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Market wrap PM

AAP  |  WEDNESDAY, 6 AUG 2014
The Australian stock market is lower as fears of an escalation of the Ukraine conflict and a potential move by the US Federal Reserve to increase interest rates impacts the local exchange. The market impact of reports Russia is massing troops on the ...

FSC Conference: Industry urged to prepare for Asia Passport pilot

MARK SMITH  |  WEDNESDAY, 6 AUG 2014
Though barriers to widespread adoption still exist, the funds management industry must be well prepared for the impending pilot version of the Asia Region Funds Passport if the long-term existence of the scheme is to be guaranteed. That was the consensus ...

Clients prefer good reputation, knowledge over low fees

LAURA MILLAN  |  WEDNESDAY, 6 AUG 2014
... come from recommendations from happy clients in the next 12 months. There is also a large minority of financial advisers who plan to move out of traditional markets and target entirely new client segments. About 20% say that they will target new client ...

Fortnum ready to recruit advisers after ANZ stake buyout

LAURA MILLAN  |  WEDNESDAY, 6 AUG 2014
Fortnum Financial Group has bought the 20% stake that ANZ had in the dealer group and is now looking to grow by recruiting new practices. Following the buyout of the ANZ stake, Fortnum is among Australia's largest independent advice businesses. The ...

Fortnum completes ANZ buy-out

ALICE URIBE  |  WEDNESDAY, 6 AUG 2014
Fortnum has become of Australia's largest independently-owned Australian Financial Services Licensees after completing a multi-million dollar deal to buy-out ANZ's 20% stake in the company. Fortnum's management, staff and financial advisers raised the ...

Countplus' TFS increases equity in advice firm

STAFF WRITER  |  TUESDAY, 5 AUG 2014
... and the size of the firms," he said. Operating under TFS gives advice firms "an opportunity to put in place a succession plan," Aris explained, and added that the group is looking to acquire a 30% or 40% stake into some of its existing practices. He ...

Folkestone acquires land for planned community

STAFF WRITER  |  TUESDAY, 5 AUG 2014
... demand for our Project over the coming years," Paramor said. The project is located within the Truganina Precinct Structure Plan ("PSP") which is awaiting approval by the Metropolitan Planning Authority and the Victorian Minister for Planning, following ...

Consumer awareness of vertical integration plummets

LAURA MILLAN  |  TUESDAY, 5 AUG 2014
The number of consumers unaware that their financial adviser works for a dealer group aligned with the big institutions has significantly increased over the past year. In 2013, 51% of the clients using Commonwealth Bank-owned Financial Wisdom thought ...

Advice register talks focus on financial advice scope

LAURA MILLAN  |  MONDAY, 4 AUG 2014
At its first meeting last week, the government's industry committee on the proposed register of advisers focused what kind of financial advisers should be included. The advice register working group met last Thursday and will meet again before mid-August ...

Claims against advice arm have no factual basis: Macquarie

LAURA MILLAN  |  MONDAY, 4 AUG 2014
Macquarie Group has denied recent media reports claiming its advisers cheated on competency tests and exposed clients to high-risk investments, saying that it would refer the matter to the Australian Press Council (APC). In a statement on its website ...