New trust for Indigenous communities
Perpetual has launched its new native title and community trust to provide investment support to smaller Indigenous communities.
The new trust is expected to help open up professional native title management to communities for whom a more traditional model has become impractical.
Perpetual senior manager, Community and Social Investments, John Hender, said Perpetual supported the Aboriginal and Torres Strait Islander communities to manage their community funds through tailored trust structures.
"We are pleased to broaden out this offering through this unique cost-effective approach."
The new trust will offer minimal ongoing fees along with a straight-forward set-up and no establishment fees while Perpetual, as trustee, will take care of the trust administration, compliance, auditing, tax, financial and regulatory reporting.
"This structure allows us to reduce the cost via two key variables that impact cost-effectiveness of a native title trust — community contact and consultation, and distribution frequency — while retaining flexibility to meet communities' differing needs," Hender said.
Additionally, Perpetual has launched its second Reconciliation Action Plan (RAP) aimed at building relationships with Aboriginal and Torres Strait Islander clients, suppliers, employees and communities.
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
