Grandfathered commissions gone

The bill ending grandfathered conflicted remuneration was finally passed into law this week, with the new measures to take effect from 1 January 2021. The new law enables regulations to provide for…

KKR upsizes credit fund issue

Demand for credit funds has been strong this year, as retail investors chase higher yields. The latest fund to come to the market, the KKR Credit Income Fund, has increased its issue…

People: Frazis drafts Deloitte partner to help fix BOQ

Bank of Queensland has appointed Ewen Stafford as its chief financial officer (CFO) and chief operating officer. Stafford joins from Deloitte where is a partner in the banking and capital markets sector.…

Failing to pass on the full rate cut needn’t mean banks are profiteering

The unwillingness of the major (and other) banks to immediately cut their headline mortgage rates by as much as the Reserve Bank cuts its cash rate always attracts bad press, as well…

Grameen to launch local microfinance program

Grameen Australia, the local branch of the microfinance institution that started in Bangladesh in the 1970s, is preparing to launch its first microfinance project in this country. Grameen has been in Australia…

Australians no longer loyal to banks

The non-major banks are enjoying their highest share of new mortgage lending in 12 years, providing further evidence that more customers are comfortable switching financial products. Australian Finance Group’s (AFG) latest quarterly…

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New role for artificial intelligence in SMSF admin

“For the past 70 years, innovation has resulted in rapid economic growth and lots of high-paying jobs. The next 20 years of innovation is expected to revolve around the evolution of robotics, machine-learning computers and the end of mass wage employment,” says Ashley Porter, managing director of Mclowd, a disruptor in the SMSF admin space…

Our $9.5 trillion super system still inadequate

While the superannuation system will grow to $9.5 trillion over the next 20 years, it will be inadequate for the retirement incomes of the average Australian. The latest two-year Deloitte study, published yesterday, details the changing structure of the industry, including the continued rise of bank-owned retail super funds…

Franchise owners beware: Greens introduce wages bill

A new bill called the Fair Work Amendment (Recovery of Unpaid Amounts for Franchisee Employees) Bill 2015 was introduced to Parliament last week. The bill, sponsored by Melbourne Greens MP Adam Bandt, is a direct response to recent 7-Eleven saga, in which the Fair Work Ombudsman has already found over $600,000 in underpaid wages and entitlements…

Will HNWs shirk traditional platforms?

Some interesting research by Tria Investment Partners shows an expected decline in the use of traditional adviser platforms – one imagines instant denial by major players in the industry, but if it’s true, we have a changing pattern in what advisers will and won’t do in the future. This would also affect Fund Managers and their product offerings…

Offshore flows into managed funds… but not enough

The level of foreign investment into Australia via managed investment trusts has more than doubled in the past five years but the potential to export more of our managed funds capabilities remains largely untapped…

Lazard funds cement ‘highly recommended’ rating

Lazard Asset Management’s flagship Select Australian Equity Fund has retained its ‘highly recommended’ status from independent research house Lonsec, following a recent review…

Robo-advice market gets serious with Macquarie’s entry

Macquarie Bank’s announcement last week of its entry into the burgeoning robo-advice market has added a new dimension to the competition. The market appears to be separating into those which also clip the ticket on product – usually ETFs – and those which stick to automated advice…