The public appears to be rewarding efforts to reshape the banking and financial advice industry after the royal commission, with advisers and the banks both enjoying an increase in faith from the community.
Approximately a third of SMSF holders under advice will be hurt by the new cap on discounted superannuation balances, the researcher says. A bump in the TBC cap will help some, but add to complexity for advisers.
Financial advice will take a different shape in the future, with the infamous Statement of Advice no longer mandatory and swathes of red tape slashed. The government has also plumped for super funds to play a much larger role in the advice spectrum.
A desire to flaunt ubiquitous wealth on social media is putting moneyed families at risk, according to family office representatives, with extortion and kidnapping “a legitimate concern”.
While active can provides pockets of outperformance both here and globally, research from S&P Global suggests maintaining above-benchmark returns is difficult to maintain.
Stakeholders have welcomed a recommendation from the Senate Economics Legislative Committee that the government review its controversial plan to limit franking credits stemming from capital raisings and share buybacks.
The benchmark S&P 500 index is characterised by “narrow, concentrated leadership” by a handful of mega-caps, leading to the “optical illusion” of outsized performance by US equities, says private investment manager Neuberger Berman.
The ATO is planning a midyear release of updated guidance on the tax deductibility of financial advice, according to panellists at a recent industry event, with indications that a new interpretation could see upfront advice fees deemed deductible.
There are now more than 22,000 cryptocurrencies on the market, but most have small market capitalisations and unclear use cases, according to a recent Invesco report. The blockchain technology underpinning them, on the other hand, could change the infrastructure of finance.
Younger Australians expect to retire earlier, and earn more in retirement, than older generations even as they redefine the traditional path to retirement by taking more career breaks, new Vanguard research shows – and these ambitious expectations may not be “aligning to reality”.
