Economic outlook for 2014, MLC
It was another strong year for share markets. World share markets have performed extremely well in 2013. As the year draws to a close, the MSCI All Country World Index (comprising both developed and emerging share markets) is on track to produce returns well above 20 per cent for the year for Australian investors. Investors
December 18, 2013
AIA sets standard in occupational rehabilitation
AIA Australia has announced it will commission an independent study into the life insurance rehabilitation and return to work process to determine ‘best practice’ principles for the industry. The research aims to deliver better results for super funds, businesses and employees engaging in return to work programs. This follows an initial paper released by AIA
December 18, 2013
Saxo Bank 10 Outrageous Predictions for 2014
Saxo Bank has released its annual set of ‘Outrageous Predictions’ for 2014. Although the probability of any one of the predictions coming true is low, they are deduced strategically by Saxo Bank analysts based on a feasible – if unlikely – series of market and political events. This year’s predictions range from an EU wealth
December 18, 2013
TAL contributing to global sustainability
A global insurance industry sustainability initiative within the United Nations network has agreed to a number of projects following its annual general meeting after its first year, according to board member of the initiative TAL Life Insurance chief corporate governance officer Peter Noble. TAL was the nation’s first life insurance company to join the United
December 18, 2013
Wholesale client tests too complex
Six different ‘wholesale client’ tests and three different ‘sophisticated investor’ tests currently apply to financial services clients and deciding whether self-managed superannuation fund trustees are wholesale or retail is fraught with difficulty according to The Fold Legal. “Get it wrong and advisers may breach the law,” The Fold’s Senior Lawyer, Lesley Thorne said. While clients
December 17, 2013
Growing market for retirement advice
Financial planners still don’t fully understand the importance of building a sustainable income stream in retirement, according to industry experts including ASIC deputy chair Peter Kell, Texas Tech University Professor Michael Finke and Dimensional Fund Advisors executive director Nigel Stewart. Last week Dimensional Fund Advisors hosted a boardroom presentation by Professor Finke, who leads the
December 17, 2013
Former ANZ adviser fraudulently obtained $5.9 million
After decades of breaking the law, former ANZ financial planner Melinda Scott has pleaded guilty to seven charges of fraudulent behaviour including falsifying documents and illegally accessing clients’ funds. The former Millennium 3 adviser admitted in Downing Centre Local Court to fraudulently obtaining $5.9 million worth of clients’ money for her own purposes without her
December 17, 2013
CBA busted by ASIC again
The Commonwealth Bank of Australia is in trouble with the Australian Securities and Investments Commission again, with the regulator accepting its second enforceable undertaking from the banking giant in just over two years. CBA-owned CommSec and Australian Investment Exchange have been ordered to appoint an independent expert to review their handling of client money and
December 17, 2013
Great advice for more Australians
Brad Fox says the AFA has a very clear mandate going into 2014: to help the advice community to deliver great advice to more Australians. From our conversations within the advice community, 2013 was a frustrating year for all – advisers, licensees and product and service providers. Now that we have a new government and
December 17, 2013
Centric Wealth MDA lifts efficiency gains
Centric Wealth, the financial planning firm backed by CHAMP Private Equity, will move almost its entire $4 billion in funds under advice into a managed discretionary account structure over the next couple of years, with $2.8 billion already transitioned. Since 2011, when Centric Wealth appointed specialist MDA provider, Philo Capital Advisers, to re-engineer its investment
December 13, 2013
Australians bank on $500,000 payday
Australians expect to receive a large inheritance from their ageing parents, which has dangerously left them exposed to a potential retirement savings shortfall, according to the latest HSBC Future of Retirement Report. The report, titled ‘Life after Work’, found Australian retirees want to pass on an average inheritance of $US501,919 to their heirs, which is
December 13, 2013
Christmas giving without end
At Christmas time the thoughts of many turn to giving. We give presents to our family and friends and many of us give donations to charities in response to end-of-year appeals. It’s easy to respond to appeal letters that find their way into mailboxes but this may not be the best way for clients to
December 13, 2013
