Which 2 Aussie states have the highest FUA?; The advisers under ASIC’s scrutiny in FY24

Adviser Ratings’ latest report has unearthed which two Australian states are servicing the highest number of clients and enjoying the largest funds under advice.

As the 2023–24 financial year comes to a close, Money Management reviews the financial advisers who fell under the regulator’s enforcement spotlight.

ASIC has suspended the AFSL of a Melbourne financial services firm following an investigation by the regulator.

Licensee Infocus Wealth Management has announced it has completed the acquisition of Madison Financial Group, increasing its adviser number to more than 200.

ASIC has cancelled the AFS licence of a Victorian fund manager and banned its managing director for four years after discovering “significant and systemic failures of oversight and compliance” which led to investor losses.

Financial software provider Bravura has extended the term of its chief commercial officer as it seeks to finalise work on its transformation program.

Advisers and platforms have a role to play in educating their clients with alternative investments, according to Praemium, as research finds alternative assets are set to reach US$21 trillion next year.