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Few redundancies but pay cuts abound: Recruiter

ELIZABETH MCARTHUR  |  THURSDAY, 23 APR 2020
... keen to hang on to their people, pay cuts are commonplace. April insights from financial services recruiter Profusion Group show that while the industry has mercifully avoided mass redundancies as a result of COVID-19, many have seen their pay reduced. ...

Members begin to turn on industry funds

HARRISON WORLEY  |  THURSDAY, 23 APR 2020
New customer satisfaction data shows members' opinions of industry superannuation funds are starting to turn, after weeks of scrutiny over their performance during the COVID-19 crisis. According to Roy Morgan's latest superannuation customer satisfaction ...

Risk advisers under fire

ELIZABETH MCARTHUR  |  THURSDAY, 23 APR 2020
This week's joint report from ASIC and APRA into life insurance and claims handling found superior consumer outcomes for group life insurance, leading a prolific law firm to suggest risk advisers add little to no value. Maurice Blackburn superannuation ...

500 advisers exit during COVID-19

ELIZABETH MCARTHUR  |  THURSDAY, 23 APR 2020
Rainmaker analysis of the ASIC Financial Adviser Register shows that just shy of 500 financial advisers have left the industry in the last two months. From 27 February 2020 to 23 April 2020 the ASIC FAR dropped from 23,226 advisers (excluding time share ...

AMP bleeds $18 billion

HARRISON WORLEY  |  THURSDAY, 23 APR 2020
The market damage of COVID-19 saw AMP's wealth management arm shed more than $18 billion during the first quarter. COVID-19 has left AMP around $18 billion shorter than it was at the beginning of the year, with the economic impact of the pandemic hitting ...

Chief economist update: Thank goodness for Sorbent

BENJAMIN ONG  |  THURSDAY, 23 APR 2020
... what the Australian Bureau of Statistics (ABS) labelled "unprecedented demand" in March. Preliminary estimates by the ABS show that retail spending soared by 8.2% in the month of March as "monthly turnover doubled for products such as toilet and tissue ...

Challenger winds up boutique partnership

KANIKA SOOD  |  WEDNESDAY, 22 APR 2020
Challenger's Fidante Partners has sold its stake in an event-driven manager that it partnered with in 2018, according to its March quarter update which also shows superannuation funds moving to cash. Fidante has ended its partnership with US-based firm ...

Managed accounts use broadens

HARRISON WORLEY  |  WEDNESDAY, 22 APR 2020
Latest research on financial advisers' use of managed accounts shows their increasing popularity among advisers with lower-balance clients. Once reserved for wealthy clients, managed accounts are proving popular for financial advisers with lower-balance ...

APRA questioned on fund liquidity

ELIZA BAVIN  |  WEDNESDAY, 22 APR 2020
... with the subterranean industry campaign for a bailout some weeks ago. This appears to have been an ambit claim." ATO figures show that over 880,000 Australians have registered their interest in accessing the governments ERS scheme. Funds have been given ...

Ethical fund manager wears $520m hit

HARRISON WORLEY  |  TUESDAY, 21 APR 2020
The market impact of COVID-19 hit Australian Ethical to the tune of half a billion dollars in the first quarter, but strong inflows have helped limit the damage. The ethical wealth manager closed the first quarter on March 31 with $3.59 billion in funds ...