Financial Standard

Aperio joins Akumin

VINNY VUCAGO   Melbourne-based advisory firm Aperio Financial Services has switched licensees and joined Akumin as demand grows among advice practices for support to scale operations and improve efficiency.

FEATURE | Digital advice | Interlocking the pieces

MATTHEW WAI   Digital advice has become a core offering for wealth managers, yet it confuses many and implementation and use remain fragmented. Before it can achieve aspirations of scale, experts are urging for a better, unified understanding of the offering.

GQG outflows worsen, ousted from ASX200

MATTHEW WAI  |    12:46PM   GQG Partners' continued slump in performance continues as net outflows for funds under management (FUM) stood at US$4.3 billion in August alone, and worse, the firm has been bumped out of the ASX200 index.

Mirova sets up shop in Australia

MATTHEW WAI  |    12:28PM   The sustainable investing arm of Natixis Investment Managers has established a dedicated private assets team in Australia to support the continued growth of Mirova's Energy Transition Infrastructure (MET) activities.

AIA Australia rolls out TPD CORE

KARREN VERGARA   AIA Australia has launched TPD CORE, a new retail product that charges lower premiums and provides clearer claim assessment criteria for total and permanent disability (TPD).

Insurer sanctioned for over 10k breaches

MATTHEW WAI   The Life Insurance Code Compliance Committee has sanctioned a life insurer after it reported more than 10,000 breaches of the Life Insurance Code of Practice in relation to failure to provide timely, completed annual notices.

Half of Australians lack retirement plan: Vanguard

KARREN VERGARA   Nearly half of working-age Australians approaching retirement do not have a retirement plan, raising concerns about long-term financial preparedness and confidence, according to Vanguard.

New platform provides guidance for retirees

MATTHEW WAI   A new artificial intelligence (AI) platform has launched to fill a gap that is persisting for retiring members seeking purpose in the retirement phase.

ECB hikes rates, economists expect RBA might be next

RIDDHIMA TALWANI  |    12:24PM   The European Central Bank (ECB) has raised the interest rates on the deposit facility by 25 basis points to 2.5%, in a bid to stabilise inflation at its 2% target in the medium term, as conflicts in the Middle East continue to generate inflation pressures.

Labor moves to kill non-compete clauses in productivity push

RIDDHIMA TALWANI   The Labor government has put forward a draft bill to ban non-compete clauses for employees whose earnings are equal to or less than the high-income threshold, in a bid to promote productivity and competition in the broader economy.

Tribunal affirms InterPrac, FSGA adviser bans

MATTHEW WAI  |    12:37PM   The Administrative Review Tribunal has affirmed ASIC's decisions to ban two former financial advisers from InterPrac Financial Planning and Financial Services Group Australia (FSGA) who were involved in the Shield and First Guardian master funds for five years.

APRA simplifies retirement data collection by trustees

RIDDHIMA TALWANI  |    12:13PM   As part of its response to industry feedback on the proposed Retirement Reporting Framework, the prudential regulator has streamlined data requirements, ensuring transparency while reducing the excessive data collection burden.

End of an era as Bowater leaves Frontier

MICHELLE BALTAZAR   Industry veteran Kim Bowater is leaving Frontier Advisors after 24 years, marking the departure of one of the asset consultant's most senior figures.

Netwealth recruits AI expert to boost in-house advice tech

RIDDHIMA TALWANI   Aiming to double its funds under advice by 2030, Netwealth has turned outside financial services for its latest AI hire.

Trust emerges as key drivers of super fund loyalty

VINNY VUCAGO  |    11:30AM   Superannuation fund members are becoming more purposeful in their interactions with funds, while trust has emerged as the clearest driver of loyalty and advocacy, according to new CoreData research.

Three super funds fined for misleading investment options

KARREN VERGARA   Three industry superannuation funds - Australian Retirement Trust (ART), TelstraSuper and Australian Food Super - have been pinged by ASIC for misleading members about their investment options' asset allocation and performance objectives.

First-mover costs stifle digital finance: report

MATTHEW WAI   Despite Australia boasting the technology and institutional capabilities for digital finance, several factors, including high barriers to first-movers, are derailing growth.

Iress retains tech mandate with Capital Haus

RIDDHIMA TALWANI   Private wealth management firm Capital Haus has extended its technology mandate with Iress.

HNWIs demand outperforming, mission-driven endowment funds

KARREN VERGARA   High-net-worth investors' (HNWIs) increasing demand for philanthropy vehicles with robust governance, a clear mission and can outperform in equal measure is helping fuel the rise of endowment funds such as the Aspect Impact Fund.

Family businesses turn to external chief executives: Deloitte

RIDDHIMA TALWANI   While family members will largely remain at the helm of family businesses post-succession, a Deloitte Private report anticipates a meaningful shift globally, with more businesses preferring outside professionals to step into the chief executive roles.