Westpac dumps personal financial advice for the masses

Westpac dumps personal financial advice for the masses

Two of the bank's top executives will leave the business as a result of the shake-up with consumer bank executive George Frazis leaving to pursue other opportunities and BT CEO Brad Cooper leaving after assisting with the transition. Mr Cooper is also the deputy chairman of lobby group the Financial Services Council. Westpac will continue…
ASX falls after choppy session

ASX falls after choppy session

Xero shares fell 1.7 per cent to $48.50, Appen closed 1.2 per cent lower at $23.49 and Altium declined 2 per cent to $33.51. Westpac said on Tuesday it would be exiting the personal financial advice sector and that group executives George Frazis and Brad Cooper would be exiting the bank. Part of the financial…
WiseTech, Atlassian rev growth engines

WiseTech, Atlassian rev growth engines

Both companies’ shares prices are now hovering just below record levels. And the Rich Lister founders of both business – Atlassain’s Mike Cannon-Brookes and Scott Farquar, and WiseTech’s Richard White – are determined to keep investing as they look to reinforce the competitive advantage of their businesses. Speaking to White on Tuesday, it’s clear where…
‘Two-faced hypocrite’: Daley slammed for Asian remarks

‘Two-faced hypocrite’: Daley slammed for Asian remarks

Agrees to apologise On Tuesday Mr Daley said he would apologise to anyone who was offended and had used "Asia" in the geographic sense rather than to complain about racial competition. Chinese community groups didn't have any immediate response to the comments, which were made when Mr Daley was deputy opposition leader. The footage was…
Europe leads the pack in the fight against e-terrorism

Europe leads the pack in the fight against e-terrorism

In coming weeks the British government is expected to release a white paper that may propose an internet safety commissioner or social media regulator, whose remit will cover not only violent and extremist content but also online child sex abuse and fake news. It's speculated that Britain may be preparing to legislate a "duty of…
Janine Allis boosts housing market with $6.3m sale

Janine Allis boosts housing market with $6.3m sale

Earlier this month, a six-bedroom house in Canberra's Chapman sold for $2.33 million, $330,000 above reserve, to a buyer who had already drawn up plans to build a family home elsewhere. But Australia's housing market is still struggling to recover from a downturn that the Reserve Bank last month called "a significant area of uncertainty"…
How I learnt to love running in my 50s

How I learnt to love running in my 50s

Online, I kept seeing articles about the benefits of exercise; if it were an over-the-counter drug, one doctor said, everyone would buy it. And then there was an app: Couch25K (that's "couch to 5K"), a program that led you from Square 1 to running five kilometres in just eight weeks, which two members of my extended…
Westpac abandons financial advice

Westpac abandons financial advice

The crux of the plan, however, is for the bank to cease providing "face-to-face personal advice" which will see 90 advisers and 85 support staff move to boutique Viridian Advisory. The bank has about 389 salaried advisers and and 414 aligned advisers which had fallen considerably in recent years. It did not reveal the consideration…
Non-bank lenders ramp up bond issuance

Non-bank lenders ramp up bond issuance

"Banks' tighter lending standards in light of the royal commission have also had an effect on their lending activity over the past year." The comments come as two non-bank lenders Columbus Capital and Bluestone appointed banks to begin marketing possible residential mortgage backed bond issues. Mr Kent said this change in bank behaviour contributed to…
ASX poised to rise, RBA minutes ahead

ASX poised to rise, RBA minutes ahead

"We expect Fed officials to revise down their GDP growth and interest rate projections, and to announce formally that their balance sheet run-down will end later this year," Capital Economics' Andrew Hunter said. AGF Investments' Greg Valliere said he expects Fed chairman Jerome Powell to offer assurances that a recession is not imminent, with better growth…

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