NextGen ordered by court to pay $270k for inappropriate advice

federal-court/AFCA/inappropriate-advice/nextgen/complaints/

NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advice.

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Jones believes industry can return to 30k advisers

Stephen-Jones/education/adviser-numbers/Sarah-Abood/super-advice/

Minister for Financial Services, Stephen Jones, believes the industry can return to 30,000 advisers but new pathways are needed as it is unrealistic to expect people to want to become advisers at 18.

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Are you with the top 10 super fund of 2022–23?

SuperRatings/esssuper/hostplus/Australian-retirement-trust/

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super.

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Internal compliance costs surpassing $1m annually for licensees

Holley-Nethercote/law/compliance/audit/

Two-thirds of all licensees are paying over $1 million annually in internal compliance costs, including 13 per cent of those with less than 100 staff and representatives, according to Holley Nethercote.

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The sole business model to see positive growth

Wealth-Data/Colin-Williams/adviser-numbers/accounting/

The financial planning-accounting business model is the only one to have seen growth in its adviser numbers since 1 July 2022, according to Wealth Data.

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