Australian investors missed out on an ‘extraordinary rebound’ in global equities in 2023 as a home bias meant they invested $5.3 billion in Australian equity ETFs, according to Vanguard.
SuperRatings has shared the top 10 balanced superannuation funds of the calendar year 2023, with the top two funds returning more than 13 per cent each.
Confidence in retirement has weakened in Australia rather than strengthened, according to the latest Global Retirement Reality Report from State Street, but over a third say they will seek an adviser for guidance.
ASIC commissioner, Alan Kirkland, has told Money Management that licensees and financial advisers could be in breach of the law and face civil penalties if they fail to meet the new extended deadline for adviser registration.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
The number of advisers who have joined since the start of the year has risen to 24, according to Wealth Data.
Following statistics that thousands of financial advisers are yet to complete their financial adviser registration, ASIC has agreed to extend the deadline.
Wealth Data has tallied up the net movement of advisers seen in the financial advice industry during 2023, with only one subsector reporting positive growth.
Clearer regulation and legislation for financial services is on the horizon as the Australian Law Reform Commission’s inquiry, first launched in September 2020, is tabled in Parliament today.
Funds under management at Australian Ethical are approaching $10 billion as net flows rise 39 per cent in the first half of FY2023–24.
