News

An adviser with a non-traditional background, Liz Wheatley has developed into a specialist in guiding charitable organisations and philanthropists. The non-investment side is just a important as the rest, she tells James Dunn.

Growth in superannuation drove Australia’s managed fund industry to near-record levels in the December 2022 quarter. While most asset classes delivered positive returns and Australian equities outperformed, investors are looking more to offshore assets for portfolio diversification.

Speaking at the SMSF Association’s National Conference, the assistant treasurer called out “modern-day Edmund Hillarys” seeking to raid Australia’s “Mount Everest of superannuation” as he pressed the need for an objective for super that prioritises preservation.

An explosive report by activist short seller Hindenburg Research led Adani Group to shelve a planned US$2.5 billion equity sale and wiped $120 billion from the multinational conglomerate’s market value. While activist short reports should be taken with a grain of salt, market observers said, some of Hindenburg’s key claims are likely valid – including that Adani was vastly overpriced.

Levy made no major deviations in her final suite of proposals, with Treasury left to mull on a blueprint for reform that should usher in a less prescriptive, two-tiered advice regime. But there are a few tweaks that might raise eyebrows.

The federal government is seeking feedback on proposed changes to rules aimed at preventing non-arm’s-length transactions by superannuation funds, in a bid to address concern that SMSFs and smaller funds that breach the provisions could be disproportionately penalised.

The SMSF adviser took an unusual path to joining the profession, one that involved almost a decade playing rugby on the hot sand and gravel of Saudi Arabia.

The respected lawyer will not see out his contract with the corporate regulator after accepting a role in the commercial sector.

Advisers are rallying around the prospect of upfront advice fees becoming tax deductible after the ATO announced a review of Tax Determination 95/60.

Adviser James O’Reilly had a long-held personal ambition to “stick a pin in the ground” and make a difference, but it was realising how much his clients wanted leadership on sustainable investing that sparked change in the way his practice manages money.

“Sometimes, the market thinks we prioritise ESG factors above investment fundamentals,” says Perennial’s Emilie O’Neill. “But the reality is that it’s just another investment lens.”

After the regulator abandoned its $500K minimum balance guidance, the SMSF Association says it hopes licensees will reconsider some of the concerns they may have had about low-balance funds.