While the government’s Your Future, Your Super (YFYS) reform package, which took effect last July, has been widely derided by the industry, it is the first step in a move to requiring the industry to improve its efficiency, transparency and accountability. One of the unexpected consequences of the YFYS changes is the fact that it…

There was both despair and positivity when the much-anticipated changes to the transparency of industry super fund proposals was released recently. Both 2020 and 2021 have seen growing pressure on the industry fund sector from the Coalition government and a number of committees as they sought to lift the lid on the massive part of…

The regulatory focus has once again returned to the industry or union superannuation fund sector in recent weeks. The Australian Securities and Investment Commission disclosed that they had been investigating the investment decisions of super fund executives at as many of 23 funds amid the pandemic. The incredibly uncertain times that occurred in March 2020…

Renato Mota, IOOF CEO, believes that advice is changing – and that IOOF must change with it. Key to that will be bringing digital and “modular” services to the unadvised masses. Fresh off the back of its acquisition of MLC, IOOF now has some 2.2 million clients, 1975 advisers, and a burning question to answer:…

Eight of Australia’s largest financial advice industry associations have joined forces to oppose the design of the compensation scheme of last resort, contained in draft legislation released for public consultation. The Financial Services Royal Commission recommended the establishment of a compensation scheme of last resort to compensate consumers once all other avenues had been exhausted….

Ernst and Young (EY) has released a research publication titled the “Future of asset management.” As the title suggests, a transformation in the way asset managers are positioned, and their global outlook, is required, so that long-term value can be created for all stakeholders. EY says: “The industry needs to rethink its purpose and position…

Superannuation research house Chant West, part of the Zenith Investment Consulting group, this week published their quarterly performance update on the industry fund sector. Despite the volatility experienced in March, which spanned both bond and equity markets, returns continue to surprise on the upside in March. Chant West’s research seeks to differentiate between the, at…

As the industry fund sector embarks on what will be a busy and decade shaping year, Rainmaker’s recent release of its latest batch of AAA-rated super funds couldn’t be more timely. The research house seeks to assess the quality of 692 products issued by 178 superannuation funds, including both industry or so-called “not for profits”…

According to Chant West Research, the median ‘Balanced’ industry super fund delivered a return of 3.0% for the entirety of 2020; not a bad result but not shooting the lights out either. There is little doubt it was a very difficult year for investors and the world in general, faced with a health crisis that…

It was surprising to hear that one of the Platinum Asset Management’s top performing managers, Joseph Lai, Portfolio Manager of the Platinum Asia Fund, had left the firm over Christmas. The fund had performed exceptionally well in 2020 and was a highlight of an otherwise difficult year for the ‘value’ shop which saw the trend…

Embracing technology to improve profitability Net Wealth released their latest Adviser Tech white paper, once again exposing the slow adoption of technology in by financial advisers around the country. The report details the many new outsourcing and digital applications available to make advisers jobs easier, yet the industry remains hamstrung by the requirements of other…

The $85 billion industry fund for the higher education and research sector has finally filled the position of chief risk officer with the appointment of Andrew Raftis after Ruby Yadav resigned in December 2019. Raftis has over 20 years in compliance roles internationally including chief risk officer at AXA Asia Pacific, chief internal auditor of…