Just two financial advice licensees have commenced operations and seven ceased over the past two weeks, while total adviser numbers slip below 15,600 yet again.
ASIC has told the Senate economics committee that it expects the requirement for superannuation trustees to check Statements of Advice won’t be “highly prescriptive” and is only one possible form of evidence.
Financial services firm Fiducian has added two new franchisees to its national advice network, one based in Victoria and the other in Northern Territory.
Investment boutique Prime Value Asset Management has appointed a head of distribution who joins the firm after almost nine years at Magellan Financial Group.
The investment manager said it has appointed an industry “visionary” to join the business as its new head of global ETFs and funds.
Licensees are being reminded to take prompt action once their licence is granted as ASIC cancels the AFSL of a Sydney firm.
Founded in 1924, MFS is one of the oldest asset management companies in the world and has been credited with pioneering the mutual fund.
Appearing before the Senate economics committee, WT Financial managing director Keith Cullen has described the first tranche of QAR legislation as a “ticking time bomb” in its current form.
Licensees are figuring out how to navigate the annual superannuation performance test to avoid any clients being stuck in affected funds and whether they need to start running their own internal tests.
Marking a departure from April’s muted inflows, the ETF industry reported the highest level of monthly inflows for the year so far during May at $2 billion.
