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Wealth costs still weighing on Westpac Wealth costs still weighing on Westpac Westpac has flagged the sale of its remaining wealth-focused businesses as a key part of its cost-cutting strategy, as the bank’s remediation expenses jumped in the first half despite strong performance in super and platforms. A A In its investor presentation around the bank’s half-year results on Monday, Westpac said it was targeting an $8 billion cost base by the 2024 financial year, and that the exit of “non-core businesses” placed in its specialist businesses arm – including BT and Westpac Life Insura...

Budget 2021: What advisers need to be ready for Budget 2021: What advisers need to be ready for A technical expert has predicted the government may choose to focus on simplifying the increasingly complex super system, and better retirement incentives for women and families, in the upcoming federal budget. A A BT head of financial literacy and advocacy Bryan Ashenden said top of the Coalition’s list to address would be the ongoing stoush around increasing the SG, with the government likely to push ahead with a rise to 10 per cent. “At the moment indications are we will see it go up, but it...

APRA warns of ‘irreversible’ climate risk By Lachlan Maddock 22 April 2021 The prudential regulator has warned businesses that they must work quickly to understand “the unprecedented nature of climate change” if they want to avoid havoc in the financial system. APRA has urged businesses to recognise climate risks as different from those they’ve faced in the past, warning that a “strategic approach” is necessary for managing “the potential for irreversible changes in climate, leading to impacts that may not be ...

Asset managers flock to net-zero pledge 21 April 2021 State Street, Russell Investments and US ESG specialist Trillium Asset Management are among 14 new investors signing up for the Net Zero Asset Managers initiative, pledging to hit net-zero emissions by 2050. The global Net Zero Asset Managers project has now signed 87 investors managing $37 trillion (almost 40 per cent of the total assets under management worldwide).  The asset managers have committed to a net zero by 2050 goal, as well as a 50 per cent reduction in emissions by 2030. Signatories have also pledged ...

Most law firms know they must have a social media presence. But being present may not be enough, writes Jacqueline Burns.    As an expert in services marketing, here are my top 12 tips to help yo