Around two-thirds of non-retirees do not feel prepared for retirement, and almost half are reluctant to use their super fund’s pension product, according to research from Investment Trends. The findings come as the government and regulators lambast super trustees over their perceived lethargy towards meeting their obligations to offer a retirement strategy and solutions under the Retirement Income Covenant.
The Future Fund will deploy capital to early-stage companies despite warning that persistent high inflation will continue to create a challenging environment, especially for risk assets. Australia’s $206 billion sovereign wealth fund says it has “high conviction” in its external specialist venture capital investors and will continue to add more active managers to its books six years after going all-in on passive.
Almost 100 trustee-directed products have failed the annual performance test in their first assessment since it was extended from MySuper funds. The bulk were legacy products operated by AMP and Insignia Financial, but Australian Retirement Trust’s QSuper Socially Responsible option also fell foul of the test.
Online investing platform OpenInvest has begun providing a data feed into software provider BGL’s Simple Fund 360 and Simple Invest 360.
SMSF software company Class has appointed Kate Anderson as general manager of operations.
AustralianSuper has appointed Mark Hargraves as head of international and private equity.
Australians have been accused of living “more frugally” than they need to in retirement, but the reality when you talk to those nearing or in retirement is that there’s a lot of fear out there, according to Aware Super CEO Deanne Stewart.
Amid superannuation fund consolidation and a crackdown on poor member experience by the federal government, Roy Morgan research has revealed a near 10 per cent decline in member satisfaction. But overall satisfaction remains above its long-term average and pre-pandemic levels.
Sequoia has appointed former Synchron head of adviser support Jonathan Trapnell to assist the group in managing its education and licensee partnership programs.
Private wealth firm Integro Private Wealth completed its merger with financial planning firm Wealth Advantage at the end of last week.
Fiduciary service provider Equity Trustees gave out grants worth over $122 million in FY23, more than 32 per cent higher than the previous financial year.
Midwinter Financial Services has partnered with Scale Up Paraplanning, TNW Solutions, and Rocket Services to launch the Paraplanning Partners Program following a successful pilot phase.
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