The misguided idealism of Arthur Sinodinos
There are many reasons to applaud the latest consultation paper issued by Treasury on better governance and transparency in superannuation, but its ownership by someone without an in-depth knowledge of retirement planning is worrying. That Arthur Sinodinos, the minister for financial services and assistant treasurer, also has a background in banking and thus a clear
November 29, 2013
Keeping insurance companies honest
Financial planners must keep insurance companies honest and ensure clients are paid their maximum claim entitlements, with the number of payment errors soaring in the last year, according to Principal of Integrity Resolutions Col Fullagar. He said advisers had a responsibility to double check that claims were paid in full, warning that errors were often
November 28, 2013
Disgraced adviser faces up to 10 years jail
A former Perth-based private client adviser will stand trial for stealing more than $3.7 million in client funds while a former authorised representative of IOOF-owned Consultum Financial Advisers has been convicted of 10 offences and ordered to pay back more than $684,000 to affected clients. The Australian Securities and Investments Commission’s assault on dodgy financial
November 28, 2013
Insurer to cut premiums by 20 per cent
Life insurer AIA Australia will reward healthy customers with discounts on shopping, entertainment and travel and slash premiums by up to 20 per cent, under a new scientific wellness program which is being piloted by a select group of financial planners. The AIA Vitality program is a joint venture between AIA and South African insurer
November 28, 2013
“I eat my own cooking”: Minack
Former global chief equity analyst at Morgan Stanley, Gerard Minack has been appointed as an external consultant to Maple-Brown Abbott’s Global Macroeconomic Advisory Committee, as the boutique funds manager pushes its new retail listed infrastructure fund. Maple-Brown Abbott launched its global listed infrastructure (GLI) strategy in February, seeded with $35 million from friends and family
November 28, 2013
Perpetual wins TRU vote
The shareholders of The Trust Company (TRU) voted in favour of Perpetual’s proposal to acquire the business at the group’s Scheme Meeting on Thursday, knocking out rival bids from Equity Trustees and IOOF Limited. Close to 80 per cent of eligible TRU shareholders voted in favour of the scheme resolution. A second court hearing to
November 28, 2013
Agitating for independence
Genesys Wealth Advisers member firm Treysta Wealth Management has gained its own Australian Financial Services Licence and is in negotiations to leave the AMP-owned dealer group after three years. AMP owns a minority interest in the Sydney-based firm which is in the process of buying back AMP’s stake. The terms of the agreement are confidential,
November 26, 2013
Rising PI claims boost premiums: DUAL
Specialist underwriting agency DUAL has reaffirmed its commitment to the Australian market but will be increasingly selective with the financial planners it provides professional indemnity cover to, as premiums across the advice industry rise. DUAL national manager, Financial Lines, Jayson Symonds confirmed the group’s appetite for insuring financial planners had changed in the last six
November 26, 2013
A year in review and looking ahead
With the end of the year approaching, there will be conversations over Christmas drinks about the new government, unexpected legislative changes, mergers, business comebacks and failures and the like. Some events have been more compelling than others. To mark the end of 2013 and the beginning of 2014, Connect Financial Service Brokers has created a
November 26, 2013
Get your head into the global game
Peter Dorrian says it will pay to keep an eye on global uncertainties in coming months as investors look for a guide to the strength of the global economic recovery. Domestic issues have absorbed much attention in Australia for the past couple of months – the election, falling interest rates and slowing growth, to name
November 26, 2013
Keeping it classy: Planning a better Christmas party
Focus on your core values to have a better Christmas party, says Martin Mulcare. As 2013 rapidly comes to an end, many of you may be thinking about how your business might celebrate the end of the calendar year – or the beginning of a new one. I am fascinated by the wide range of
November 26, 2013
Don’t put the champers on ice – just yet
The year ahead is shaping up as a period of transition for the Australian sharemarket, with stronger returns expected in 2015, says Ron Bewley. As markets recover from the October US debt ceiling/shutdown deliberations, there seem to be few major headwinds left – except, of course, another US political fiasco in January/February 2014 when next
November 25, 2013
