Industry funds cautioned they must lift standards to meet adviser needs
Almost a quarter of members are changing funds when retiring with financial advice being the key driver. The data, presented by CoreData to a room full of the most influential super fund chairs, highlighted the need to better facilitate relationships with external advisers to retain high balance members or lose out completely.
February 04, 2025
Variable fee model set to boost WT revenues by a third
WT Financial Group attributes a 33.5 per cent revenue growth in its indicative 1H25 financial results as validation of its variable fee model which means having quality advisers will mitigate the need to have more advisers under its licensee. But CEO Keith Cullen believes one simple change to the laws could add another 10,000 advisers over the next three years.
February 04, 2025
Federal Court dismisses BUSSQ’s application
The Federal Court of Australia has dismissed the judicial review application of industry fund BUSSQ.
February 04, 2025
Reflecting on nearly half a century in financial advice
After an extensive 47-year career, Paul Harding-Davis says that while every decade has seen a significant step change that has felt like an “Armageddon” it has instead only seen the standard of the industry improve. Reflecting on his long career to Professional Planner, he is still evangelical about recruiting young people to advice.
February 03, 2025
Speed is of the essence for DBFO reforms: CALI
Ahead of speaking at the Advice Policy Summit, Council of Australian Life Insurers CEO Christine Cupitt has called on the government to progress “critical” advice legislation as fast as possible, so the industry has certainty over the future of advice.
February 03, 2025
Apt Wealth Partners launches legal services offering
Financial advice firm Apt Wealth Partners has announced the launch of Apt Wealth Legal Services which will integrate legal expertise with wealth management and financial planning to provide comprehensive advice and help clients with holistic solutions.
February 03, 2025
$70m CSLR wrecking ball triggers Treasury review
Minister for Financial Services Stephen Jones has launched a review of the Compensation Scheme of Last Resort as the FY26 advice levy has obliterated the $20 million subsector cap, with the troubled Dixon Advisory only partly to blame for the immense blow out.
January 31, 2025
Secrecy walls breaking down for greater cooperation between agencies
A consultation floated by Treasury in the dying hours of 2024 raises further questions about where government agencies, such as the Australian Taxation Office and the Tax Practitioners Board, might be able to cooperate so one or more can properly investigate the conduct of an individual or firm, as well asking whether financial advisers should be given access to material held by the ATO.
January 31, 2025
Labor re-commits to advice reform after Jones resigns
Outgoing Minister for Financial Services Stephen Jones says his Labor colleagues are equally committed to legislating advice reform despite him unexpectedly announcing his resignation from politics. Prime Minister Anthony Albanese is not expected to announce a successor after asking the polarising Jones to stay on until the election he is not contesting.
January 30, 2025
RBA gives strong warning on super fund risks
The Reserve Bank of Australia has told super funds to step up their own risk management practices especially given their increasingly large footprint in the Australian financial system. The reserve bank's assistant governor of financial system group, Brad Jones, said the RBA will not always be there to cushion shocks should a liquidity crisis occur.
January 30, 2025
Minister Jones leaves behind a nuanced legacy
Many in the advice community will be left feeling disappointed by Minister for Financial Services Stephen Jones’ attempt at advice reform, after he made hefty guarantees about reducing red tape and the cost of advice. But his contributions towards fighting scams, as well as his work on marriage equality, still mean many Australians will appreciate and remember what he did.
January 30, 2025
Consumer group lashes SMC research on accessing pension tax benefits
Consumer advocates have criticised the latest research from Super Members Council on how retirees can better access the tax benefit of pension phase, calling out that the minimum balance requirement imposed by some SMC member funds means it is “literally impossible” for poorer retirees to even access account-based pension. Super Consumers Australia CEO Xavier O'Halloran said super funds only need to “look into the mirror” if they really want to move the dial on this issue.
January 29, 2025
