NSW advice firm sees AFSL cancelled

ASIC/CSLR/

| By Rhea Nath |

An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.

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ASIC

CSLR

AUTHOR

Rhea Nath

Rhea L Nath is a journalist at Money Management. She has previously worked as a business reporter with Dynamic Business and journalist in the multicultural media with Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.

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FAAA calls for Dixon compensation to be expanded beyond advice

Dixon/AFCA/

| By Laura Dew |

Financial planning

The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.

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Dixon

AFCA

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Employee burnout sitting at ‘alarming levels’

mental-health/stress/workplace-wellbeing/Robert-Half/

| By Rhea Nath |

Financial planning

Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.

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AUTHOR

Rhea Nath

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ASIC’s Kirkland warns on Shield advice misconduct

ASIC/

| By Laura Dew |

Financial planning

ASIC commissioner Alan Kirkland says the problems regarding advisers recommending clients to invest in the troubled Shield Master Fund are far from being an “isolated incident”.

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ASIC

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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FAAA shares 5-year plan

financial-advice/regulation/

| By Laura Dew |

Financial planning

FAAA chair David Sharpe says its members are ready to control their own professional standards via co-regulation as the organisation shares its five-year roadmap.

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financial advice

regulation

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Industry redundancies raise questions about talent loyalty

insignia/hiring/

| By Rhea Nath |

Funds management

As cost-cutting programs drive a rise in wealth management redundancies, a recruitment consultant suggests highly regarded talent are seeing their loyalty tested in an uncertain market.

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insignia

hiring

AUTHOR

Rhea Nath

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Advisers bullish on global equities but valuations a worry

Fidante/global-equities/Australian-small-caps/equities/

| By Rhea Nath |

Funds management

A new survey has found advisers are planning to increase allocations to global equities as well as Australian small caps in the next six months, however they believe high valuations in the market remain concerning.

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Fidante

global equities

Australian small caps

equities

AUTHOR

Rhea Nath

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Managed funds underperform despite lowered fees

managed-funds/morningstar/investSMART/

| By Rhea Nath |

Funds management

The average managed fund fee has declined by a third over the past 10 years, however InvestSMART’s analysis suggests this has not necessarily translated to them outperforming their benchmark.

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managed funds

morningstar

investSMART