We put together some wealth management industry news that may interest professionals in superannuation, life insurance & investments!

Friday Industry Update 📰

▶ Adviser Ratings emphasises that successful scaling of financial advice models relies on strategic technology integration and clearly defined advice propositions. https://www.adviserratings.com.au/news/scaling-up-how-innovative-advice-models-are-making-professional-advice-more-accessible/

▶ Bell Partners Insurance MD Matthew Bates receives the Broker of the Year award, while AEI Insurance Broking Group Account Manager Emily-Rose Srbinovska is named the nation’s Top Young Broker & NTI recognised as Underwriting Agency of the Year. https://www.insurancenews.com.au/daily/niba-reveals-national-award-winners

▶ BlackRock reduces the management fees for the Australian Alpha Tilts Fund and the Advantage Australian Equity Fund, effective October 1, in response to lower outperformance targets. https://www.financialstandard.com.au/news/blackrock-lowers-fees-on-two-funds-179806273#:~:text=BlackRock%20has%20lowered%20the%20management,%25%20to%200.24%25%20per%20annum.

▶ Insignia Financial confirms its separation from NAB is on track for completion by 1H25, having successfully transitioned key platforms. https://announcements.asx.com.au/asxpdf/20241024/pdf/069hhs15k7vmmq.pdf

▶ Magellan Financial Group reports "early signs" of recovery in its funds under management (FUM), with a slowdown in outflows during the financial year. https://www.investordaily.com.au/markets/56032-magellans-fum-stabilises-signaling-potential-turnaround-after-challenging-times

▶ The International Monetary Fund's latest Global Financial Stability Report raises concerns about Australian superannuation funds, which are increasingly allocating over 20% of their assets to illiquid investments. https://www.superreview.com.au/news/superannuation/australian-super-funds-face-significant-stability-risks-says-imf

▶ Westpac announces that its FY2023-24 NPAT will be impacted by $123 million due to unrealised fair value gains and losses on economic hedges. https://www.investordaily.com.au/news/56044-big-4-reveals-123m-hit-to-profit#:~:text=Westpac%27s%20reported%20net%20profit%20after,is%20due%20to%20notable%20items

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