Committee report into Commonwealth Financial Planning (CFPL) and the Australian Securities and Investment Commission (ASIC). CBA chief executive Ian Narev delivered a polished but not entirely convincing presentation to members of the press gathered at the
July 04, 2014
Outcomes-based advice or broken dreams?
Financial planners lack the training and tools to effectively engage with clients. Daniel Miles and Halie Samson argue that current advice models should be thrown out and replaced with outcomes-based advice. Financial advisers haven’t been properly armed with the tools they need to deliver quality advice. The limited education and modelling tools available are clunky
July 04, 2014
For CBA he was the wrong guy in the wrong place at the wrong time
Starting in 2008, Jeff Morris worked with two colleagues to try to bring the issues at Commonwealth Financial Planning (CFPL) to light. Eventually, he was left there to fight on alone. “One of them left, at the end of 2009,” Morris says. “He just couldn’t take the pressure any more. He’d been interrogated by [CBA]
July 04, 2014
TAL tackles gender inequality – pay gap closed
Australia’s largest life insurer TAL has closed the pay gap between male and female employees to provide almost 100% equal pay for both genders throughout the organisation. Closing the pay gap has been part of a coordinated initiative endorsed by the TAL Board and Executive to redress female inequality in all areas. In terms of
July 03, 2014
CBA must improve financial planning, boost compensation: FPA
The Financial Planning Association (FPA) has stepped up pressure on the financial planning arm of the Commonwealth Bank of Australia, calling for Commonwealth Financial Planning (CFPL) to boost the compensation it is making available to customers that received poor advice from some of its financial planners. The adviser association is also adding its voice to
July 02, 2014
Financial planning licensees pursuing merger-led growth should tread carefully
The merger of Infocus Wealth Management and Patron Financial Services highlights some specific challenges faced by Australia’s non-aligned financial planning dealer groups. The heads of both parties involved in the deal, Rod Bristow, managing director of Infocus and Rob McCann, Patron general manager, refer to the scale benefits the merged entity will derive. If the
July 02, 2014
2014: so far, so good – but is this the calm before a storm?
As we approach the half-year mark, I’ve been reflecting on what the past six months have brought investors. Look at the start and end points for many of the key indices and you’d think not much has happened. It’s been eerily quiet as markets have scaled the wall of worry. But behind the scenes there’s
July 02, 2014
England’s World Cup and financial planning in Australia: What if this is as good as it gets?
Watching the English football team struggling to get to grips with Costa Rica last week, an odd parallel emerged between England’s exit from the 2014 FIFA World Cup, and the current state of the financial planning industry in Australia. When England drew 0-0 with Costa Rica early on Wednesday morning, and departed the tournament not
July 02, 2014
Solid economic growth expected to continue in 2014/15
As a new financial year begins, analysis by CommSec indicates the financial year from July 2013 to June 2014 has been a positive one and current momentum looks set to continue going forward in to 2014/15. Returns on shares, residential property and bonds have all lifted over the past year while interest rates and the
July 01, 2014
