In Practice

While finding that more research is needed to determine if the “definitions, metrics and formulas” used to calculate levies remain fit‑for‑purpose, Treasury was able to determine that advisers should no longer benefit from discounted levies.

ChatGPT presents an inflection point in the quantitative investment journey, writes Michael Kollo, one that doesn’t need the presence of machine learning scientists or investment in costly data acquisition.

On what was set up as a discussion around the proposals put forward by the Quality of Advice Review, the topic repeatedly shifted to the frustration providers felt at not being able to work with ASIC to bring compliant solutions to market.

A desire to flaunt ubiquitous wealth on social media is putting moneyed families at risk, according to family office representatives, with extortion and kidnapping “a legitimate concern”.

Investment platform provider Praemium explains that while there is an “increasingly positive” attitude towards financial advice, the needs of HNW investors are taking on a whole new identity.

To give him a taste of the farming life, Stephen’s father sent him to a neighbour who offered him $400 per week in wages, with $200 of that quarantined by his employer for rent and bills. He declined, and headed straight into a career in financial advice. “I was going to be a wool baron, until I very quickly wasn’t,” he says.

The advice review lead had said she wouldn’t comment on the recommendations while the government pondered its response. But with the consultation dragging on, she urged the government to get it done and let ASIC do the refinement.

Anne Graham and her fellow co-founders named their advice business Story Wealth because they believe every client has a compelling story to tell. Turns out Anne’s own story is quite the odyssey, as well.

Advisers can practice without a relevant degree for around 30 years according to the draft proposal. They do need a clean record, however – but only up to the end of 2021.

While it pays for advisers to work closer to a large cohort of well-heeled clients in metropolitan areas, the opposite is true for paraplanners, with scarcity of talent pushing salaries sky-high for regional workers.

If you’re going to offer services that the incumbents already do well, Steinhardt tells Inside Adviser, you need to do a pretty good job at it yourself. And if there are any flaws in your system, they need to be addressed.

Large language models like ChatGPT are part of a long technology continuum driven by Moore’s law, the observation that transistor capacity doubles every two years. To get in on AI’s surging growth, says Munro Partners’ Nick Griffin, investors should focus on the big – and not-so-big – names already poised to come out on top in the “race to shrink”.