AMP expects to make a $36 million loss from its advice divestment, while Entireti has announced a new senior leadership structure as the deal completes.
The FAAA is actively exploring and has sought legal advice on how the problem of phoenixing AFSLs can be avoided to prevent the burden falling on the CSLR and the advice sector.
First Sentier Investors has announced two key promotions in its leadership team, with a new global head of distribution and marketing and the newly created role of chief commercial officer.
Global wealth advisers are cautiously optimistic about the future, with many expecting to meet their clients’ financial goals over the next few years despite economic challenges, according to Schroders.
After weeks of fluctuating above and below 15,500, adviser numbers have maintained their hold above the line for three consecutive weeks.
An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.
The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.
Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.
ASIC commissioner Alan Kirkland says the problems regarding advisers recommending clients to invest in the troubled Shield Master Fund are far from being an “isolated incident”.
FAAA chair David Sharpe says its members are ready to control their own professional standards via co-regulation as the organisation shares its five-year roadmap.
