Total MySuper assets are approaching $1 trillion while the number of funds with more than six members has declined by 40 per cent over the last five years, according to APRA’s latest annual statistics.
In its pre-budget submission, the FAAA has expressed its concern over the “extremely disheartening” costs of the Compensation Scheme of Last Resort potentially being passed on to financial advisers.
Despite accounting for over 50 per cent of fund launches in 2023, active ETFs recorded approximately $1 billion in outflows last year, confirming investors’ preference for passive strategies.
ASIC chair Joseph Longo says the regulator is conducting a review into the use of artificial intelligence in financial advice as it explores how to prevent AI harm to consumers.
The federal government has released draft legislation making it easier for financial advisers to demonstrate they have a qualified degree and changing the transitional arrangements for tax (financial) advisers.
The regulator has provided example questions of what the next batch of candidates sitting on 26 March can expect to see, following regulatory changes to its structure.
Perth-based financial advice firm The Wealth Designers is looking to ‘seize the opportunity’ of national expansion across Australia, as the firm looks to open new offices across the country in 2024.
The actions of Sydney fraudster Melissa Caddick have resulted in heavy costs for the financial advice subsector, as the FAAA calls for costs of the enforcement action against unlicensed operators to be borne by the whole financial services industry.
Dirigere Advisory, a Victorian boutique financial advice licensee, has relaunched with a new operating model that aims to better meet the needs of its advisers, including equity participation and improved pricing model.
Sustainable funds in Australia and New Zealand saw US$567 million in inflows in the last quarter, according to Morningstar, but political concerns in the US meant global funds recorded their first-ever quarterly outflows.
