Financial Standard

Nominations open for 2025 Power50

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AFCA urges adviser clarity on SMSF wholesale investor test

KARREN VERGARA   The Australian Financial Complaints Authority (AFCA) is urging financial advisers to gain clarity and better understanding on whether the wholesale investor test applies when advising SMSFs.

TWG Global to acquire LA Lakers: Reports

KARREN VERGARA   Fresh from acquiring a stake in Mubadala Investment Company, TWG Global will reportedly acquire the LA Lakers for US$10 billion.

Global X scales higher on the ETF issuer podium

ANDREW MCKEAN   Global X has climbed the ranks of Australia's largest ETF issuers, overtaking State Street, having vaulted its assets under management (AUM) past the $10 billion mark.

TAL partners to expand access to affordable insurance

MATTHEW WAI   The life insurer has today launched backd by TAL in partnership with Cover Genius, targeting those with limited access to affordable cover options.

TAL scores new super fund mandate

JAMIE WILLIAMSON   TAL has won another group insurance mandate, replacing Zurich Australia.

New SMSF trustees drive financial advice uptake

ANDREW MCKEAN   Trustees of newly established self-managed super funds (SMSFs) are behind a surge in the uptake of financial advice, according to a Vanguard/Investment Trends SMSF report.

Panic selling of SMSF assets 'totally unnecessary'

ELIZA BAVIN   SMSF Alliance principal David Busoli says concerns over the government's $3 million super tax are overblown.

Productivity woes endure in March quarter

ANDREW MCKEAN   Productivity, a concept treasurer Jim Chalmers recently described as too often seen as "cold" and "almost soulless," despite it being, as he also noted, the best way to improve people's lives over time, was stagnant in the March quarter and declined over the year, according to the latest figures from the Productivity Commission.

Resilient job market reduces rate cut probability: Experts

MATTHEW WAI   While the Australian unemployment rate remained unchanged, experts are becoming less optimistic we'll see many more rate cuts this year.

SMC backs principles-based approach to corporate governance

ANDREW MCKEAN   Super Members Council (SMC) has championed the flexibility of a principles-based approach to corporate governance as essential for effective oversight, risk management, and accountability, warning against a 'tick-the-box' approach in its submission to the prudential regulator's Governance Review.

Equity Trustees rapped over the knuckles by ASIC

JAMIE WILLIAMSON   Equity Trustees was fined nearly $60,000 by the regulator for making misleading statements about the holdings of a sustainable bond fund.

Acenda Group assembles board of directors

MATTHEW WAI   Four independent non-executive directors have been named to the board of what will be known as the Acenda Group, following the merger with Resolution Life Australasia.

Green moves: Airtrunk, JPMorgan, T. Rowe Price

ELIZABETH FRY   Airtrunk lands a renewables specialist, JPMorgan hires from Amazon, and T. Rowe Price promotes an impact executive.

ESSSuper, UniSuper spearhead member satisfaction

KARREN VERGARA   ESSSuper and UniSuper lead the way for the significant increase in superannuation member satisfaction, a new survey from Investment Trends reveals.

ART makes sweeping changes to corporate super plans

ELIZA BAVIN   Australian Retirement Trust has made a range of changes to several corporate plans, with some seeing fees rise as much as 55%, while a few insurance mandates have been taken from AIA Australia.

Rest pilots Payday Super tech, moves to implement

JAMIE WILLIAMSON   The $93 billion super fund will now work with its administrator to implement the Wrkr employer services platform in preparation for Payday Super.

Fin365 to build one-stop-shop for financial firms

MATTHEW WAI   The Victorian-based software solution company for financial services has acquired Qwrk Outsourcing to formulate a one-stop-shop for outsourced services as demand grows.

Geopolitical risks force family offices into alternatives, cash: Survey

KARREN VERGARA   Geopolitical uncertainties are forcing family offices out of US equities, diversifying into cash and liquid alternatives, according to BlackRock's annual Global Family Office Survey.

Labor proposes changes to ancillary funds

KARREN VERGARA   Labor is proposing several reforms to giving or ancillary funds that include increasing the annual distribution rate and smoothing out minimal distributions over three years.