Risk Company Update

Two new firms join Count Financial

Two Adelaide firms have joined Count Financial’s national advice network, Adelaide Private Wealth and DMCA Advisory. Count Financial has welcomed 25 new firms in 2021 alone.

CountPlus buys majority stake in paraplanning, admin and tech support company

CountPlus Limited has bought a 51 per cent stake in Wealth Axis. Wealth Axis provides paraplanning, technology and administration support services to financial advisory businesses in Australia.

IOOF completes acquisition of MLC Wealth from NAB

As of 31 May 2021, IOOF Holdings Ltd has acquired MLC Wealth from National Australia Bank (NAB). The addition to IOOF will mean the company now has 2.2 million clients and around $500 billion funds under management, administration and advice.

 CBA announces digital banking focus

Commonwealth Bank (CBA) has announced its strategy and investments relating to digital products and services to enhance banking experiences. CBA has announced strategic partnerships with innovative businesses in a bid to further its digital goals.

A pilot was launched with the new Consumer Data Right (CDR) with it being the first bank to allow customers to view account balances from other eligible financial institutions through the CommBank app. Other investments include Little Birdie, an online shopping start-up that helps customers find special deals through online shopping, and Amber, providing subscription-based access to wholesale electricity prices. CBA has also invested in Klarna and StepPay, buy-now-pay-later offerings.