Funds SA nabs Hostplus deputy CIO
Funds SA, the investment corporation owned by the Government of South Australia, has appointed current Hostplus executive Con Michalakis as its new chief investment officer.
December 06, 2024
November exam sees 77 pc pass rate
ASIC has released the results of the November adviser exam which has seen 225 candidates (77 per cent) pass the exam, an increase compared to the September sitting which saw only 62 per cent pass.
December 06, 2024
Managed account market lacking standardised assessment
The Conexus Institute head has challenged whether the managed accounts sector needs a standardised approach to performance assessment. However, many of the most influential people in the research sector think the industry sector is in reasonable shape.
December 05, 2024
AI offers significant boost but requires human touch
While AI has made huge advancements, US-based Morningstar distinguished quantitative analyst Michael O’Leary told the Professional Planner Researcher Forum human verification is essential to ensure errors aren’t missed. The commentary comes as the researcher aims to roll out its own AI tools globally.
December 05, 2024
Productivity: The next frontier for advice
A decrease in adviser numbers and a growing demand for advice has industry leaders saying the advice profession has an obligation to boost productivity. A roundtable hosted by Professional Planner has heard how the best-performing practices are leading the way to find efficiencies.
December 05, 2024
Jones’ claim of DBFO consensus quickly tested
Despite the Minister for Financial Services Stephen Jones claiming to have achieved “consensus” between industry and consumer lobbyists, not everyone is appeased. Concerns have been raised over the charging mechanisms and education standard with key stakeholders offering a lukewarm response.
December 04, 2024
Takes a ‘superhero’ adviser to manage clients and portfolios
The move for advisers to outsource portfolio construction is warranted because it is a unique skillset, the Professional Planner Researcher Forum has heard. Because it is such a different specialisation from giving advice, it would take a “superhero” to have the skills to do both.
December 04, 2024
DBFO revived as licensees thrown bone on ‘new class of adviser’
Licensees will be free to employ a new class of diploma-educated financial advisers and charge for their services in a last-ditch effort by Minister for Financial Services Stephen Jones to legislate advice reform before the election. However, the concessions come with the catch that advice provided by the new class will be limited to APRA-regulated products and subject to new civil penalties.
December 03, 2024
ASIC warns on identifying but not acting on underperformance
The regulator has made it clear that advisers and licensees need to maintain evidence persistent underperformance of superannuation choice products is being scrutinised, even if that doesn’t necessarily mean action needs to be taken. ASIC Commission Alan Kirkland told the Professional Planner Researcher Forum that this – along with overreliance on external research ratings – were the key issues found with practices that weren’t effectively monitoring investment underperformance.
December 03, 2024
‘Absolutely worrying’ standards across asset consultants: CoreData
Shrouded in mystery, asset consultants have become hugely influential over the allocation of advised capital, but CoreData research has found there is wide variation in practices. Even though it’s an opaque industry that has few barriers to entry, advisers are nonetheless quite happy with the services they’re receiving.
December 02, 2024
‘Democratic process’ to drive AMP Financial Planning rebrand
With the transaction of AMP’s advice arm to Entireti completed, AMP Advice and AMP Financial Planning will go with a complete rebrand early next year led by input from advisers. AMP will also bear a $36 million accounting loss for the transition, slightly more than the $30 million earmarked during the initial announcement.
December 02, 2024
