Chris Dastoor

Just hours before the US Federal Reserve cut interest rate, Bridgewater portfolio strategist Alex Smith cautioned the Top1000Funds Fiduciary Investors Symposium in Stanford University that any specific rate call doesn’t really matter. Instead, he illustrated a bigger picture view for the road ahead and what this means to investors.

Profile Financial Services CEO Lena Ridley will step away from the company at the end of next month, ending a nearly seven-year tenure that was marked by sweeping changes in the industry due to the Hayne royal commission, the Covid-19 pandemic, and the divestment of its product arm.

The proportion of new AFSL applications approved by ASIC has dropped over the past year, a report from the regulator shows. The findings come as it ramps up preparation for its new licensee registration portal it will launch early next year.

A reference to American-style voluntary retirement plans by Shadow Treasurer Angus Taylor has drawn a swift rebuke from defenders of compulsory super, but the Shadow Treasurer insists he is still a supporter of compulsory super, albeit for purposes other than just retirement savings.

The Australian Financial Complaints Authority has seen a reduction in its backlog of complaints, closing more than it received in FY24. Among the resolved cases included one related to Dixon Advisory that ruled in favour of the maligned conflicted advice business where the claimant wasn’t worse off.

The past 20 years have seen large pools of capital become larger, more global and diversified across asset classes. The Fiduciary Investors Symposium heard how Bridgewater Associates is allocating capital and resources to meet this shifting paradigm and why investors can’t try to bet on certain geographic regions overperforming.

The corporate regulator has declined its longstanding speaking position at the AIOFP conference due to an escalating row with the controversial fringe association. Professional Planner understands ASIC will now only engage with the body in writing, but AIOFP executive director Peter Johnston says the regulator is afraid to be held to account.

Licensees will be free to employ a new class of diploma-educated financial advisers and charge for their services in a last-ditch effort by Minister for Financial Services Stephen Jones to legislate advice reform before the election. However, the concessions come with the catch that advice provided by the new class will be limited to APRA-regulated products and subject to new civil penalties.

The Labor government will pursue legislation to allow super funds to “nudge” their members to seek financial advice, as part of their efforts to fulfill their Retirement Income Covenant obligations. Minister for Financial Services Stephen Jones claimed he had achieved “consensus” following a confidential and heated consultation over the introduction of a new class of financial adviser.

Days after the Financial Advice Association Australia reported a lack of transparency over whether the Compensation Scheme of Last Resort underwent an impact analysis assessment, Shadow Minister for Financial Services Luke Howarth tells Professional Planner the Coalition “will act quickly” to reduce the cost of the CSLR for advisers.