‘War on inefficiency’ rages as platforms try to standardise processes
Platforms are trying to streamline their processes, which has led to a “war on inefficiency” according to research from SuitabilityHub. The findings come as advisers are looking to minimise the number of platforms they use to help improve their own business efficiency.
March 04, 2025
External advisers maintain lion’s share of $1.7 billion super fund advice fees
The prudential regulator’s latest fund-level expenditure data shows funds’ advice costs totalled $1.7 billion in FY24, including $1.52 billion paid to external advisers. Funds spent just $82 million on intrafund advice, and $99 million on their own advisers.
March 03, 2025
FAAA calls for major law changes to fix CSLR
The Financial Advice Association of Australia has called for major changes to the way AFCA and the CSLR operates, including reducing the subsector cap and allowing AFCA to apportion blame to product manufacturers. In its submission to the review of the scheme, it also called for changes to insolvency laws and tougher penalties for directors that don’t pay AFCA determinations.
March 03, 2025
Advisers urged to consider life insurance benefits amid surging cost-of-living
A whitepaper from Zurich has found a significant financial burden associated with the treatment of many medical conditions in Australia. The report is a strong reminder about the importance of life insurance, which can be overlooked by consumers when seeking financial advice.
March 03, 2025
Adviser shortages spell trouble globally
The shortage of advisers is not only an issue in Australia as the UK and US are equally unable to meet the growing demand for advice with declining adviser numbers. The three countries have launched initiatives to attract new entrants to the profession and keep up with demand.
February 28, 2025
ASIC private markets paper weighs up retail client impact
ASIC has questioned the democratisation of private markets and whether the opportunity for retail clients is outweighed by the exposure to risk. It’s part of a sweeping paper on the impact of private markets, which raised serious concerns about private credit and anticipated there will be failures in the fast-growing asset class.
February 28, 2025
New Fitzpatricks CEO outlines growth plan
Almost six months into the role, new Fitzpatricks Group CEO Andrew Fairweather plans to drive the firm’s national strategy to create an aligned cultural environment for its advisers. Fairweather has built upon 20 years of Fitzpatricks’ history, which will see a key face return to the storied advice network to support the new regime.
February 27, 2025
Assets frozen of adviser involved in Shield failure
The Federal Court has frozen assets of financial adviser Ferras Merhi who is caught up in ASIC’s investigation into the failed $480 billion Shield Master Fund. The regulator has also targeted the former director of a marketing/lead generation company involved with the scheme.
February 27, 2025
Maximise existing tech stacks before adding shiny new tools
Before adding new tech, advice practices should complete a stocktake of pre-existing services as a desired solution may already exist. With the attraction of shiny new toys constantly coming to market, like AI, the features may already exist through pre-existing vender agreements.
February 26, 2025
If data is really the new oil, super funds better get drilling
As Treasury consults on a set of principles for delivering optimal retirement income solutions, it’s clear that super funds must develop a much deeper understanding of members. But earlier submissions to Treasury on the retirement phase of superannuation showed that funds still struggle when it comes to gathering what they need to know about members to inform important decisions, with gaps in their knowledge and difficulties accessing shared information.
February 26, 2025
