Financial Standard

Poor succession plans expose advice firms to crisis events: Report

KARREN VERGARA   Most financial advice practices are ill-prepared to manage the sudden death or permanent disablement of a principal, according to new research, underscoring widespread gaps in succession and contingency planning.

Capstone joins forces with PictureWealth to form $22bn FUA planning network

MICHELLE BALTAZAR   PictureWealth Group has inked a landmark deal with national advice licensee Capstone Financial Planning, forming a combined business with 360 financial advisers and $22 billion in funds under advice.

Aware Super sells majority stake in water portfolio

ELIZA BAVIN   Aware Super has sold a majority portion of its Australian water portfolio from the southern Murray-Darling Basin.

Passive ETFs continue to dominate domestic market

MATTHEW WAI   The latest analysis from Betashares indicates index ETFs continue to drive the expansion of Australia's ETF industry.

Treasury releases adverse genetic test results ban draft regulation

KARREN VERGARA   Treasury is seeking feedback on draft regulations that ban the use of adverse genetic test results in life insurance, which come into effect on October 8.

AFCA to update rules on new genetic testing laws

KARREN VERGARA   The Australian Financial Complaints Authority (AFCA) is proposing to amend its rules in preparation for recent legislative changes on genetic testing protections in life insurance.

Lack of awareness impacts retirement satisfaction: TAL

MATTHEW WAI   New research indicates that although around 90% of retirees selecting pension accounts or lifetime income streams were satisfied with their decision, less than two in five (38%) pre-retirees understood how those products work.

Investment performance will not help smaller balances: Research

MATTHEW WAI   Recent research from Monash University demonstrated retirees will require a balance above $400,000 to achieve sustainable retirement without investment-related constraints.

RBA on hold, rate cuts expected

ELIZA BAVIN   The Reserve Bank of Australia kept interest rates on hold at its June meeting with economists suggesting the next move could be a rate cut.

Productivity growth is 'going from bad to worse': PC

ELIZA BAVIN   Labour productivity fell by 0.6% in the March quarter and over the year to March has grown by only 0.3%.

Start-ups, small businesses win CGT reform carveouts

KARREN VERGARA   Treasury has unveiled a package of capital gains tax (CGT) discount carveouts targeting small businesses, and start-ups and their investors following backlash since the reforms were announced in the Budget on May 12. Testamentary trusts will also be given a reprieve from the new tax regime.

HSBC Bank fined $35m in landmark scam-protection failures

KARREN VERGARA   HSBC Bank Australia has been hit with a $35 million penalty after admitting to widespread and systemic failures in protecting customers from scams.

Alexander Funds names new chief executive

ELIZA BAVIN   Alexander Funds has named a new chief executive, hiring from Australian Unity and set to take on the role September 7.

U Ethical appoints distribution lead

VINNY VUCAGO   U Ethical Investors has appointed veteran funds management executive Stuart James as head of distribution, as the firm continues to build out its leadership team and pursue its next phase of growth.

Super balances rise but gender retirement gap remains stubborn

VINNY VUCAGO   Australian's superannuation balances continued to grow over the 2023-24 financial year, but new data has highlighted a persistent gender retirement gap, particularly among those approaching retirement.

HESTA launches campaign around super tax benefits

MATTHEW WAI   The super fund is launching 'Super Saturday' to help those that are missing out on the advantage from super tax benefits ahead of the end of the financial year.

Otivo launches AI-powered financial advice

MATTHEW WAI   Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Royal London AM extends SS&C mandate for new Aussie funds

RIDDHIMA TALWANI   Royal London Asset Management (RLAM) will extend its mandate with SS&C Technologies to provide its fund administration and unit registry services for its new range of Australian active funds.

Family office succession takes back seat to investments

KARREN VERGARA   While family offices have investment strategies down pat, the state of their succession plans paint another story, which reports suggest could undermine a seamless transfer of a vast amount of wealth.

Lowy family takes stake in Magellan

KARREN VERGARA   The Lowy family has acquired a 5.1% stake in Magellan Financial Group via its trust Oryxium.