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New super fund prepares for launch

ELIZABETH MCARTHUR  |  TUESDAY, 21 SEP 2021
Tomorrow Super is readying itself for a $5 million pre-IPO funding round, with the promise of a financial adviser friendly superannuation solution. Crescent Wealth has acquired an 8% stake in Tomorrow Super and has become the firm's maiden white label ...

ASIC prepares advisers for DDO

KARREN VERGARA  |  FRIDAY, 17 SEP 2021
ASIC is urging financial advisers to be well prepared for the new Design and Distribution Obligations regime, warning that there should be no surprises when it kicks into gear on October 5. The corporate regulator said it will take a "reasonable approach" ...

DDO nil-reporting rule scrapped

KARREN VERGARA  |  THURSDAY, 16 SEP 2021
... their product governance arrangements are appropriate, and their products are meeting the needs of consumers," the document read. Treasury said the proposed change stemmed from industry feedback and forms one of many amendments it wants to implement. ...

Advisers embrace technology, lack budget

KARREN VERGARA  |  WEDNESDAY, 15 SEP 2021
... 2020) advice firms have a client portal with another one in 3 (35.1%) planning to get one in the next 24 months," the report read. "Client portals evolve the client-adviser relationship beyond in-person interactions. They provide an always-available ...

Managed accounts surpass $100bn

ANNABELLE DICKSON  |  WEDNESDAY, 15 SEP 2021
The take up of managed accounts continues to grow with the industry growing $15.8 billion in the last six months to $111 billion, new research shows. The Institute of Managed Account Professionals (IMAP) and Milliman's latest Managed Accounts FUM Census ...

Strong year for farmland assets

KANIKA SOOD  |  FRIDAY, 10 SEP 2021
Australian farmlands posted 15.07% in returns for the year ending June 2021, as commodity prices and seasonal conditions held strong, according to ANREV. This included 5.33% income contribution and a 9.36% appreciation. The data is compiled by Asian ...

Breach reporting guidance released

KARREN VERGARA  |  WEDNESDAY, 8 SEP 2021
ASIC has released more details on how financial advisers providing advice to retail clients can comply with the upcoming breach reporting law. Information sheet 259 Complying with the notify, investigate and remediate obligations sets out further guidance ...

Morningstar business development lead to exit

JAMIE WILLIAMSON  |  WEDNESDAY, 8 SEP 2021
Morningstar is recruiting for a new head of business development for Australia and New Zealand as the incumbent readies to return to the United States. Phil Winter is remaining with Morningstar but leaving the local business; returning to Chicago at ...

AustralianSuper skewers draft disclosure laws

JAMIE WILLIAMSON  |  MONDAY, 6 SEP 2021
The draft legislation on superannuation portfolio holdings disclosure is not in the best financial interests of members and only stands to serve rival fund managers to whom the reforms don't apply, according to AustralianSuper. In its submission to ...

Super funds not ready for IDR

ELIZABETH MCARTHUR  |  FRIDAY, 3 SEP 2021
An ASIC survey of super funds about their preparedness for the new enforceable internal dispute resolution (IDR) obligations identified areas of weakness. The specific areas identified by the regulator as needing improvement include attention to governance ...