Plan B FUMA declines
Publicly listed Perth-based wealth management group Plan B has reported a 4.2 per cent decline in funds under management and advice (FUMA) to $1.56 billion during the September quarter.
The company reported to the Australian Securities Exchange today that the decline in FUMA had been attributable to the well-publicised decline in world investment markets.
The company said that the PFS Affinity Partner component of the FUMA held on Plan B’s platforms had grown by 14.2 per cent over the quarter to $115 million, indicating the emerging benefits of the PFS Affinity Program and compatible partners.
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.