FAAA explores how to prevent AFSL phoenixing; Industry redundancies raise questions about talent loyalty

The FAAA is actively exploring and has sought legal advice on how the problem of phoenixing AFSLs can be avoided to prevent the burden falling on the CSLR and the advice sector.

As cost-cutting programs drive a rise in wealth management redundancies, a recruitment consultant suggests highly regarded talent are seeing their loyalty tested in an uncertain market.

The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.

After weeks of fluctuating above and below 15,500, adviser numbers have maintained their hold above the line for three consecutive weeks.

Global wealth advisers are cautiously optimistic about the future, with many expecting to meet their clients’ financial goals over the next few years despite economic challenges, according to Schroders.

An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.

First Sentier Investors has announced two key promotions in its leadership team, with a new global head of distribution and marketing and the newly created role of chief commercial officer.

As thematic ETFs gain popularity among advisers, research houses have told Money Management of their unique challenge to rate these niche products and assess their long-term viability.