Minister for Financial Services, Stephen Jones, has confirmed the start date for consumers to lodge claims with the Compensation Scheme of Last Resort as well as its first chair.
Only three out of the 10 largest advice licensees have seen net growth in their financial adviser numbers since the beginning of the 2024 financial year, according to Wealth Data.
Over half of advisers are now using managed accounts with their clients, according to Adviser Ratings, a rise of 50 per cent since 2019.
Centrepoint Alliance has reported a 63 per cent NPAT growth for 1H24 and is looking into its existing licensee network to enact their own acquisitions as they look for succession plans.
Technology platform Praemium expects to be able to grow FUA on the OneVue platform by 50 per cent to $6 billion within 18 months of its acquisition.
Australian investment managers are pivoting away from retail investors and towards the allure of private clients, according to Sentient Group, while the sophisticated investor test remains under fire.
Dixon Advisory is a prime example of ASIC’s lack of enforcement action and wrongdoing will continue unless there are “heads on spikes”, according to Senator Andrew Bragg.
Iress has found a buyer for its OneVue platform business as it moves to streamline the business to three core segments of wealth management, trading and superannuation.
Australian Ethical has reported a 15 per cent FUM rise as it scales up the business to benefit from a mega trend of responsible investing.
ASIC has shared findings on the role of advice licensees in the oversight of superannuation fund performance, highlighting their approved product lists and use of research houses as well as actions going forward.
