Switching licensees spells break in advice losses; 1 in 10 Australians are millionaires: UBS

Financial adviser numbers have gained headway this week, Wealth Data reports, marking a departure from six consecutive weeks of losses.

There are almost 2 million Australian millionaires, UBS’ new report shows, with the proportion set to grow by a further 400,000 people by 2028.

Insignia Financial has unveiled a new operating model and executive team, including a new head of advice, while three senior executives are set to depart the licensee.

Submissions and nominations have opened for the inaugural Momentum Media Australian AI Awards 2024, which champions the wealth management industry for contributing to the dynamic field of artificial intelligence.

Platinum Asset Management has shared an update on its “growth and reset” turnaround strategy and FUM at the end of the financial year.

ASIC has updated some of its documentation in line with the DBFO Act receiving royal assent, with licensees reminded to stay on top of the changes.

In this episode of Relative Return, host Laura Dew speaks with Owen Murfin, investment officer and institutional fixed income portfolio manager at MFS Investment Management, to discuss opportunities in bonds amid potential rate cuts.