Minister for Financial Services, Stephen Jones, believes the industry can return to 30,000 advisers but new pathways are needed as it is unrealistic to expect people to want to become advisers at 18.
A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super.
Two-thirds of all licensees are paying over $1 million annually in internal compliance costs, including 13 per cent of those with less than 100 staff and representatives, according to Holley Nethercote.
The financial planning-accounting business model is the only one to have seen growth in its adviser numbers since 1 July 2022, according to Wealth Data.
Colonial First State Investments has reached an in-principle settlement regarding a superannuation class action about grandfathered commission.
Prime Minister Anthony Albanese has announced the successor for Philip Lowe at the Reserve Bank of Australia.
It is understood Reserve Bank of Australia governor, Philip Lowe, will not be re-appointed to the governor position with a decision due to be made later today.
The Financial Regulator Assessment Authority has released its review of the Australian Prudential Regulation Authority.
Three things are missing from the government’s formal response to the QAR, according to the FAAA’s Phil Anderson, while a panel has shared why they believe the QAR should help the profession return its focus to advice delivery.
Wraps, platforms and master trusts FUM declined to $982.5 billion over the year to end of March 2023, although some market leaders like HUB24 and Netwealth experienced double-digit growth.
