Financial advisers gain recognition as a profession from ABS; Federal judge calls for industry to scrap the ‘grandfathering’ term

The statistical agency has officially recognised the financial advice profession by using the occupational terms 'financial adviser/financial planner' as a result of the FAAA advocacy.

In a curious aside to ASIC’s appeal of the CBA/Colonial First State judgment, the judge has taken issue with the financial services industry’s use of the term ‘grandfathering’ and suggested an alternative.

The corporate regulator has announced several appointments to its executive leadership team, as it reaches the final stages of executing its new organisational structure.

Net profit after tax at Magellan has declined by 52 per cent as it releases its full-year results for FY22–23, its first in a five-year transformation strategy, and makes several people moves.

Half of advice firms are failing to communicate their plans for the business with their employees which could cause problems with staff retention, according to Business Health.

Global wealth declined last year for the first time since the GFC and Australia experienced the fourth-highest losses behind the US, Japan and the UK, according to research.

Agreeing that the AI hype is real, managers are opting for various levels of exposure to make the most of the current rally, but they argue real results will be seen in the long term.