Almost half of the advisers who have departed this year have been in the industry for less than 10 years while older advisers are pinning their hopes on the experience pathway.
AMP CEO, Alexis George, expects to have an update on the BOLR class action this month but has not ruled out appealing the case, having set aside a “best estimate” of $50 million in provisions.
Following the departure of Lukasz de Pourbaix in April, Lonsec has appointed a new chief investment officer and executive director.
AMP has reported half-year results for its advice division as it updates on the next action in the BOLR class action case.
Earmarking some $520 million in an indemnity deed to former subsidiary Count Financial, CBA’s full-year results reveal a trial date has been fixed for March 2024.
There are three standout platforms dominating the advice market, based on feedback to Adviser Ratings, as the shrinking pool of advisers become a powerful arbiter.
Former Praemium chief distribution officer, Martin Morris, has found a new role at Sequoia Financial Group, among three senior appointments made by the firm.
Now is a difficult time to be a fund manager, according to Maple-Brown Abbott chief executive, Sophia Rahmani, with the firm focusing on distribution to financial advisers to boost growth.
WT Financial is expecting to see a 130 per cent increase in net profit after tax, as it releases indicative results for FY22–23, and CEO Keith Cullen believes the outlook for financial advice has “never been stronger”.
Noting that some QAR recommendations make it “less legally onerous” for banks to provide advice, the industry association said it suspects a lingering interest from these institutions to return to wealth management.
