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AZ NGA recruits chief operating officer

JAMIE WILLIAMSON  |  WEDNESDAY, 8 DEC 2021
The chief operating officer of Countplus will join AZ Next Generation Advisory in the new year, spearheading the group's expansion plans. Graham McGeagh has been with Countplus since 2018 but will join AZ NGA as its chief operating officer in early ...

Intergenerational transfer hits $1.5tn

KARREN VERGARA  |  TUESDAY, 7 DEC 2021
... start a family or purchase a house, and received about $8000 (again, the median was much lower, at about $1000)," the report read. Commissioner Catherine de Fontenay said wealthier people receive more inheritances and gifts on a dollar-for-dollar basis ...

Economic recap: Week to December 3

BENJAMIN ONG  |  MONDAY, 6 DEC 2021
Australians all, let us rejoice... for despite the Delta-induced lockdowns in the September quarter, the domestic economy shrank by much less than most of us were expecting. The Australian Bureau of Statistics' (ABS) National Accounts report shows ...

Retirees require 3.3% drawdown: Research

KARREN VERGARA  |  WEDNESDAY, 1 DEC 2021
... portfolios, as the good tidings we've experienced in the recent past is unlikely to continue," the State of retirement report read. The 4% rule originated when US financial adviser Bill Bengen conducted a study to understand how much his clients could ...

Default super delivers best performance in 34 years

KARREN VERGARA  |  MONDAY, 29 NOV 2021
... measured over rolling five and 10-year periods the gap is one percentage point in favour of the NFP segment," the report read. "Since the introduction of MySuper the segment gap has reduced 90%, meaning the retail and NFP segment is now performing 'line-ball' ...

AFCA must improve transparency: Hume

KARREN VERGARA  |  THURSDAY, 25 NOV 2021
A review of the Australian Financial Complaints Authority found that it needs to be more transparent when dealing with complainants and providing the reasoning behind its decisions. Senator Jane Hume's final report made 14 recommendations, all of which ...

Largest asset owners grow: WTW

JAMIE WILLIAMSON  |  WEDNESDAY, 24 NOV 2021
The world's largest asset owners grew by almost 16% last year, but Australia's largest superannuation fund has slipped in the rankings. The latest research from Willis Towers Watson's Thinking Ahead Institute shows the world's largest 100 asset owners ...

APRA hones in on post-retirement products

KARREN VERGARA  |  TUESDAY, 23 NOV 2021
... is intended to fund living standards of retirees, not to accumulate wealth to pass to future generations," the RIR report read. By 2059, the review estimated that about $130 billion in superannuation death benefits will be paid out - a whopping increase ...

Women advisers drop to 21%

KARREN VERGARA  |  MONDAY, 22 NOV 2021
The number of women working in the financial advice industry has dropped to 21% compared to 25% two years ago. Rainmaker's modelling of the September ASIC Financial Adviser Register shows that only one in five financial advisers out of the total pool ...

Unlisted unit trust conversions boost ETP sector

KARREN VERGARA  |  MONDAY, 15 NOV 2021
Unlisted unit trusts converting to exchange-traded products continues to bolster the $125.3 billion sector, new research suggests. Rainmaker's September 2021 ETP report found the growth in ETP assets was driven by the conversion of unlisted unit ...