Editor's Choice
Platinum announces strategic review
Platinum said following the review Platinum Capital and Platinum Asia Investments may be wound up.
Sequoia chief's job at stake in upcoming EGM
Sequoia Financial Group will hold an Extraordinary General Meeting (EGM) in June that will consider a resolution to remove chief executive and managing director Garry Crole.
Scott Farquhar steps down from Atlassian
After more than two decades at the helm, Scott Farquhar will step down as co-chief executive of Atlassian.
Goldman Sachs ditches robo-adviser Marcus Invest
The investment bank is offloading Marcus Invest to Betterment just three years after announcing it will launch the digital adviser.
Further Reading
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Sponsored by | Quality and Yield. A Powerful combination.With central bank rates seemingly peaked, investors are not awaiting yield increases. We're bucking the trend with investment rates at decadal highs |
Sponsored by | Why it could be a good time to be a growth contrarianGrowth-style companies are in vogue, but you may need to think outside the box to ensure you don't overpay. |
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Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
I know some banks might be on the nose at the moment and that their cross selling is quite efficient. But surely what David Whiteley meant to say was that he wants everyone out of the default super environment so that the industry funds can have open slather on everyone's super first before anyone else can get to it.
Now I would have thought that was just as much a conflict of interest as David alleges applies to the banks being able to cross sell to their business clients.
It is good to see that self interest again looks like winning out at the expense of the consumer.
Am I the only person in the room who sees Mr Murray as the boss of CBA when the first of the 400,000 clients started receiving their bad advice, and grew market share by 24% p.a. until he resigned years later; and now he's seen as the saviour of the superannuation industry... give me a break!
What a statement that some banks might be on the nose. The cross selling is not at all efficient for the member. What David Whitely and others acting in members best interest have always said is that when you look at choice and return associated with cost then some are better than others. No problem where the member expresses the choice.
Where the default argument lies is what is in the members best interest or perhaps the bank/employer best interest. I've been through it in the industry when I worked and clearly was never in the member best interest when given lower returns at higher cost and the employer was getting an offset on his banking business? Just remind who was the beneficiary there.
Funnily enough the bank tried it on one employer who listened carefully about the benefits he would get in return for signing his employees up to the bank superannuation scheme. Pity the representative from the bank didn't check that the employer was in fact the Fund Secretary for the Industry Superannuation Fund at that time.