The restructure of abrdn’s Australian operations has been cited as a measure by the asset manager which enabled it to cut $198 million from its investment business, leading to CEO Stephen Bird receiving a $1.5 million bonus.
As NextGen sees its Australian financial services licence cancelled by ASIC, Money Management tracks how an AFCA complaint led to the firm falling into liquidation.
ASIC has cancelled the Australian financial services licence of NextGen Financial Group, following the Federal Court’s order in November for the firm to be wound up in insolvency.
Inorganic growth is the trend of the day for licensees as multiple chief executives indicate how they intend to grow their businesses in 2024.
GBST has announced multiple enhancements to its digital advice practice management system, WealthConnect, to create further efficiencies for financial advisers and their clients.
E&P Wealth’s focus is shifting to expand its client base as it completes the migration of clients into its retail wealth management division as well as provides an update on its class action.
Advisory firm Giles Wade has partnered with US-based Asena Family Office to help it launch an Australian arm offering advice and asset management services.
Future IM/Pact has launched a mentoring and advocacy program to make it easier for investment teams to recruit future talent as financial services is found to have one of the widest gender gaps.
Minister for Financial Services, Stephen Jones, has confirmed the start date for consumers to lodge claims with the Compensation Scheme of Last Resort as well as its first chair.
Only three out of the 10 largest advice licensees have seen net growth in their financial adviser numbers since the beginning of the 2024 financial year, according to Wealth Data.
