Industry groups upbeat as government endorses FoFA changes
The Federal Government’s decision to accept the Senate Economics Legislation Committee’s recommendations on the Future of Financial Advice (FoFA) amendments has drawn a mixed reaction from industry stakeholders. Set to take effect from July 1, 2014, and implemented through regulation rather than legislation, the changes have been welcomed by financial planning lobby groups and condemned by
June 23, 2014
Plan For Life – Platform Wrap Media Release – March 2014
The latest Media Release covering Platform & Wrap for March 2014 has been published today showing a $78.4bn jump in funds under management over the year to March 2014.
June 20, 2014
Investors missing out on world’s fastest growing region
Investors who remain cautious of Asian investment, and view the region as outside mainstream investment consideration, are missing out on valuable opportunities according to Asian fund managers Seres Asset Management and Acorn Capital. Mr Evan Erlanson, chief investment officer of the Hong Kong based Asian investor Seres Asset Management, says by discounting Asian investment, investors
June 20, 2014
Government moves swiftly on FoFA recommendations
The Minister for Finance, Senator Mathias Cormann, has reacted promptly to a Senate committee’s recommendations on streamlining the Future of Financial Advice (FoFA) legislative reforms. The changes it has outlined will be enacted by regulation and where legally possible will come into effect on July 1 this year. Cormann has announced that the government will
June 20, 2014
Gen Y wants more transparency from financial planners
Generation Y values expertise and transparency over price-based comparisons when it comes to selecting a financial adviser, according to a study conducted by online portal ProAdviser. ProAdviser is an online tool that helps connect potential clients with financial planners, having launched around four months ago. According to the survey of more than 120 consumers, mostly
June 20, 2014
FEATURE: NAB’s Hagger on fish and chips, Madonna, and closing the retirement gap
In 2012 an album called “Hope” topped the Australian classical music charts. It sold so well that it briefly also appeared on the Aria Top 10 album chart, outsold Madonna, and featured a track performed by Olivia Newton-John. In 2014 there’s another album out, called “Moon Under Water” – named for a George Orwell essay
June 20, 2014
Should opt-in be abolished because it’s anticompetitive?
While we were waiting for the government’s formal response to a Senate inquiry into proposed amendments to FoFA, the Minister for Finance, Mathias Cormann, was out and about talking up the amendments. In an interview earlier this week with radio broadcaster Alan Jones, Cormann raised an interesting question: Should the original opt-in provision of the
June 20, 2014
State Street Global Advisor’s Global ETF Snapshot May 2014
Unlike their Australian counterparts, Global ETF investors continue to pour money into fixed income, with the category receiving over US$40bn in flows for the year, bringing the global ETF industry to over $2.5 trillion in AUM as at the end of May. “Global ETF investors are utilising fixed income investments for a variety of reasons
June 19, 2014
Morningstar wraps up research on Australian and global listed property strategies
Morningstar has released its Sector Wrap-Up for Australian and global listed property funds and ETFs, covering 27 individual strategies (18 Australian and nine global). Morningstar does not charge or accept payment from fund managers to participate qualitative research reviews. Key findings Funds that achieve Morningstar Analyst Ratings™ of Gold, Silver or Bronze are designated Morningstar
June 18, 2014
FoFA amendments welcomed, condemned in turn by differing industry stakeholders
The Senate Economics Committee handed down its report into the Future of Financial Advice (FoFA) reforms on Monday night, prompting support and dissension from leading industry groups and the government opposition respectively. Speaking from the cons perspective, Bernie Ripoll, Shadow Minister for Financial Services and Superannuation, says that in general terms he was “very pleased
June 18, 2014
In the FoFA debate, a recommendation is often just a recommendation
The Senate Economics Legislation Committee tabling its report into the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 is a bit like Christmas Eve: it means Christmas Day is close, which is exciting; you can see the presents under the tree; but you still don’t know yet what you’re really getting. The report
June 18, 2014
