MM Newsletter
  21 August,2020
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Latest News
Money Management Original
2021 adviser flight to better quality licensees predicted
Some financial advisers are facing a hefty rise in their dealership fees next year, prompting a senior dealer group chief executive to predict a flight to quality.
Money Management Original
Treasury instructs ASIC not to answer questions on litigation funding
Key correspondence between the Australian Securities and Investments Commission and Treasury over making class action litigation funding subject to an Australian Financial Services License is being kept secret at the instructions of the Treasury.
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Money Management Original
The number of SMSF planners being used ‘going nowhere’
Since 2007, the number of self-managed super funds using a financial planner has not grown at the same level as the amount of new trustees.
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Industry News
Super needed to help navigate out of economic crisis
There are a range of self-interest groups “obsessed with dismantling superannuation on ideological grounds” that could shrink the economy, according to the Association of Superannuation Funds of Australia.
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Maybe the Super system isn’t so super after all?
With lingering financial scars from the 2008-09 Global Financial Crisis, many were already worried about how their savings would fare if another shock wave struck. Then it did.
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Industry News
Active investor population hits 1 million
Environmental, social, and governance factors and more features from online brokers matter more to investors, according to a report.
Industry News
US dollar to remain weak
The movement toward modern monetary theory, the divergent political transitions in the US, Europe and China, and the prolonged structural adjustment still ahead for the US service sector are likely to weigh negatively on the dollar for some time.
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Industry News
Attractive opportunities for emerging companies
Despite the gulf between the winners and losers of the COVID-19 pandemic, the virus has presented attractive opportunities for resilient emerging companies.
Industry News
Big four bank profitability under pressure: Fitch
Profitability at the big four banks is expected to remain under pressure for the next 18 months, according to ratings agency Fitch.
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Industry News
Diversification not enough to cushion Perpetual full-year result
Diversification of Perpetual has not been enough to cushion the business from COVID-19 with the business reporting a 29% decline in net profit after tax.
Industry News
Iress NPAT down 14%
The technology firm’s profit has taken a hit due to impacts of operating losses in acquired businesses and an increase in annual leave days following the COVID-19 pandemic.
Industry News
Westpac rolls over on ASIC charges against BTFM and Asgard
Westpac has said it will not be defending ASIC charges against BT Funds Management and Asgard over fee for no service and has apologised to those affected.
Industry News
ASIC commences civil penalty proceeding against three funds
The corporate regulator has commenced civil penalty proceedings against StatePlus Super, BT Funds Management, and Asgard Capital for charging fees for no service, which were subject to case studies in the Royal Commission.
Industry News
Sequoia reaps benefits of advice integrations
Publicly-listed financial services group, Sequoia has posted a record net profit and hailed itself as the fourth largest non-aligned advisory platform.
Industry News
Powerwrap signs wealth boutique
Powerwrap has announced it has entered into an agreement with new wealth management boutique Emanuel Whybourne.
Industry News
Centrepoint Alliance adviser fee up 61%
Centrepoint Alliance has reported a 61% growth in adviser fees during FY20, followed by an 11% growth in gross revenue driven by strong growth in new advisers and significant increase in average gross revenue per advice firm.
Outsiders
Industry News
Looking for love or a money mule? Outsider’s not your man
Outsider is grateful to be alive and well and living in the Emerald City rather than in Melbourne but, apparently, his relative freedom of movement means that he is missing out on being targeted by romance scammers.
Industry News
Hot under the collar over APRA’s climate risk recruitment
Outsider does like a Government backbencher who keeps an eye on the jobs being advertised by the financial services regulators, particularly one as arcane as the Australian Prudential Regulation Authority.
Industry News
If ASIC’s Shipton drops out, how will Parliament ever log in?
For the record, Outsider is amongst those who believe that Parliament should be sitting in Canberra whether in the Parliamentary chambers of both houses or via digital/video means such as the ubiquitous Zoom or Skype.
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