Boutique and robo models the new face of financial advice

Original article by James Eyers, Elouise Fowler
The Australian Financial Review – Page: 17 : 21-Mar-19

Westpac CEO Brian Hartzer expects banks to focus on using automated solutions to provide personal financial advice in future, due to the high cost of providing such services. Hamilton Wealth CEO Will Hamilton agrees that so-called robo-advice may be the only option for banks if they are to continue to offer financial advice on a large scale. Hartzer adds that consumers will still be able to pay for bespoke personal finance advice via boutique firms.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, HAMILTON WEALTH MANAGEMENT PTY LTD, VIRIDIAN ADVISORY PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BT FINANCIAL GROUP PTY LTD, KORDA CAPITAL, SIX PARK

Nearly three million Australians are ‘trusted advisors’ for finance and investment decisions

Original article by Roy Morgan Research
Market Research Update – Page: Online : 14-Jun-17

A Roy Morgan Single Source survey has found that 14% of Australians aged 14+ (2.96 million people) were asked by their friends or families for advice regarding their finances and investments in the year to March 2017. This large number of ‘trusted advisors’ has significant potential to influence the financial and banking decisions of the people who ask for their advice. The survey also shows that of the sixteen largest consumer banks, Citibank has the highest proportion of customers (25.2%) that are asked by friends or family for their financial advice. Macquarie Bank has the second highest proportion of customers who are asked for their advice (24.2%), followed by Heritage Bank (23.3%) and ING Direct (21.8%).

CORPORATES
ROY MORGAN RESEARCH LIMITED, MACQUARIE BANK LIMITED – ASX MBL, HERITAGE BANK LIMITED – ASX HBS, ING DIRECT, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BANK OF SOUTH AUSTRALIA LIMITED, BENDIGO BANK, BANK OF WESTERN AUSTRALIA LIMITED

Australians feeling "financially stable" but currently below pre-GFC levels

Original article by Roy Morgan Research
Market Research Update – Page: Online : 25-Jan-16

A Roy Morgan Single Source survey, which was carried out in the year to October 2015, has found that 60.4 per cent of Australians aged 14+ agree that they feel "financially stable at the moment". This compares with 61.2 per cent in the year to October 2007, prior to the global financial crisis, and 56.5 per cent in the year to October 2008. The survey also shows that 61.1 per cent of people who are customers of banks feel more stable regarding their finances than those who do not deal with banks (50.2 per cent).

CORPORATES
ROY MORGAN RESEARCH LIMITED, MACQUARIE BANK LIMITED – ASX MBL, ING DIRECT, CITIBANK PTY LTD, BENDIGO BANK, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANK OF QUEENSLAND LIMITED – ASX BOQ, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

ANZ eyes Esanda sale to raise $1.5b

Original article by Clancy Yeates, James Eyers
The Australian Financial Review – Page: 19 : 22-Jul-15

The ANZ Bank aims to offload its Esanda personal finance business by mid-2016, while the banking major has also flagged the sale of some Asian assets. The sale of Esanda is likely to be worth about $A1.5bn, which will significantly boost ANZ’s capital ratio ahead of the introduction of new capital requirements in July 2016. It is estimated that ANZ will need to lift its capital by around $A2.3bn in total.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ESANDA FINANCE CORPORATION LIMITED, PT PANIN BANK, JP MORGAN AUSTRALIA LIMITED, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, CITIGROUP PTY LTD, UBS HOLDINGS PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

Financial burdens sharpen grief of cancer

Original article by Kate Hagan
The Age – Page: 12 : 1-Oct-14

Breast Cancer Network Australia (BCNA) has issued a new study of the financial impact on women who suffer an advanced stage of the disease. The figures show that on average the patients have out-of-pocket expenses worth $A687 a month, with drugs not covered by the Pharmaceutical Benefits Scheme the biggest cost factor. BCNA CEO Maxine Morand notes that these fees and charges come as most of the affected women also forgo part of their income for some period when they are ill

CORPORATES
BREAST CANCER NETWORK AUSTRALIA