Record exam results boost adviser growth

Wealth-Data/new-entrants/financial-advice-exam/licensees/

| By Jasmine Siljic |

Following a 73 per cent pass rate in the August financial adviser exam, the highest since ASIC took over its administration, a high number of new entrants have joined the advice industry this week, according to Wealth Data.

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Jasmine Siljic

Jasmine Siljic is a journalist at Money Management. Prior to joining MM, she also worked across other Momentum Media brands as an intern and cadet journalist. She recently completed a Bachelor of Media and Communications at Macquarie University.

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Which platforms saw double-digit FUM rises in FY23?

platforms/FUM/mercer/Plan-For-Life/HUB24/netwealth/BT/praemium/macquarie/

| By Rhea Nath |

People & Products

While retail market leaders like Insignia had moderate increases, there were at least five platforms with significant rises in the last financial year, including BT’s $35 billion worth of business transitioning to Mercer.

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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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How much longer for impacted AMP class action members?

amp/Alexis-George/Matt-Lawler/bolr/buyer-of-last-resort/the-advisers-association/neil-macdonald/

| By Laura Dew |

Financial planning

The Advisers Association has expressed disappointment at AMP’s decision to appeal the BOLR verdict while AMP’s Matt Lawler says he hopes mediation will reach “an outcome that allows us to put this behind us”.

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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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Betashares ventures into super industry with acquisition

BetaShares/Superannuation/ETFs/Alex-Vynokur/

| By Rhea Nath |

Funds management

The fund manager has reached an agreement to acquire Bendigo and Adelaide Bank’s superannuation business, which it believes to be “highly complementary” to its ETF business.

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Rhea Nath

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AMP to appeal BOLR verdict

amp/amp-financial-planning/buyer-of-last-resort/bolr/

| By Laura Dew |

Financial planning

AMP has announced this morning that it intends to appeal the verdict of its Buyer of Last Resort class action.

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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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Melbourne adviser faces court over super theft

ASIC/ban/court/

| By Rhea Nath |

Financial planning

A Melbourne financial adviser permanently banned by ASIC earlier this year is facing a maximum penalty of 20 years’ jail for obtaining financial advantage by deception, allegedly spending the money on race cars, boats, and helicopters.

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Rhea Nath

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Should ALRC wait until QAR is over to change advice legislation?

FSC/ALRC/legislation/quality-of-advice-review/QAR/

| By Laura Dew |

Financial planning

The Financial Services Council has noted the “enhanced risk” that comes from implementing changes to financial advice legislation simultaneously with the Quality of Advice Review.

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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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CFS appoints group CEO

CFS/CEOs/colonial-first-state/Suncorp/

| By Laura Dew |

People & Products

Colonial First State has appointed a new group chief executive following a global search.

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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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ASIC review identifies licensees' remediation problems

complaints/remediation/ASIC/

| By Laura Dew |

Financial planning

ASIC has warned licensees they could face regulatory action if they fail to remediate customers in a timely manner as it reviews licensees' handling of RG 277 in its first year.

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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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Five takeaways from ASIC’s AFSL data

AFSL/financial-advice/licensees/AFS-Licence/

| By Laura Dew |

Financial planning

Money Management crunches the numbers on ASIC’s data on Australian financial services licence approvals and how it compares over the last three years.

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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