Digital advice providers pivot from super funds to advice practices
The past week has seen dual plays in the digital advice space with providers pivoting towards the financial planning market, having spent the past couple of years trying to court super funds.
April 11, 2025
Platforms made call to suspend Venture Egg adviser payments while ASIC investigates
Trustees of the platforms that held the Shield and First Guardian funds made the choice to suspend payment of adviser fees to Venture Egg rather than await a directive from the regulator. But Ferras Merhi, the director and principal adviser of the troubled firm, is still listed on the ASIC Financial Adviser Register with a potential banning order expected to take time to finalise, if it does commence.
April 10, 2025
ASIC consulting on plans to include licensee names in breach reporting data
The regulator is consulting on plans to publish two dashboards covering breach reporting and Internal Dispute Resolution data that includes the names of licensees. ASIC Commissioner Alan Kirkland believes publication of the data will encourage firms to “lift their game” as industry engagement from the previous three years has been unsatisfactory.
April 10, 2025
FAAA follows suit on FSC’s ‘red tape razor gang’
The Financial Advice Association Australia has followed suit on the Financial Services Council’s recommendation to introduce a “razor-gang to cut red tape”, believing that despite the Hayne royal commission being well-intentioned, much of the regulatory increase has "not hit the mark”.
April 09, 2025
Licensees show mixed reaction to SOA replacements
Liable for managing compliance risk, the replacement for Statements of Advice has split licensees. Some claim the proposed changes are no more than a “name change” while others believe it is a “step in the right direction”, but all agree there is no material difference to the current requirements.
April 08, 2025
SMSF trustees warned to stay vigilant as cyberattackers target super
The SMSF Association has called on trustees in the $1 trillion sector to “remain alert and proactive” amid heightened cybersecurity risk after malicious actors attacked the country’s major super funds.
April 08, 2025
‘Doesn’t feel right’: Managing conflicts with in-house managed accounts
After an investigation by Professional Planner revealed Viridian Advisory had commenced a structural separation of its advice and product arms, financial services legal experts say hosting in-house managed accounts is fraught with compliance risks – particularly in the case of Standard 3 of the Code of Ethics, which governs conflicts of interest.
April 07, 2025
SCA calls cyberattack ‘a failure’ by ASFA
Super Consumers Australia believes the cyberattack that hit major super funds is “a failure” by the Association of Superannuation Funds of Australia, who had previously dismissed the vulnerabilities in the system. It’s called on the government to add funds to the Scams Prevention Framework and expedite creating the mandatory member service standards.
April 07, 2025
A decade of innovation spurs managed accounts growth
The ability to customise separately managed accounts at scale using technology is coming and will accelerate the adoption of managed accounts. BlackRock looks at the global trends driving the growth of managed accounts and reflects on the past 10 years since it launched its Enhanced Strategic Model Portfolios.
April 07, 2025
Insignia platform breached amid ‘unsettling’ super sector cyber attack
Advisers have been warned as approximately 100 customer accounts on the Insignia Financial-owned Expand wrap platform have been breached in a cyberattack. The breach of the retail platform came as the industry super fund sector suffered a large and co-ordinated attack on Friday.
April 04, 2025
WT and Merchant kickstart joint venture with three-firm merger
WT Financial Group and Merchant have announced the first entity of their new joint venture: a merger of three advice practices. Titan Financial Planning, Darwin Financial & Recruitment Services and Wealth Connect Financial Services are merging to aid in succession planning and consolidate advice firms.
April 04, 2025
