The federal government and opposition have squared off over suggestions that retirement savings could be utilised to take pressure of the ailing aged care system. While Minister for Financial Services Stephen Jones has indicated super could be part of the conversation about the “crisis of aged care funding”, Deputy Opposition Leader Sussan Ley said it would further undermine consumer trust in the super system.
Viridian Financial Group has acquired mortgage broker Smartmove Professional Mortgage Advisors.
There is growing consensus that total and permanent disability (TPD) insurance needs a fundamental rethink. But while KPMG partner Melinda Howes questions whether lump sum TPD payouts are still “fit for purpose”, Aware Super’s head of insurance, David Evans, says members still see some value in the traditional approach.
The Future Fund Board of Governors has picked deputy CIO Ben Samild to replace Raphael Arndt as the sovereign wealth fund’s permanent CIO. While a global executive search was conducted, the former hedge fund strategist and would-be psychologist was widely seen as the frontrunner.
Retirement income policy veteran Amara Haqqani has been appointed chief operating officer of adviser software Iress.
Life insurance company PPS Mutual will expand its membership eligibility criteria to any current or former member of a professional designation body.
When Australian Retirement Trust opened its new offices in Sydney last month, Treasurer Jim Chalmers joked about Queenslanders “planting the flag deep in Blues territory.” But the mega-fund faces headwinds and tailwinds in its quest to expand its member footprint beyond the sunshine state and double its assets under management to $500 billion.
AustralianSuper has continued its international expansion with several senior UK hires across investments, governance, and corporate affairs.
The Financial Advice Association’s Future2 Foundation will expand its eligibility criteria this year, allowing financial services professionals to nominate programs for Australians of any age, rather than restricting support to individuals between the ages of 12 and 25.
Private wealth firm Integro Private Wealth has appointed Claire Vinnicombe as general manager.
Wealth management platform provider Acclaim Wealth promoted head of distribution and partnerships, Terry Constable, to CEO.
The default status of insurance in super could be at risk if insurers and trustees can’t collectively improve the design and delivery of insurance for super fund members, delegates to the Investment Magazine Group Insurance Dialogue concluded. Table discussions at last month’s event centred on the challenges surrounding TPD and rising mental health claims.
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