Mason Stevens acquired by private equity firm
Private equity firm Adamantem Capital has entered into a binding agreement to acquire wealth platform Mason Stevens.
December 18, 2024
Centrepoint/FAM deal shows adviser risk for incentive-laden M&A
Financial Advice Matters has fallen short of an EBIT target that will see it miss 20 per cent of the $10 million acquisition agreement it signed with Centrepoint a year ago. The arrangement highlights the potential risks for advice practices considering incentive-laden M&A deals.
December 18, 2024
Mixed reception to measuring retirement performance
Treasury has been handed a swift rebuke to expanding the Your Future Your Super performance test into retirement, with representatives across advice and superannuation arguing it will be rife with unintended consequences and isn’t as simple as measuring accumulation.
December 18, 2024
Insignia rejects $2.7b Bain Capital bid
ASX-listed Insignia Financial has rejected the non-binding $2.7 billion offer from Bain Capital, saying the bid "does not adequately represent fair value" for shareholders.
December 18, 2024
AFCA defends contentious ‘but for’ determination process
The Australian Financial Complaints Authority has come under fire for its contentious ‘but for’ methodology, but the external dispute resolution has fought back arguing the process is sound. This method of remediation isn’t available for every client who has suffered financial loss – it needs to be contingent on a breach of the best interest duty.
December 17, 2024
CSLR makes ‘but for’ test no longer fit for purpose
The “but for” methodology used by the Australian Financial Complaints Authority has come under recent criticism despite being used by its predecessor and endorsed by the court. Simon Hoyle writes that with the Compensation Scheme of Last Resort now involved, the test may no longer be an appropriate mechanism.
December 17, 2024
Intrafund advice should help members, not boost FUM
Australian Retirement Trust believes intrafund advice should be about helping existing members not, to find new ones or boost market share. Given the scale and cost of providing a comprehensive advice arm, the fund would prefer to keep holistic advice a separate channel as it would not be fair to collectively charge members.
December 17, 2024
FAAA questions missing million from Libertas
The Financial Advice Association has questioned why an intercompany loan owed by Sequoia to Libertas has disappeared, which could have led to $1 million potentially being used to cover disputes directed towards the Compensation Scheme of Last Resort.
December 16, 2024
Any client meeting is ‘almost a chess game’
For Emanuel Whybourne & Loehr managing partner Craig Emanuel, any client meeting is an opportunity to listen, rather than to talk. He likens it to a chess match, where you don’t know what’s needed until the other player makes their move.
December 16, 2024
