Advice cost anchored down by admin
Over half the cost of advice is being weighed down by admin and compliance, according to research from Marshan Consulting and CFS-owned fintech platform Elemnta. While regulatory red tape has been a negative factor on cost, poor tech integration by firms who are now in control of implementing their own systems with little know-how has also been a key contributor to inefficiency.
November 18, 2024
Four-day work week takes a growth mindset
The financial services sector has been resistant to the four-day week, but as firms push to attract and retain top talents in a dwindling pool of suitably qualified financial advisers, the possibility of embracing new ways to work is being considered among some firms.
November 18, 2024
AZ NGA completes acquisition of StrategyOne Advice Network
AZ NGA has acquired financial planning firm StrategyOne Advice Network, which specialises in wealth management, retirement planning and risk advice.
November 18, 2024
The competing needs of future retirees
Inflation and the cost of living crisis continue to weigh on the minds of Australians entering retirement. The challenge for advisers is often to balance client demands for certainty with flexible options for income.
November 18, 2024
How global pension systems are solving the DC conversion challenge
It’s an issue that Nobel economist William Sharpe called the "nastiest, hardest problem" in finance: converting retirement savings in a defined contribution fund to retirement income. Stephen Huppert writes how this challenge is being solved for around the world.
November 18, 2024
Super fund retirement income products not cutting it
Just over half of retirees feel satisfied with the retirement income options provided by super funds, according to research from Investment Trends. The data shows that Australians are still put off by the complexity of products which lack sufficient information and guidance, and half of members don’t realise their super fund offers financial advice.
November 15, 2024
AI in financial planning: A double-edged sword that demands caution
AI has the power to revolutionise the way advisers engage with clients, but cybersecurity consultant Michael Connory writes there are still significant ethical and data security gaps. Auditing AI providers, implementing robust governance protocols and communicating transparently with clients over how their data will be used are some of the first steps advice firms can take to ensure best practice.
November 15, 2024
Insignia ‘suffered’ from overpriced and poorly integrated acquisitions
Insignia Financial has spent this week trying to win back shareholder confidence with a $200 million a year cost reduction goal to become the “most efficient” wealth management company by FY30. As well as correcting past acquisition mistakes, CEO Scott Hartley says their advice arm has the goal of halving the time it takes to produce advice.
November 14, 2024
Morningstar appoints director of manager research ratings for Australasia
Morningstar Australasia has hired Eva Cook as director of manager research ratings and new asset class lead in equities for Australia and New Zealand.
November 14, 2024
Fok treads carefully in first major public test as Cbus CEO
In his first major public appearance since the start of the media and regulatory storm engulfing Cbus, chief executive Kristian Fok has strategically defended the fund’s much-scrutinised relationship with the construction union CFMEU, arguing that there has been “incredible value” working with the union, but remained tight-lipped on the nature of any future engagement. He also apologised to members about insurance claims delays, but blamed external administrator MUFG Pension & Market Services for having the bulk of the problems.
November 14, 2024
REST chief member officer resigns
REST chief member officer Deborah Potts has resigned from the super fund after a 9-year career with the fund.
November 14, 2024
