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Macquarie introduces new wrap cash fee

ELIZABETH MCARTHUR  |  TUESDAY, 25 AUG 2020
... will continue to apply until December. But from 25 September 2020 customers will be hit with a new cash administration fee on top of that investment fee of 0.29% per annum. Macquarie said the new cash administration fee can be up to 1.23%. An interest ...

ESG crisis returns overcooked: Research

KANIKA SOOD  |  MONDAY, 24 AUG 2020
... together dominate the explanatory power of the COVID returns models." The researchers also used GFC data to explain winners (top decile performers) and losers (bottom decile). They then used it to predict COVID-19 losers and winners. They found accounting- ...

AIST calls for top-ups for low-income ERS recipients

ANNABELLE DICKSON, KANIKA SOOD  |  MONDAY, 24 AUG 2020
Government should top up the superannuation balances of Australians who make less than $39,837 a year and genuinely accessed their superannuation under ERS, according to the Australian Institute of Superannuation Trustees. The body is recommending the ...

Advice remediation tops $1bn

ELIZABETH MCARTHUR  |  MONDAY, 24 AUG 2020
AMP, ANZ, Commonwealth Bank, Macquarie, National Australia Bank and Westpac have paid or offered a total of $1.05 billion in compensation to customers as a result of fee for no service, misconduct and non-compliance advice, according to ASIC. ASIC said ...

Dividend cuts not as bad as expected

KANIKA SOOD  |  FRIDAY, 21 AUG 2020
... after APRA issued revised guidelines. Of the big four, only Westpac cancelled their dividend. "CBA was able to declare at the top end of expectations, and ANZ are paying out their interim dividend that was previously deferred, in-line with expectations. ...

Retail investors surpass one million

ALLY SELBY  |  FRIDAY, 21 AUG 2020
... investors are willing to pay their main broker for additional features, highlighting their demand for greater support. "At the top of their wish list is stock research or more advanced analysis, tax tools and live pricing." CommSec Pocket leads the industry ...

Morgan Stanley duo establishes advice boutique

KANIKA SOOD  |  THURSDAY, 20 AUG 2020
... Emanuel is the more experienced of the two, with 28 years of experience and multiple appearances on the Barron's list of top financial advisers. The duo is joined by Ryan Loehr, who worked as an associate adviser initially at Morgan Stanley with ...

Chief economist update: Worse news is better news

BENJAMIN ONG  |  THURSDAY, 20 AUG 2020
... it's having on the US and world economies. US GDP growth plunged at an annualised rate of 32.9% in the June 2020 quarter on top of the 5.0% drop in the first quarter. The latest labour market tally has the unemployment rate improving from the all-time ...

ASIC warns Indigenous Australians over scams

ANNABELLE DICKSON  |  WEDNESDAY, 19 AUG 2020
... losses to investment scams with $341,797 lost, followed closely by women at $339,220 lost. ASIC revealed phone calls as the top contact method by scammers with 756 reports and $632,049 reported lost. This was followed by email at 21% with 387 reports ...

Sales, reporting top buy-side pandemic struggles

KANIKA SOOD  |  FRIDAY, 14 AUG 2020
... struggled most with trading and risk functions. FIS, which commissioned Longitude Partners to conduct the research, found the top concerns varied at sell-side and buy-side firms. The survey asked the participants how challenging it was for their organisation ...