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.

Frontier awards custody mandate for ICIO offering

ELIZA BAVIN   Frontier Advisors has awarded a custody and administration mandate for its independent chief investment officer offering to the Australian market.

Fincap launches private markets platform targeting wholesale investors

VINNY VUCAGO   Private markets specialist FinCap has launched a managed account platform designed to broaden wholesale investor access to institutional grade private market opportunities, as demand for alternatives continues to grow.

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%.

Block Earner found to have offered an unlicensed financial product

MATTHEW WAI   ASIC has successfully appealed a ruling against Block Earner in relation to its fixed-yield digital asset-related product (Earner), which was previously not deemed a financial product.

APRA embeds geopolitical risks management ground rules

KARREN VERGARA   APRA has inserted geopolitical risks into its regulatory priorities, expecting superannuation trustees to manage it well, as their traditional risk frameworks may no longer be adequate in the current environment.

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.

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.

APRA opens consultation to governance reforms

KARREN VERGARA   The prudential regulator is lifting the governance bar for superannuation funds and insurers with proposed changes to CPS 510, launching a consultation as part of its endeavours to stamp out 'poor practices'.

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.