Financial Standard

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI   Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

Centrepoint Alliance acquires two advice firms

KARREN VERGARA   Centrepoint Alliance will acquire Queensland financial advice practices Cairns Wealth and Pinnacle Wealth for $3 million from Astute Financial Management.

Cybersecurity, tech ETFs strongest performers in May

RIDDHIMA TALWANI   ETF performance in May was dominated by cybersecurity and broader technology themes, with the sector delivering exceptional returns across multiple strategies.

Musk's $106bn fundamental-defying IPO lands on Nasdaq

RIDDHIMA TALWANI   SpaceX has raised US$75 billion ($106.8bn) in the biggest-ever stock market debut, valuing Elon Musk's rocket and satellite company at US$1.77 trillion.

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.

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%.

US proposes fresh tariffs on Australia

ELIZA BAVIN   Treasurer Jim Chalmers said the proposed new tariffs are "unjustified and unwarranted".

FCA pursues Neil Woodford again

KARREN VERGARA   The Financial Conduct Authority (FCA) is going after failed fund manager Neil Woodford again, this time for allegedly providing unauthorised investment advice via W4.0, his Dubai-based investment platform.

Former Brite Advisors responsible manager banned

VINNY VUCAGO   ASIC has permanently banned former Brite Advisors responsible manager Gerard Duffy from providing financial services after determining it had reason to believe he was not a fit and proper person.

Quinbrook appoints Australian lead

VINNY VUCAGO   Energy transition infrastructure investor Quinbrook has appointed Tim Horneman as region leader for Australia, formalising his responsibility for the firm's local investment activities and business operations.

Former ASFA COO joins housing fund manager

MATTHEW WAI   The former chief operating officer of the Association of Superannuation Funds of Australia (ASFA) has joined C1 Capital Group as chief investment and operating officer.

Super funds race to implement digital advice

VINNY VUCAGO   Australian superannuation funds are increasingly turning to digital advice tools to bridge the longstanding gap between members needs and access to affordable financial guidance, according to executives at wealth technology Bravura Solutions.

Former APRA deputy chair launches retirement solutions startup

KARREN VERGARA   A former APRA deputy chair has launched CipherIQ, a new venture that provides retirement solutions via account-based pensions in partnership with superannuation funds, financial advisers and retirees.

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.