Five things you need to know this week - 24 February

By Drew Meredith.

1. Reporting?from the SMSF Association conference, our own Tahn Sharpe noted that ’despite a growth hiccup in 2022 the SMSF sector is trending in the right direction, with more younger people opting for choice in the way they manage their retirement savings’. According to data from Investment Trends, ‘younger people in their late 30s and early 40s are now electing to take control of their own retirement funds early’, primarily due to their desire for choice.

2. The big news this week was all about defining the purpose of superannuation for good. According to Lisa Uhlman, industry bodies are lining up to support the governments proposal which is that ‘the proposed objective of superannuation is “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”. Naturally, the news is set to reignite the super wars, with talk once again returning of new caps on large superannuation balances.

3. Sticking with SMSFs and investment platform Hub 24 has entered the realm with the official launch of its own SMSF Access option. Following an extended pilot, the ‘simple’ solution aimed at advised clients seeks to take the pain out of starting and running an SMSF, including tax returns. According to Hub 24’s Greg Hansen ‘by leveraging the collective capability of the HUB24 Group including the HUB24 platform, Class and NowInfinity, the company has been able to develop a lower cost and more efficient product’.

4. Clearview Wealth (ASX: CVW) continues to slim down, announcing the sale of the group’s managed investments business as it delivered its half-year results. The company reported a 31 per cent increase in profit following the sale of its wealth management division. The managed investment business would be sold to Human Financial, in which Clearview would retain a 40 per cent stake along with receiving?a $1.3 million payment.

5. This week marked Part One of The Inside Network’s ethical investing masterclass in partnership with Australian Ethical. Set over two days, the first session attracted over 200 viewers who heard from RIAA CEO Simon O’Connor and AE’s Leah Willis to discuss the challenges and opportunities in embracing and integrating ESG and responsible investments into their business.