qmv superbrief 20141107
TRANSCRIPT
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suffered in relying on the information presented.
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STATISTICS
Super funds have publicly
disclosed executive level
remuneration, revealing a wide
range of pay packages across
the industry. Under changes to
the SIS act, funds are now
required by law to disclose the
remuneration of their executive
teams. Of the not-for-profit
funds, QSuper’s Rosemary
Vilgan was the only CEO to top
the million dollar mark ($1.05
million).
Source: Financial Standard
BT Financial Group has posted
a net profit of $895 million for
the year ending 30 September
2014, up from $773 million the
previous year. The results were
based on a 26% increase in
FUM and growth across both
the general and life insurance
businesses.
Source: Investor Daily
The SelectingSuper MySuper
rolling 12 month performance
index fell sharply during
September to return 9.0%,
compared to 11.1% at the end
of July.
Source: Financial Standard
APPOINTMENTS
ClearView Wealth has
announced Todd Kardash as
their new CEO to head the
combined dealer group
business, following the
announcement of a merger
with Matrix Planning Solutions.
Source: Investor Daily
NEW PRODUCTS
Wealth management platform
XPLAN and cloud SMSF
software Class Super have
been integrated into one
program in an attempt to
bridge the gap between
planners and accountants.
Software provider IRESS said
the pairing aimed to help
accountants and planners to
share information and meet
their reporting requirements.
Source: Money Management
Industry fund VicSuper has
partnered with annuities
provider Challenger to offer its
members guaranteed pension
products. The two new
products will be introduced in
early 2015, and aim to address
longevity risk and provide a
“reliable income stream in
retirement”.
Source: Investor Daily
ROYAL COMMISSION
Two Cbus employees have
been accused of perjury and
the fund’s culture heavily
criticised in a submission by
Jeremy Stoljar, council assisting
the Royal Commission into
Trade Union Governance and
Corruption. Stoljar said Cbus
and affiliated union the CFMEU
have a ‘symbiotic relationship’
that creates a “significant risk
of conflict of interest”.
Source: Financial Standard
OPINION
The ACCC is unlikely to
intervene in the acquisition of
major administrator
Superpartners by Link Group,
according to QMV Super
Solution’s Jonathan Steffanoni.
While the acquisition will see
Link controlling over 60% of the
super admin market, Steffanoni
noted that “it is contestable
whether Superpartners would
be a vigorous and effective
competitor if the acquisition
didn’t take place”.
Source: Super Review
Software provider Bravura
Solutions has released a white
paper titled Top 10 trends in the
Australian superannuation
industry: Why funds must bite
the system modernisation
bullet. The paper contends that
savvy funds will employ
modern flexible technology
solutions that support
simplification and
rationalisation and drive
operational efficiencies.
Source: Bravura Solutions
RESEARCH
Members are demanding
advice and communication
from their super funds, but few
are willing to pay for the
service, according to
CoreData’s 2014 Member
Retention Report.
Source: Money Management
QMV SuperBrief Quick Superannuation Industry News
Issue #45 of 2014: Friday, 7th November 2014