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Praemium's new leadership toughens earnings yardstick
|Praemium's new leadership will be keeping a close eye on costs, with new chief executive Denis Orrock noting he will make sure the technology upgrade underway translates into stronger earnings and better returns for shareholders.
Australian Ethical FUM drops by $70m
|Australian Ethical saw a net outflow of $100 million in its investment business in the first quarter of the financial year.
Perennial expands wholesale offer for pre-IPOs
|Perennial Partners is launching a new strategy for wholesale investors to capitalise on global pre-IPO opportunities, requiring a minimum investment of $100,000.
Macquarie wealth investment chief to depart
|Macquarie chief investment officer for wealth will take on a new role at a New Zealand-based investment management firm after serving in the position for close to three years.
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Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Mr Rundeman of IOOF says that in addition to loss of the pension, mid-range wealth retirees will have '$600 to $700' of additional expenditure' through loss of concessional benefits.
State benefits vary from state to state but to take NSW as an example, I estimate that the loss to me and my wife of the pension will cause an additional expenditure of at least $2000-$2500 per annum through loss of other benefits.
For example: Car registration (now free) +$350; Water charges (pensioner rebate) p.a. +$600; Rates (pensioner rebate) p.a.+$250; doctor (loss of bulk billing) (4 visits each p.a.) + $200, medical procedures (regular scans for hip and DVD) (loss of bulk billing) +$250; loss of pensioner entertainment discounts for tickets (2 people) + $400. One of our few joys is the annual opera in the park for which pensioner tickets are almost half price. Attending in future would be $200 extra alone.
I have been very disappointed at the standard of debate and the ignorance of politicians on this issue. Just for starters no one ever takes into account that there is only one pension for a couple, but there two people who will have to pay.