Accountants v advisers: Which profession is higher paid?; FAAA concerned over CSLR’s escalating costs

As competition heats up between advice firms and accountancies to attract top graduates, Money Management compares the potential salaries of both professions and how they vary by state.

In its pre-budget submission, the FAAA has expressed its concern over the “extremely disheartening” costs of the Compensation Scheme of Last Resort potentially being passed on to financial advisers.

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Total MySuper assets are approaching $1 trillion while the number of funds with more than six members has declined by 40 per cent over the last five years, according to APRA’s latest annual statistics.

The federal government has released draft legislation making it easier for financial advisers to demonstrate they have a qualified degree and changing the transitional arrangements for tax (financial) advisers.

ASIC chair Joseph Longo says the regulator is conducting a review into the use of artificial intelligence in financial advice as it explores how to prevent AI harm to consumers.

Despite accounting for over 50 per cent of fund launches in 2023, active ETFs recorded approximately $1 billion in outflows last year, confirming investors’ preference for passive strategies.

Private credit was the asset class of 2023 and the reactivation of the IPO markets should be a strong signal for the year ahead, writes Andrew Martin.