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Financial Planning

PIS to pay $5.9m to Westpoint investors

ASIC RELEASE  |  MONDAY, 2 NOV 2009
The Federal Court of Australia has approved the settlement of an ASIC-initiated compensation claim to PIS clients who were advised to invest in failed Westpoint Group - ordering PIS to pay $5.9 million to these clients.

Warning signs in consumer wealth report

ALEX DUNNIN  |  WEDNESDAY, 28 OCT 2009
Despite the GFC household wealth still went up. But before wealth managers celebrate too loudly, they are battling to reach beyond Australia's wealthiest people and independent investors using SMSFs are the most satisfied.

Drop commissions or get off APL: AMP

MICHAEL HOBBS  |  TUESDAY, 27 OCT 2009
AMP has told fund managers if they want to be on the group's 1,600-strong financial planning network's approved product list (APL), their products must not include any commissions.

FSP reviews insurer line up

RUTH LIEW  |  TUESDAY, 27 OCT 2009
Dealer group Financial Services Partners is reviewing its preferred risk carriers - including CommInsure, ING and Tower - through its annual adviser survey.

Planning firm wins Telstra Business Award

COMPANY RELEASE  |  MONDAY, 26 OCT 2009
Financial Management Solutions has won the NSW Telstra Business Award for social responsibility.

Premium eyes more practices

MICHAEL HOBBS  |  MONDAY, 26 OCT 2009
Premium Wealth Management is in talks with a dozen practices to join its ranks and is also looking at ways to access separately managed account (SMA) technology.

Budget, what budget?

MICHELLE BALTAZAR  |  FRIDAY, 23 OCT 2009
Financial planners will struggle to get many Gen-Yers to follow financial advice after yet another study found one in four have never budgeted in their life and, even when they do, it's to blow the lot on a holiday.

FPA board approves move away from commissions

COMPANY RELEASE  |  FRIDAY, 23 OCT 2009
The Financial Planning Association of Australia's board has approved the association's remuneration policy that moves its members away from a commission-based model by July 2012.

Aviva SMA attracts $10m in six weeks

COMPANY RELEASE  |  THURSDAY, 22 OCT 2009
Aviva's separately managed account (SMA) has attracted nearly $10 million in financial planning client investment after six weeks.

Wealthy women frustrated with finance firms: book

PRESS RELEASE  |  THURSDAY, 22 OCT 2009
Financial services companies may want to review how they interact and work with women after research found they represent $12 trillion in consumer discretionary spending globally are disappointed with the way finance firms deal with them.