financial planning

Nov
24

Fintech is not a threat: FPA

Financial planners overlooking fintech are missing out on benefits that can ultimately lead to higher client engagement and satisfaction levels, latest research from the Financial Planning Association of Australia shows. Released at the 2017 FPA Professionals Congress in Hobart this morning, the whitepaper maps fintech to the financial planning process and highlights that increased revenue, operational efficiencies and reduced client costs as some of the advantages advisers and planners can gain if they embrace fintech solutions. It maps out the financial planning process in six key steps and pinpoints where new technology can best add value in the process, particularly in the areas of compliance and regulatory requirements. According to […]

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Nov
15

From football to finance: Why Ted Richards wants to make investing easier

With 261 first-grade AFL games under his belt, former Sydney Swans defender Ted Richards isn’t your average financial guru – but he’s willing to bet that footy is a lot closer to money management than you think. After retiring from professional football at the end of 2016, Richards moved onto his second love of finance, becoming the Director of Business Development at Robo-advice startup Six Park. It sounds like the high-pressure world of being an Aussie rules superstar is the perfect antonym for the often-stuffy industry of finance management, but Richards says in many ways the two are the same. “Finance is a lot like footy in that while the […]

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New advice fintech WealthO2 doubles FUA in 3 months

WealthO2, the fintech for financial advisers, has doubled in funds under administration between June 2017 and October 2017. MD Shannon Bernasconi said growth had been based on referrals only, demonstrating a strong network of likeminded advisers seeking a better way to manage their best interest obligations. “It’s very exciting to have the support of the adviser community and, in turn, help them to deliver better value advice to more Australians,” she said. Interest in technology like WealthO2 is based on a desire to eradicate conflicts of interest and deliver advice more affordably, Ms Bernasconi said. The business has found advisers weary of the conflicts of interest inherent in traditional administration and asset allocation […]

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Oct
25

Equity Trustees to acquire OneVue Responsible Entity business

EQT Holdings Limited (ASX: EQT), the holding company for Equity Trustees, today announced it had signed an agreement with OneVue Holdings Limited (ASX: OVH) to acquire its Responsible Entity (RE) business, which covers 27 managed investment schemes and approximately $2.3 billion of funds under supervision.   The $3.5 million acquisition[1] will strengthen Equity Trustees’ leading position as a provider of RE services and is in line with its growth strategy targeting key fiduciary markets.   The acquisition will be funded from existing liquidity and debt facilities and is immediately earnings accretive. The acquisition is subject to certain conditions precedent and completion is expected to occur in the first quarter of […]

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Oct
25

Australia publishes draft laws for relaxed fintech regulation

The Australian government published draft laws on Tuesday that would let financial technology companies operate without a full licence, a measure it said would encourage innovation without compromising existing levels of consumer protection. The draft laws would let companies test “a broad scope of activities…without the need to meet all the existing licensing requirements of the Australian Securities and Investments Commission,” Treasurer Scott Morrison said in a statement, referring to the corporate regulator. Financial technology companies would be able to test products involving non-cash payments, crowdfunding, consumer credit and provide financial advice on pension funds, life insurance and domestic and international securities. The draft laws, which Morrison has opened for […]

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Oct
17

Robo-advisers to expand into retirement advice

While automated advice providers currently cater for a lot of basic SMSF advice needs, one provider believes retirement adequacy will be the next frontier for automated advice. ASAP chief executive Jim Hennington said he expects the scope of advice that’s provided by automated advice providers to SMSFs will further expand over the next year. “At the moment, [it’s] very much focused on the transactions that accountants tend to get deeply involved with such as establishing an SMSF, purchasing property and LRBAs, and setting up SMSF pensions,” said Mr Hennington. He expects that automated advice will soon expand beyond this, however, into services such as retirement advice. “Over time automated advice […]

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Praemium expands SMA model options

Platform provider Praemium has added 16 new multi-asset model portfolios to its separately managed account offering, expanding the investment options available to users. The listed fintech company announced today that it has struck deals with a number of investment managers, including the introduction of eight new models from Shaw and Partners, four from Joseph Palmer & Sons, three from State Street and one from Evans and Partners. An additional 27 managed funds and 14 exchanged-traded products have also been added to the SMA, bringing the total number of managed funds available to 301. “The addition of these new models and managed funds to the Praemium SMA is part of our […]

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Oct
16

Moneysoft launches Round-ups, allowing people to invest spare change into their super and investment funds

Superannuation and investment funds have a new way to boost the engagement of their members and clients with the launch of Moneysoft’s latest digital solution, Round-ups. Round-ups lets people make small, regular contributions to their investment or superannuation account by automatically investing the spare change from their everyday transactions. Whether offered as a stand-alone application or integrated with existing digital platforms, Round-ups is highly customisable for each institution’s individual needs and brand. It’s a turn-key solution that uses enterprise-grade technology and is designed for an optimal mobile experience on smartphones and tablets. “Round-ups is available to superannuation funds, and investment platforms, to help them grow customer engagement and encourage wealth […]

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