Australian wealth manager Shaw and Partners has appointed a national head for its private wealth division, which has over 200 advisers and $40 billion in assets under management.
ASIC has permanently banned a Melbourne individual who illegally provided financial advice which led investors to deposit $374,000 into his bank accounts.
With the role of BDMs evolving, AMP chief executive Alexis George admitted the firm “didn’t spend enough time on selling” and a renewed focus on this division is successfully helping to boost its cash flows.
The Australian Financial Complaints Authority has received more than 100,000 complaints for the second year running, with investment and advice complaints rising 18 per cent.
Platform Netwealth has unveiled a wholesale-only platform solution, designed to meet the growing opportunity among high and ultra-high-net-worth investors.
Libby Roy has been appointed as an independent non-executive director on the board of AZ NGA.
ASIC is suing advice business Fortnum Private Wealth, a subsidiary of Australia’s largest licensee Entireti, for alleged cyber security failures which led to client data being published on the dark web.
Just one day after announcing it was awaiting a final bid from CC Capital, the two firms have entered a scheme of arrangement, albeit at a lower price than initially bid.
AMP’s platform has seen net cash flow increase 63 per cent in Q2, while its superannuation and investment division returned to positive cash flow for the first time since 2017.
Centrepoint Alliance, the third-largest advice licensee, is forecasting to report a net revenue increase of 13 per cent for FY25, while adviser numbers have reached more than 570.
