Morgan Stanley closes acquisition of Eaton Vance

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Morgan Stanley has completed the previously announced acquisition of Eaton Vance Corp. in a stock and cash transaction. Eaton Vance common stockholders were offered 0.5833 Morgan Stanley common shares and $28.25 per share in cash for each Eaton Vance common share, and had the opportunity to elect to receive the merger consideration all in cash... Read more continue reading

AFA statement on annual renewal

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The Association of Financial Advisers (AFA) does not believe that annual renewal is necessary, although we are very conscious of the Government’s determination to implement the Royal Commission recommendations and the lack of any other push back within the Parliament. Annual renewal represents another significant addition to the costs of financial advice which will ultimately... Read more continue reading

FPA names first 2021 winner of Gwen Fletcher Memorial Award

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The Financial Planning Association of Australia (FPA) has named Melbourne-based financial planner Renato Manias as the first 2021 winner of the Gwen Fletcher Memorial Award. Named after the late ‘First lady of Financial Planning’, the award recognises the highest performing student in the CFP® Certification Unit (CFP C) for each semester, with demonstrable dedication to providing... Read more continue reading

Investment strategies must be ‘trustee driven’

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Although a self-managed super fund (SMSF) investment strategy is not an advice document, advisers must ensure that it has not been interpreted as advice, Adam Goldstien, a financial adviser with the financial planning firm Skeggs Goldstien, told the SMSF Association 2021 National Conference. In his session titled “The rise and rise of compliant SMSF investment... Read more continue reading

Virtual National Conference huge hit with delegates

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The SMSF Association National Conference ticked all the boxes with the two-day event attracting more than 1,100 registrations from every state and territory, over 9,500 hours of sessions viewed and 16,378 total webinar views. Conference sponsors were also extremely well patronised with 14,597 visits to the virtual exhibition area and 1,307 one-on-one discussions between delegates and with sponsors.... Read more continue reading

Actuaries Institute president says risk management is increasingly important

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Risk management is a significant area of growth for Australia’s actuaries as the private and government sectors, the economy and jobs market recover from the impact of COVID-19, incoming Actuaries Institute President Jefferson Gibbs said. Mr Gibbs, who takes over from Hoa Bui, said actuaries will increasingly expand their remit, taking on greater and more... Read more continue reading

Update from FASEA on the Financial Adviser Exam

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Since June 2019, the exam has been offered 10 times in person and online with 11241 candidates (89%) successful to date. The exam will be offered a further 5 times in 2021 with 1900 candidates already registered for March. Registering for March will enable candidates the opportunity to sit the exam a further 2 times... Read more continue reading

FASEA update: Helping advisers prepare for the exam

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With five Exam sittings remaining for existing advisers to sit and pass the exam, FASEA draws advisers’ attention to support and materials available to assist their exam preparation. Pre-exam webinar series Advisers who book to sit an exam will be invited to attend a Pre-Exam webinar hosted by FASEA.  The webinar covers exam essentials including;... Read more continue reading

New duty of care proposal ‘no cause for concern’ for SMSF trustees

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The self-managed super fund (SMSF) sector has no grounds for concern about the proposed introduction of a new duty requiring all superannuation fund trustees, including SMSF trustees, to act in the best financial interest of their members, said SMSF Association Deputy CEO/Director of Policy & Education, Peter Burgess. Speaking at the Association’s 2021 SMSF virtual National... Read more continue reading

SMSF Association wants ATO to address critical NALE issues

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The SMSF Association has called on the ATO to address several critical issues in its final ruling on how the new rules for non-arm’s length expenses (NALE) will apply. The ATO issued a draft Law Companion Ruling in 2019 about NALE that it intended to release last year but it was delayed because of COVID.... Read more continue reading