Industry

Netwealth and HUB24 are expected to continue eating the incumbents’ lunch, according to UBS. Meanwhile, as adviser numbers have halved the average amount of money they manage has doubled.

The Corporations Act is “technology neutral” according to ASIC, so video SOAs are acceptable as long as they include the eight or so standard compliance requirements.

Review leader Michelle Levy said the proposals need to look at the “full universe” of providers. If ‘good advice’ is to replace best interests duty while also opening the gates to product providers, the duties involved will need to fully match the breadth of that task.

The NSW Supreme Court on Thursday ruled Perpetual would be on the hook for more than just a $23 million break fee should it abandon its bid to takeover rival fund manager Pendal Group, likely scuttling recent advances by a Regal Partners-led consortium for Perpetual itself.

Concern about Michelle Levy’s insurance advice consent proposal is off the mark and shouldn’t get in the way of reform, the association’s chief executive says.

Vanguard Australia recently launched a superannuation product aimed at undercutting competitors, with a low-cost default fund option that adjusts automatically as savers age.

The draft documents to be handed out in December will contain information members can use to assess whether a union between the two groups is the best way forward, FPA chief Sarah Abood tells The Inside Adviser.

Life insurance advisers should retain commissions at their current level, the advice review leader proposed, but only on the condition that clients sign explicit consent agreements acknowledging conflicted remuneration.

In between night missions in the Afghan desert, Warren Loudon would complete his financial planning assignments on a handheld ‘tough book’. “When I got back to base I’d submit them,” he recalls.

Implementing the current proposal for ‘experienced’ advisers to skip the relevant degree mandate will do far more harm than good, the association argues, with both current and future advisers turned off by the plan.

As the quantum of advisers has decreased those that remain have consolidated client books, which has led to a higher proportion of high-balance SMSFs coming under advice.

Anthony Wamsteker reflects on the tie-up with rival platform Powerwrap, the rebuff of Netwealth, and Praemium’s plan to achieve double digit market share.