AMP, Insignia’s deep history in advice always meant slower withdrawal
While the big four banks quickly departed financial advice after the Hayne royal commission, AMP and Insignia stayed to rebuild their wealth businesses to adapt to the new era of professional advice. But for these businesses to ultimately become fiduciaries, a separation from product-led institutions was inevitable.
September 27, 2024
Retirement calculators not so money smart
Super Consumers Australia has criticised the super industry’s poor delivery of retirement calculators for members, saying many would be better off relying on the one provided by ASIC’s Moneysmart. The consumer advocacy organisation has called on the government to take responsibility and provide access to quality, independent information.
September 27, 2024
Charlie Viola to split from Pitcher Partners to launch Viola Private Wealth
Pitcher Partners Sydney is selling various operational aspects to long-standing financial adviser Charlie Viola who will launch his own high-net-worth focused firm, Viola Private Wealth.
September 27, 2024
HUB24 takes minority stake in private markets platform
HUB24 has taken a minority equity holding in Reach Alternative Investments, an alternatives-focused platform that provides access to global private equity and credit funds.
September 26, 2024
‘An important step forward’: ATO determination recognises advice as a profession
In a win for the profession, the Australian Taxation Office has expanded the scope for what financial advice fees are considered deductible. It came off the back of a half-decade advocacy project, but further work is needed to convince the tax office of full tax deductibility of advice fees.
September 26, 2024
Jones cleans up tax adviser ethical rules but gives tight feedback window
Treasury’s latest consultation for the tax adviser ethical obligations determination checks off what industry bodies have raised concerns over, but Tom Ravlic writes Minister for Financial Services Stephen Jones has given a tight window for feedback.
September 26, 2024
REST names employer-nominated board director
Super fund REST has appointed Inese Kingsmill to its board of directors, replacing Sally Evans who retired in July 2024.
September 26, 2024
AustralianSuper appoints first chief liquidity officer
The nation’s largest super fund AustralianSuper has appointed Chandu Bhindi as its first chief liquidity officer.
September 26, 2024
Compliance concerns relegated as cost of business rises
In the aftermath of the Hayne royal commission, compliance was the biggest priority for advisers, as fears over breaching legislation were heightened. But five years later, CoreData’s Andrew Inwood and Dean Thomas tell Professional Planner the tide has turned, with practices becoming more concerned about how to generate profit in a hostile economic environment.
September 25, 2024
ATO releases final determination on deductibility of advice fees
The Australian Taxation Office has established in its final determination regarding the tax deductibility of advice fees that advice fees relating to tax advice can be deductible, if the advice is provided by a qualified tax relevant provider.
September 25, 2024
E&P seeks darkness ahead of parliamentary probe
Dixon Advisory parent company Evans and Partners has further sought to move out of the spotlight, proposing to delist from the ASX due to “a sustained negative impact” the company has suffered. The move comes a week after a Parliamentary probe into the collapse of Dixon was launched, which the FAAA says should question why the regulatory regime places all the responsibility for failure on advisers.
September 24, 2024
