End-to-end connections coming to life
Insurance technology business integration provider Konnect Net has created an end-to- end hosted referral system solution for a major general insurance company. It is an example of the efficiency the company has already brought to the life insurance sector in New Zealand, and plans to bring to the Australian life insurance market in 2014. “We got
January 16, 2014
How to handle the major investment risks of 2014
At a time of growing optimism in markets, worrying about risk isn’t in vogue. But the current investment environment, and the ways it could develop, are complex, uncertain and risky. An investor needs to be as aware of risk as they are about finding opportunities for returns. Their investment portfolio needs a robust, forward-looking investment
January 16, 2014
Treasury paper quantifies “big four” FoFA cost-saving measures
A Regulation Impact Statement prepared by Treasury has quantified the “big four” largest cost savings in proposed amendments to the Future of Financial Advice (FoFA) rules. The paper, published in November last year, calculates an ongoing total cost saving figure of $191.3 million a year from the government’s proposed amendments, and $87.7 million a year
January 16, 2014
Four areas for ETF investors to watch over 2014
As shown in the State Street Global Advisors December ETF snapshot, investor thirst for developed market equities drove the global ETF industry to $US2.4 trillion at the end of last year. This was a similar experience in the Australian ETF industry, where equities where the main driver behind the 52 per cent boost to AUM.
January 16, 2014
UBS Global Asset Management launches its first dividend ETF in Australia
UBS Global Asset Management launches UBS IQ Research Preferred Australian Dividend Fund (ASX code: DIV) in response to strong demand for yield UBS Global Asset Management’s first dividend ETF (DIV) in Australia has been brought to market at a time where lower cash rates and government bond yields are driving demand for income producing investments,
January 16, 2014
Financial Index keeps on acquisition path
Financial Index Wealth Accountants is still on the hunt for large accounting firms and quality advice businesses, following the announcement of the group’s 46thacquisition. Financial Index Wealth Accountants, which announced its acquisition of Centric Wealth on Sunday, will keep and invest in the Centric Wealth brand but move to a shared back-office arrangement for compliance,
January 14, 2014
A year of transactions: Chase
Merger and acquisition activity in the financial planning and accounting space is heating up with 2014 shaping up to be a year of transactions, according to Chase Corporate Advisory, who advised Financial Index on its recent acquisition of Centric Wealth. The firm, which is a specialist adviser to mid-tier financial services and professional services firms,
January 14, 2014
AMP backs corporate super
A number of AMP Financial Planning practices have recently sold their corporate superannuation books back to AMP under Buyer of Last Resort arrangements, as the value of corporate super businesses suffers due to the Future of Financial Advice reforms. A spokeswoman for AMP said it was not uncommon for financial planning firms to review and
January 14, 2014
Tips for giving gearing advice
Fugu, or pufferfish, is one of the most celebrated delicacies in Japanese cuisine. Prepared by expert chefs and served in paper-thin slices, fugu juxtaposes luxury with a high-stakes gamble because, if prepared incorrectly, the tetrodotoxin contained in fugu may cause paralysis, asphyxiation and death. One can draw an analogy between an expert fugu chef and
January 14, 2014
Centric board green-lights takeover bid
Long-running ownership uncertainty surrounding financial planning group Centric Wealth has ended after its board unanimously approved an 8.9c-a-share takeover bid from Financial Index Wealth Accountants. The founder and chief executive officer of FIWA, Spiro Paule, said in a statement that “the combination of the two businesses creates one of Australia’s largest, non-aligned financial advisory organisations”. “We
January 12, 2014
Findex to acquire Centric Wealth
Financial Index Wealth Accountants (“FIWA“ or “Findex”) has entered into a Bid Implementation Agreement (“BIA”) with high net worth advisory firm Centric Wealth Ltd (“Centric Wealth”), under which Findex has agreed to acquire all outstanding ordinary shares issued by Centric Wealth by way of an off-market takeover bid (“Offer”)*. Under the terms of the Offer,
January 12, 2014
Advisers threaten to breakaway from ANZ
Around 20 RI Advice practices are considering breaking away from the ANZ-owned dealer group, with accusations of mis-management, broken promises and a lack of investment into the group’s OneAnswer platforms. The 20 RI Advice proprietors including representatives from the group’s Proprietors’ Advisory Council will meet next month to discuss their future with ANZ. It is
January 10, 2014
