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.

KeyInvest unveils new investment platform, awards mandate

MATTHEW WAI   KeyInvest has launched a new investment platform to include a plethora of investment strategies ranging from private credit to global equities.

BitDelta Pro taps Iress to support global multi-asset ambitions

VINNY VUCAGO   Iress has secured a multi-year partnership with UAE-based trading platform BitDelta Pro, as the fintech continues to expand its trading and market data footprint across high-growth international markets.

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%.

Federal Court calls out ASIC for re-running case on appeal

RIDDHIMA TALWANI   The Full Federal Court of Australia has criticised regulators for falling back on appeals to re-litigate cases on a different legal basis than the one run at trial.

Union calls on RBA staff to reject pay offer

VINNY VUCAGO   The Finance Sector Union (FSU) has urged Reserve Bank of Australia (RBA) staff to reject a proposed wage deal, arguing the offer fails to keep pace with inflation and risks driving skilled employees from the central bank.

Evergreen founder exits Ascalon Capital

KARREN VERGARA   Ascalon Capital has bid farewell to Evergreen Consultants' founder Angela Ashton, shortly after acquiring the consulting firm last year.

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.

Equity Trustees opts out of super trustee business

RIDDHIMA TALWANI   Equity Trustees has decided to exit from its super trusteeship business via its subsidiary Equity Trustees Superannuation Limited (ETSL), after facing continued scrutiny over the Shield and First Guardian collapses.

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.

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.