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Advice firms must scale up to meet demand: AZ NGA

CASSANDRA BALDINI  |  WEDNESDAY, 6 DEC 2023
Financial advice businesses must supercharge their capabilities, expand their capacity, and scale up to reach and serve more Australians. According to AZ NGA's paper, titled Ready or Not? A guide to building a super firm, the industry's current ...

Global X accelerates push to leapfrog local rivals

ANDREW MCKEAN  |  WEDNESDAY, 6 DEC 2023
Global X is intensifying efforts to challenge local ETF managers, targeting an ambitious growth in assets under management (AUM) by the end of 2024. The ETF manager, having reached $6 billion AUM in 2023, is now pursuing a goal of $10 billion by 2025 ...

Superhero Super swallows Smartsave, overhauls offerings

KARREN VERGARA  |  TUESDAY, 5 DEC 2023
... superannuation funds, potentially leading to poor outcomes for members in cases where there isn't sufficient scale," the notice read. Superhero Super and Smartsave are sub-plans of OneSuper, which in turn is issued by Diversa Trustees. Smartsave ...

Retirement phase of superannuation consultation opens

KARREN VERGARA  |  MONDAY, 4 DEC 2023
... range of features or products, such as 'default' drawdown rates, investment strategies and/or longevity products," the paper read. Changing the minimum drawdown framework is one option. This could be revising minimum rates to "achieve a smoother drawdown ...

Changing retirement landscape needs regulatory framework: Actuaries Institute

CASSANDRA BALDINI  |  MONDAY, 4 DEC 2023
The government has been encouraged to create a regulatory framework that empowers superannuation trustees to offer members targeted help, guidance, and advice (HGA) on issues outlined in the Retirement Income Review (RIC). The Actuaries Institute dialogue ...

Paraplanners unfazed by QAR, AI: Survey

KARREN VERGARA  |  WEDNESDAY, 22 NOV 2023
... certain service-oriented firms/licensees may still require an advice record to be provided to their clients," the report read. When asked about the anticipated impact of the QAR on enhancing client experiences, paraplanners said they are not entirely ...

Nominations open in FS Sustainability Power50

RACHEL ALEMBAKIS  |  TUESDAY, 14 NOV 2023
FS Sustainability 's ESG Power50 nominations are now open, searching for the most influential ESG professionals working at ASX-listed companies. Building on the success of the 2023 ESG Power50 list, readers of FS Sustainability along with FS Super ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... provided to the member about the member's interest in the fund on the direction of the member," the Explanatory Memorandum read. The objective is to provide trustees with certainty about paying advice fees agreed between a member and their financial ...

J.P. Morgan readies evergreen solution for wholesale market

ANDREW MCKEAN  |  MONDAY, 13 NOV 2023
J.P. Morgan Asset Management is poised to transform its alternative investment offering into an "evergreen solution" designed to democratise access to asset classes - previously exclusive to institutional investors - to wholesale clients. The asset ...

Base rate lifts to 4.35%

KARREN VERGARA  |  WEDNESDAY, 8 NOV 2023
The Reserve Bank of Australia (RBA) hiked the cash rate to 4.35% as it continues to grapple with subduing inflation. RBA governor Michele Bullock yesterday pushed up the base rate by another 25 basis points, saying that while inflation in Australia ...