If the exam pass rate holds up there'll be 18,000 qualified advisers by the end of 2021, FASEA CEO Stephen Glenfield tells Professional Planner. With more students picking up advice than ever, he believes the industry is poised to thrive after the authority disbands on December 31.
Xplan parent company Iress advised the market that it has terminated discussions with global investment firm EQT, putting its plans to divest the company on hold for the time being.
The big banks' 20-year foray into wealth management is reaching its finale, with the completion of IOOF's takeover of NAB's MLC adviser cohort in Q2 leaving only 575 bank-licensed advisers in the market.
The domestic managed account market will evolve towards customisation in the same way that the market in the US has according to Blackrock head of model portfolio solutions, Josh Persky.
Speaking at
Professional Planner‘s Best Practice Forum recently, Persky said the trend to customisation is highly likely to “break out” at both a product and service level if it follows the same pattern as that reported by the Blackrock team in North America.
On a product level, he explained, the development will lead to managed accounts being tailored much more acutely to the particular needs of the individual.
“We’re talking hyper personalization, very much moving from a one size fits all to a one size fits one,” Persky said.
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