‘Disappointing’ end to PJC wholesale investor review
A Parliamentary Joint Committee has made two recommendations on changing the wholesale investor test, which legal experts believe has done nothing to justify keeping the current system in place.
February 25, 2025
Coalition tax-deductible lunch plan gives bonus to advice practices
The Coalition’s election proposal to allow small businesses to claim up to $20,000 off their taxable income for meal expenses could offer small advice practices an edge with maintaining client relationships or to maintain staff happiness.
February 25, 2025
The ‘seven deadly sins’ holding back best practice
Financial advice businesses should make sure they don’t fall prey to the “seven deadly sins” which are holding back best practice and stopping firms reach their growth potential.
February 24, 2025
‘Simpler, leaner’ Iress reports profit after FY23 loss
After reporting a $137.5 million loss this time last year, Xplan-owner Iress has bounced back reporting profit growth for FY24. The gain comes as the group edges towards the end of its business simplification program.
February 24, 2025
‘No frequent flyer number’: Super fund homogeneity alienates high-balance members
The SMSF sector has capitalised on the poor service offered by APRA-regulated funds as members with larger balances look to an alternative that offers personalised advice in a uniquely customised fund, according to research from CoreData. For those members, value for money is a higher priority than pricing and are willing to pay for a premium service.
February 21, 2025
Insignia revisits advice tech as efficiency drive continues
Four and a half years after unveiling its “Advice 2.0” strategy and a new technology platform to improve adviser efficiency and productivity, Insignia Financial is facing significant new investment to either upgrade its existing tech or migrate to something new.
February 21, 2025
Australian and Cook Islands governments sign MoU on super portability
The Australian government has signed a Memorandum of Understanding with the Cook Islands government on superannuation portability.
February 21, 2025
ASIC was right not to act on its MDA review (and still shouldn’t)
Institute of Managed Account Professionals chair Toby Potter says regulatory action on MDAs is not needed since there have been almost no consumer complaints and a range of investor benefits. The comments respond to the findings of a confidential 2019 ASIC review, revealed by Professional Planner this week.
February 20, 2025
SMSF sector mulls how to combat ‘being vehicle of choice’ for misconduct
As the industry awaits a review from ASIC on the quality of SMSF advice, the sector contemplates how it can lift standards, including proving trustees are competent. It comes as the advice profession is now responsible for underwriting the Compensation Scheme of Last Resort due to bad actors relying on SMSFs to execute high-profile failures like Dixon and United Global Capital.
February 20, 2025
UniSuper launches digital advice platform with Ignition Advice
UniSuper has partnered with Ignition Advice to create a new digital advice platform which will be rolled out from June this year.
February 20, 2025
‘Clipping the ticket’: ASIC’s long-held MDA risk concerns revealed
ASIC is considering resurrecting the planned intervention in the managed discretionary account (MDA) market it suspended during the Covid-19 pandemic. A series of confidential and internal documents obtained by Professional Planner reveal the regulator has harboured concerns about the $50 billion sector since at least 2018.
February 19, 2025
Unwieldy product implementation ‘the single biggest cost’ for advice
Even if the advice profession had every item on its deregulation wish list granted, innovation and business efficiency from service providers is still needed to bring down the cost of advice, the Professional Planner Advice Policy Summit heard.
February 19, 2025
