The use of multiple platforms has reached a 10-year record high average of three, with advisers increasing the proportion of new business directed to their secondary platform at the expense of their main platform.
The financial advice industry has declined by eight advisers to 16,400 this week with the financial year still looking strong, up 150 compared to 82 for the corresponding period last year, according to Wealth Data.
Ausbil’s Sydney-based chief executive, Ross Youngman, has completed the 33-kilometre swim across the English Channel, to raise money for scholarships for the Australian Indigenous Education Foundation.
The Australian Securities and Investments Commission has banned an Adelaide-based financial adviser from providing financial services for five years after problems with the early release of superannuation.
There is much Australia can learn from the United Kingdom’s regulatory framework, including its strength of being more easily navigable and a focus on outcomes rather than principles, according to the Australian Law Reform Commission.
The Financial Services Council has announced the appointment of Renato Mota, chief executive of Insignia Financial and Alison Telfer, country head for asset management Australia and New Zealand of UBS Asset Management, as FSC board directors.
Stockspot’s founder, Chris Brycki, has hit out against Vanguard’s submission to the Quality of Advice Review, flagging concerns that the firm carving out a role as product issuers and product advisers harks back to vertical integration.