FRIDAY WEALTH MANAGEMENT UPDATE 22 Oct 2021

On Fridays, we put together wealth management industry news that may be of interest to professionals in superannuation, life insurance, banking & credit, or investments!

B & K Consulting Wealth Management Industry Update Concept – high rise building

Commonwealth Bank launches new payment terminal ‘Smart’, integrating the latest tech and features to transform payments in Australia. https://www.commbank.com.au/articles/newsroom/2021/10/Reimagining-payments-Aussie-businesses.html

HUB24 to acquire Class Ltd. https://www.class.com.au/news/class-ltd-announces-it-has-entered-a-scheme-of-arrangement-with-hub24-ltd/

CFS partners with BlackRock to enhance its approach to managing investments in the FirstChoice Lifestage portfolios. https://www.cfs.com.au/personal/news-and-updates/latest-from-cfs/colonial-first-state-partners-with-blackrock-to-manage-firstchoice-lifestage-portfolios.html

… also ordered to pay $20 million penalty by Federal Court for misleading superannuation members. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-276mr-colonial-first-state-to-pay-20-million-penalty-for-misleading-superannuation-members

IOOF to rebrand as Insignia Financial later this year. https://www.moneymanagement.com.au/news/financial-planning/ioof-rebrand-insignia-financial

2 of Perennial Value’s trusts receive ‘recommended’ ratings from Lonsec. https://perennial.net.au/perennial-value-trusts-receive-recommended-ratings-from-lonsec/

The Better Advice bill passes Parliament. https://ministers.treasury.gov.au/ministers/jane-hume-2020/media-releases/better-advice-bill-passes-parliament

Abrdn launches a new strategy in Australia. https://www.financialstandard.com.au/news/abrdn-launches-new-strategy-179790157

ETFs and ETPs last month record net inflows of over US$14 billion. https://www.investordaily.com.au/latest-news/50123-record-inflows-continue-for-active-etfs

Superhero announces availability of Bitcoin ETF. https://www.financialstandard.com.au/news/superhero-offers-access-to-bitcoin-etf-179790178

FinClear wins mandate from Ord Minnett. https://finclear.com.au/finclear-signs-long-term-clearing-agreement-with-ord-minnett/

Rainmaker reveals default MySuper fees drop to 1%. https://www.financialstandard.com.au/news/default-mysuper-fees-drop-to-1-rainmaker-179790159

BC Invest acquires 53% stake in Mortgageport. https://www.mortgagebusiness.com.au/breaking-news/16147-bc-invest-acquires-majority-stake-in-mortgageport

SQM Research awards superior rating to 2 TPT Wealth income funds. https://www.adviservoice.com.au/2021/10/tpt-wealth-awarded-superior-rating-for-two-income-funds-by-sqm-research/

AFMA calls on government to scrap the interest deductibility cap for foreign banks. https://www.investordaily.com.au/regulation/50122-afma-calls-time-on-libor-cap

 

We are an Australian based wealth management recruitment firm. We specialise in recruitment for banking & credit, superannuationlife insurance, and investment professionals- both temporary and permanent. The consultants at B & K Consulting are also active participants and contributors in leading industry forums in Wealth Management, such as ALUCA, ANZIIF, ASFA, FSC, FEAL, and CFA Society. If you are interested in learning more about how we are involved, what types of roles we have available or are looking for new talent, please email us at future@bkcon.com.au or call us at 02 9888 7888 for more information. Visit our job listings for current opportunities.

 

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