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Financial Planning

AMP hit by lower discretionary contributions

BY MICHELLE BALTAZAR | TUESDAY, 21 OCT 2008 1:00PM

The September quarter cashflow report from AMP is the latest set of data to show that Australians are feeling the pinch, with many reducing the amount of their discretionary contributions in the last three months compared to the same time last year.

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Editor's Choice

Capstone joins forces with PictureWealth to form $22bn FUA planning network

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PictureWealth Group has inked a landmark deal with national advice licensee Capstone Financial Planning, forming a combined business with 360 financial advisers and $22 billion in funds under advice.

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Mercer Investments Australia has overhauled the fund manager line-up across its Australian equities and small-caps funds following an investment review, retaining some incumbents and awarding fresh mandates at the same time.

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The super fund is launching 'Super Saturday' to help those that are missing out on the advantage from super tax benefits ahead of the end of the financial year.

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The Reserve Bank of Australia kept interest rates on hold at its June meeting with economists suggesting the next move could be a rate cut.

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