AFCA sees 26% drop in investment and advice complaints

Investment and advice complaints to AFCA dropped by over a quarter in FY24, but inappropriate advice remains the most prevalent complaint afflicting the sector.

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The 2 factors driving wealth management M&A boom

The wealth management sector is bucking the global trend of declining M&A and two industry-specific factors could mean it sees a further uptick in 2025, according to Deloitte.

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Retaining client assets in the face of wealth transfer

Nearly half of financial advisers worldwide view the intergenerational wealth transfer as an existential threat, Natixis Investment Managers finds, as one-third say they have lost clients because of generational attrition.

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Magellan launches first equity funds with Vinva

Magellan has launched the first two funds with its strategic partner Vinva Investment Management as executive chair Andrew Formica says the firm is turning back towards growth.

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Praemium reports strong Q3 inflows as adviser outflows ease

In the firm’s financial results for the three months to 30 September, the platform reported quarterly inflows of $139 million as adviser outflows lessened.

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AstuteWheel enhances client engagement platform

The financial planning software designed for advisers has rebuilt its platform and brought its development team in-house to better adapt to industry changes.

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ASIC cancels AFSL of timeshare company

The regulator has cancelled the AFSL and credit licence of liquidated Ultiqa Lifestyle Promotions following a $19,000 unpaid AFCA determination that was paid by the CSLR.

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Conflicted advice model leads to UGC wind-up

Court details show the extent of an “advice model” run by United Global Capital that justified its winding up earlier this month.

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Advisers warned on outsourcing investment decisions to AI

Under new OAIC guidance, financial advisers who opt to use AI to provide advice have an obligation to demonstrate to clients how they reached their decisions and why that option was taken.

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