financial planning

AFA and Map My Plan ink partnership

The AFA and robo-advice innovator Map My Plan have entered a commercial partnership to help reach the majority of Australians who do not currently seek financial advice. At the AFA’s national adviser conference on the Gold Coast today, AFA spokesperson Nick Hakes announced that the association has inked a deal that will see members gain a free 30-day subscription and discounted access to the Map My Plan For Advisers product. “We can’t sit on the sidelines and look at robo-advice and digital advice and not do anything about it,” Mr Hakes told conference delegates. He said the partnership will allow AFA members to reach prospective clients they haven’t previously and […]

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Oct
12

Equity Trustees employs fintech solution

Partnering with a specialist fintech helps in adapting to an ever-changing regulatory environment and boosting capabilities that will attract customer investment, according to Equity Trustees. Equity Trustees announced its own fintech partnership this week with the pControl Oversight solution, with the intention of further expanding its professional funds governance capability. Commenting on the partnership, Equity Trustees executive general manager, Corporate Trustee Services (CTS), Harvey Kalman, said: “We are constantly looking to invest in a way to strengthen our oversight functions and bolster scalability and compliance capabilities.” “We’ve experienced significant growth in our trustee services business for fund clients, which includes taking on the responsible entity role for the funds.”   […]

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Oct
11

Technology will shape financial services

Financial advisers must challenge themselves to see where technology can add value to their business models if they wish to remain relevant in the coming years. That was the key theme of a presentation delivered by futurist Chris Riddell at the 2017 Association of Financial Advisers National Adviser Conference which started on Wednesday at­ the Gold Coast. The rise of new technologies creating business efficiencies, particularly the significant potential offered by deploying blockchain, will be the biggest influencers on financial services over the next decade and those that don’t adopt will be left behind, Riddell said. While Riddell doesn’t think crypto-currencies will have any major impact on the financial services […]

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Oct
09

Netwealth founders say AI, data mining to shape $750b platform market

The founders of financial planning platform Netwealth predict artificial intelligence and data mining will lead innovation in the fast-growing platform market, ahead of an expected $900 million sharemarket listing of the family company later this year, which could catapult its founders onto the Financial Review Rich List. Michael Heine, his brother Leslie Heine and and Michael’s son Matt Heine, founded the company, which provides software and financial products to non-bank aligned financial planners, in 1999. Since then, Netwealth, which now has funds under management, administration and advice of $15.5 billion and employs 220 staff, is among a clutch of increasingly influential companies that have built businesses by signing up advisers […]

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Oct
05

Millennials could pay over $300,000 in super fees

Millennials in a Fat Cat Fund could lose over a quarter of their super balance to fees. Robo advice platform Stockspot has launched its fifth annual Stockspot Fat Cat Funds report, which analysed a record 4,102 super and managed funds and highlights the link between high fees and poor long-term performance. A Fat Cat Fund is one that has performed worse than others in the market by more than 10% over two, three and five years, and typically has fees of more than 1.5% p.a. This year’s report has shown the number of Fat Cat Funds has decreased slightly by 18%, from 638 in 2016 to 521 now. However, it […]

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Oct
03

MoneyBrilliant adds Bill Watch service to help Australian consumers get the best deals on gas and electricity

MoneyBrilliant recently launched its new Bill Watch service to help Australian consumers get the best deals on gas and electricity. The service is integrated with the company’s phone and web based personal financial management app which is now used by almost 100,000 people. Users of MoneyBrilliant can now setup their electricity and gas bills in the MoneyBrilliant app and switch on the Bill Watch service for them. Switching on the service requires the user to provide their energy usage details from their last bill. The MoneyBrilliant app uses this information and the user’s billing history to compare their current energy plan costs to the more than 3,500 plans that are […]

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Sep
27

‘Robo-adviser’ makes it onto Oxford Dictionaries website

Automated and artificial intelligence-based propositions across the sector will be delighted to see the term ‘robo-adviser’ has made it onto the Oxford Dictionary’s website. A ‘robo-adviser’ (noun) has been defined by Oxford Dictionaries as “an online application that provides automated financial guidance and services”, while the example sentence reads: “a robo-adviser programmed to build wealth over a decade”. The website focuses on current language and practical usage and frequently updates the latest popular words.   Please click on the link below to read more…. Source: ‘Robo-adviser’ makes it onto Oxford Dictionaries website – Professional Adviser

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Sep
27

Nothing to fear from robo-advice: Magellan

Magellan Asset Management chief executive and chief investment officer Hamish Douglass believes financial advisers should not fear robo-advice in an era where artificial intelligence and big data can dominate discussion. Speaking at Magellan’s financial adviser national roadshow recently, Douglass said if advisers remain true to their trusted roles within financial services there is little to fear from robo-advice. “Your business model is not just creating an investment solution; your job is to be the counsellor to your clients on probably the most important thing in their life – which is their financial wellbeing and their children’s financial wellbeing,” Douglass said. “I’d argue that if you think of your business as […]

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