FRIDAY WEALTH MANAGEMENT UPDATE 29 Oct 2021

Government introduces bill to “improve flexibility for Australians preparing for retirement, support more Australians to own their first home and help Australian businesses invest”; delivers key commitment in the Women’s Budget Statement by removing $450 per month income threshold. https://ministers.treasury.gov.au/ministers/jane-hume-2020/media-releases/enhancing-super-system-and-driving-business-investment

APRA publishes findings on fund expenditure; finds that expenditure does not meet best interest of members and urges focus on improving governance and strategic planning in super. https://www.apra.gov.au/news-and-publications/apra-urges-greater-focus-on-improving-governance-and-strategic-planning-super

ASIC reveals conflicts of interest by directors and senior executives of superannuation trustees when switching personal investment. https://www.investordaily.com.au/regulation/50161-asic-identifies-conflicts-of-interests-by-super-trustees-management

LGIAsuper and Energy Super announces intention to acquire Suncorp Portfolio Services Limited, scrap weekly administration fee. https://www.investordaily.com.au/mergers-acquisitions/50164-newly-merged-super-fund-eyes-acquisition-of-suncorp-business

Superhero secures another $15 million in funding; eyes move into crypto. https://www.smartcompany.com.au/startupsmart/news/superhero-funding-crypto/

The legislation supporting the merger of QSuper and Sunsuper was passed by Parliament. https://statements.qld.gov.au/statements/93608

Commonwealth Bank confirms it will commence the closure of the remaining Commonwealth Financial Planning (CFP) business and cease advice services by 30th Nov. https://www.commbank.com.au/articles/newsroom/2021/10/CFP-update-October.html

Morningstar launches multi-asset indexes. https://www.financialstandard.com.au/news/morningstar-launches-multi-asset-indexes-179790282

Super Consumers Australia calls out 5 super funds for selling “junk insurance”. https://www.financialstandard.com.au/news/sca-slams-five-super-funds-junk-insurance-179790276

MLC Life wins group insurance mandate from OneSuper. https://www.financialstandard.com.au/news/mlc-life-wins-group-mandate-179790204

ANZ reveals Statutory Profit after tax up 72%. https://media.anz.com/posts/2021/october/2021-full-year-result—proposed-final-dividend-

Macquarie Group reports net profit of $2.043 billion for last quarter. https://www.investordaily.com.au/markets/50181-macquarie-group-profits-continues-to-rise

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We are an Australian based wealth management recruitment firm. We specialise in recruitment for banking & credit, superannuation, life 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.