Chris Dastoor

The Financial Advice Association has called for stronger regulations to ensure only licensed professionals can provide aged care advice. The call backs a consultation paper by Aged Care Steps who earlier this year noted the “worrying trend” of unlicensed and unregulated businesses being able to deliver services in the space.

Two separate transactions in the high-net-worth financial advice sector have seen LGT Crestone acquire Commonwealth Bank’s private wealth arm while Evalesco will merge with Principal Edge.

An adviser-led petition is looking for support to revert a tax change that has been estimated to cost advised clients $250 million collectively. The petition, which aims to reinstate the previous ATO interpretation of Reduced Input Tax Credits on advice fees, has caught the eye of the opposition who will table it in Parliament.

Insignia Financial has spent this week trying to win back shareholder confidence with a $200 million a year cost reduction goal to become the “most efficient” wealth management company by FY30. As well as correcting past acquisition mistakes, CEO Scott Hartley says their advice arm has the goal of halving the time it takes to produce advice.

Innovations in AI, automation and digital client engagement will transform the way advice practices work, whether it's through internal processes or how firms engage with their clients. This Professional Planner special report, in partnership with Netwealth, reflects on the impact of the Netwealth Accelerate Summit and explores how future-minded advice practices are harnessing technology for the efficient coordination and processing of information.

Formula 1 has remained the pinnacle of motor racing, despite ongoing criticisms of overcompliance and regulatory change. Reflecting on a keynote from FAAA Congress last year, Chris Dastoor writes how – just as the most successful F1 teams have adapted to change – so have the best financial advice practices.

AI has not only presented investment opportunities for the companies working on the development of new products, but the emerging technology has greater reaching implications across multiple sectors.

After reporting a $137.5 million loss this time last year, Xplan-owner Iress has bounced back reporting profit growth for FY24. The gain comes as the group edges towards the end of its business simplification program.

SQM Research has placed the private credit sector on “watch” in response to the heightened scrutiny of the asset class. Among an exhaustive list of concerns cited by the researcher, including transparency and conflicts of interest, SQM believes the growth of offerings comes as more investors qualify as wholesale.

Just days after delivering incomplete draft legislation for the second tranche of the Delivering Better Financial Outcomes legislation, the government has handed down another budget that fails to address systemic issues for advice.