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6m Aussies ask friends or family for financial advice

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

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Around 6 million Australians seek advice about money and investments from friends and families, according to Roy Morgan. According to Roy Morgan’s Single Source survey, around 3.5 million Australians have been asked for financial advice by their friends or family. The survey found that, of the 16 largest consumer banks, Citibank has the highest proportion of customers (34.5 per cent) that are asked by friends or family for their financial advice, followed by ME Bank with 32.2 per cent.

Bank customers who are asked for financial advice have the potential to gain or lose customers for their institution depending on how they feel regarding their satisfaction with the relationship with their current bank. The highest proportion of the big four bank customers who are asked for advice is ANZ with 21.2 per cent, followed by the NAB (20.4 per cent), Westpac (19.5 per cent) and CBA (17.9 per cent). “This research shows that financial decisions for many have the potential to be impacted to a considerable extent by informal advice from friends and family, rather than relying on professional financial planners,” said Roy Morgan industry communications director Norman Morris.

The rest of this article can be found at ifa.com.au.

Smart Beta ETF Take-Up Soaring

Posted by Anton Murray Consulting on . Posted in Funds Management News, News

InvestorDaily

Investors are increasing their allocation towards smart beta ETFs opposed to market capitalisation and active strategies, according to VanEck. Smart beta cumulative net flows as a percentage of total flows has grown from 11.7 per cent to 21.7 per cent between 2016 and 2018, according to VanEck’s ETF IQ Scorecard for December 2018. “By strategy, smart beta ETFs are gaining in popularity, now accounting for about one-quarter of all inflows, at $1.6 billion over the year to date, as investors seek targeted investment outcomes and wealth-building strategies not offered by traditional ETFs which track market capitalisation indices,” VanEck said.

Meanwhile, net flow allocation to active ETP products has remained stable at approximately 10 per cent of total flows. VanEck also found that international equity ETPs attracted the greatest net inflows in 2018, attracting $3.2 billion, compared to $1.7 billion for Australian equities. “This reflects the trend for Australian investors to move offshore to diversify their portfolio and pursue growth opportunities,” VanEck said.

The rest of this article can be found at investordaily.com.au.

Advisers to embrace AI ahead of FASEA code

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

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FASEA’s code monitoring scheme presents a good opportunity for advisers to leverage the full potential of artificial intelligence and machine learning technology, says a financial education provider. According to Kaplan Professional chief executive Brian Knight, with FASEA’s code of ethics coming to effect on 1 January 2020, now is a suitable time for the industry to look to maximise the assistance of technology. “Over the next 12 months, the industry needs to see this as an opportunity to be much clearer and crisper in its documentation and procedures,” he said.

“It needs to be down to the level where the industry can utilise these technologies to assist those on the front line, while training the next generation and retraining existing advisers on their exact obligations.” Regtech firm Red Marker said there needed to be a mindset change within the advice industry on how AI and machine learning tools can best assist the industry. “It is important both dealer groups and vendors progress with realistic expectations, particularly around the ‘pre-work’ that needs to be done to ensure financial advice can become an ideal candidate for automated solutions,” said Red Marker CEO Matt Symons.

The rest of this article can be found at ifa.com.au.

State Street names new APAC head

Posted by Anton Murray Consulting on . Posted in Investment Banking News, News

InvestorDaily

State Street Corporation has picked a new head of its Asia-Pacific business, with the incumbent to step down after eight years. Ian Martin will be taking the job in addition to his current responsibilities as head of global services in the region, succeeding Wai-Kwong Seck who the company says has decided to pursue other opportunities closer to his hometown of Singapore. Mr Martin has been with State Street for 25 years, having held a number of leadership roles across the firm and in multiple locations in the region.

He will be based where he currently is in Hong Kong and report Andrew Erikson, head of global services worldwide. “Ian has led the majority of State Street’s businesses in the region throughout his career including investment servicing, trading and research within Global Markets, and our data and analytics businesses,” Mr Erickson said. “With his knowledge and experience across our businesses, I am very confident that Ian will build further on our business growth in Asia-Pacific by delivering high quality solutions and services.”

The rest of this article can be found at investordaily.com.au.

Xinja Launches Second Equity Campaign

Posted by Anton Murray Consulting on . Posted in Market Commentary, News

InvestorDaily

Neobank Xinja has launched its second equity crowdfunding campaign after being granted a restricted banking licence twelve months ago. Xinja was granted a restricted banking licence by APRA early last year and in the year since has developed a whole suite of new products. The crowdfunding raise is being run from Equitise and passed the minimum raise of $500,000 within nine hours when it opened to existing investors less than a month ago.

Xinja chief executive and founder Eric Wilson said that shares were available from today and they hoped to mirror the success of last year’s raise. “A year ago, when Xinja was the first company to launch an equity crowdfunding campaign, we raised more than half a million dollars in less than 18 hours. A lot has happened since then. We can now call ourselves a bank: we have a restricted banking licence, more products in development, and we have the momentum to become partners with thousands more Australians,” he said.

The rest of this article can be found at investordaily.com.au.