The 3 things missing from the QAR; Platforms’ FUM falls below $1tn

Three things are missing from the government’s formal response to the QAR, according to the FAAA’s Phil Anderson, while a panel has shared why they believe the QAR should help the profession return its focus to advice delivery.

Wraps, platforms, and master trusts’ FUM declined to $982.5 billion over the year to end of March 2023, although some market leaders like HUB24 and Netwealth experienced double-digit growth.

Driven by technological efficiencies, advisers are doing more with less and witnessing increased profitability, according to a survey of over 120 practices.

The FAAA’s Phil Anderson has shed light on when advisers could see any update from the government on the progression of the Quality of Advice Review changes.

Magellan has appointed Amy Krizanovic as head of ESG and it is understood her predecessor and former deputy CIO, Dom Giuliano, has departed the firm after 16 years.

Reporting its quarterly results for the three months to 30 June, the firm said it has seen funds under administration increase by $4.4 billion although outflows remain at “elevated levels”.

In this episode of Relative Return, host Maja Garaca Djurdjevic chats to Russel Pillemer, co-founder and chief executive at Pengana Capital Group, to discuss how the firm is solving accessibility to global private markets for both wholesale and retail investors.