Ducks line up at AMP
Former Westpac executive Rob Caprioli has been hand-picked by AMP’s incoming chief executive, Craig Meller, to head up the group’s financial advice, banking and corporate superannuation businesses, while the search continues for a new head of AMP Financial Services. Meller is currently head of AMP Financial Services but will replace Craig Dunn as chief executive
October 10, 2013
CBA and Colonial get closer with Essential Super
Commonwealth Bank of Australia’s wealth arm, Colonial First State, has reaffirmed its commitment to financial advisers following the success of its new low-cost direct-to-consumer solution, Essential Super. Over 55,000 bank customers have opened an Essential Super account since the product was launched on July 1. Around 4000 new accounts are opened each week. Despite the
October 08, 2013
Down to zero at PIMCO fund
Fixed interest manager PIMCO has changed the investment parameters of the PIMCO EQT Australian Focus Fund, allowing it to lower duration in the portfolio to zero. During periods of heightened nervousness, the PIMCO EQT Australian Focus Fund can now move to be 100 per cent invested in cash, said Harvey Kalman, head of EQT corporate
October 08, 2013
Are hedge funds really too risky?
The Australian Securities and Investments Commission’s recently updated example statement of advice recommends advising clients not to invest in hedge funds. The basis given for this is that hedge funds normally adopt investment strategies which are more suited to investors willing to take on more risk. However, this recommendation is likely to come as a
October 08, 2013
Advisers plus accountants equals better service
“It’s time” was the successful slogan of the Australian Labor Party in the 1972 federal election. It heralded a new era of change in Australian politics that was characterised by collaboration and consultation. Similarly, it’s time for financial advisers and accountants to work closer together to provide the very best advice to their clients. The
October 08, 2013
More than inflation at MLC
National Australia Bank Wealth’s three new inflation-plus strategies have been seeded internally by the group’s MLC Horizons series of diversified funds. NAB Wealth and MLC unveiled their new actively managed Inflation Plus funds this week, which aim to deliver returns above inflation over three, five and seven years by investing in a broad range of
October 03, 2013
Chambers Investment Planners loses licences
The Australian Securities and Investments Commission is investigating the conduct of financial advisers and staff associated with failed Perth-based advice business, Chambers Investment Planners. On Thursday, the regulator cancelled the Australian Financial Services Licence and Australian credit licence of Chambers Investment Planners after it breached its licensing conditions by failing to secure adequate professional indemnity
October 03, 2013
Guardian Advice: the sun rises in the east
Suncorp-owned dealer group Guardian Advice is intensifying its recruitment drive following the addition of 19 new financial advisers in Queensland in the last 12 months and the recent appointment of former MLC practice development manager, Andrew Hammelmann. Hammelmann has joined the group as Queensland state manager, replacing Hugh McLennan, who remains with Guardian as Queensland
October 03, 2013
In Focus: Getting creative to avoid big risks
When planners look around the investment universe, the return outlook everywhere is grim. But fixed income is a particular problem. Yields on bonds and term deposits have slumped on the back of rate cuts and stimulus. If you invest now and interest rates rise, as many expect, you could face big capital losses. Full In
October 01, 2013
Farmers’ markets for financial advice
A new client referral training program rolled out by Commonwealth Bank-owned dealer group, Financial Wisdom, has resulted in an average of 50 new clients per adviser. The program teaches advisers how to effectively communicate to existing clients that they’re willing and able to take on new clients, and also how to simplify their service proposition
October 01, 2013
