Editor's Choice
Adviser numbers plateau
The number of financial advisers in Australia appears to be stabilising at 15,602, as Count and AMP Financial Planning continue to hold the lion's share.
Praemium loses $700m due to adviser transitions
Praemium reported total net outfows from its Powerwrap scheme has reached $700 million over the past three quarters.
Small cap investors told to 'stop whinging'
Forager's chief investment officer has read the riot act to investors.
Adam Blumenthal ordered to pay $850k
Blumenthal is also banned from managing corporations for five years.
Further Reading
Sponsored by | Where do advisers invest their time?The stage 3 tax cuts have sparked discussions on bracket creep. Implementing a tax-effective investment strategy is crucial now more than ever. |
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 find it interesting how all the vertically integrated wealth management companies are all saying how positive this outcome is for them.
They pay themselves $500k a year and say it's our (advisers) fault they can't make a profit.
Biggest load of garbage I have ever seen.
I wonder how positive they will be when they see their sales drop.
I also wonder how the government will view the massive under insurance that will follow from this decision.
1. Claw-backs on insurance have around since inception-no change
2 Upfront v reduced have a look at the discount from Insurers minimal.
3 Increase in premium Insurers re evaluating their risk ( so what do you do??)
4 If the policy persist ?? Typical comment!! keep premiums competitive pay the claims in a prompt manner ( Do not try and underwrite after the claim is made).
No difference to my business but I feel that it all revolves around the few versus those that actually make a living out of the risk business.
Two things I forgot to ask in my first post:
1) Will the life company execs take a pay cut commensurate with advisers to assist and help offset the 'great reset' the industry will endure due to increased costs of compliance, new systems to manage this debacle and their basic ineffectiveness in getting the churners OUT of our industry? The churners caused this - not the high commissions, let's not forget this. The only entities who could stop this were and are life companies. They did not stop this and now look what we have!
2) Will the dealerships reduce our fees to offset this reduction in our income?
I think we can all anticipate the answers to these two questions.