In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses significant industry updates in Australian financial services. In the financial advice sector, median advice fees have seen an 18% surge due to increased service complexity and compliance costs. The superannuation sector sees innovation from AMP in collaboration with fintech Citro, introducing a cashback reward program turning everyday spending into retirement savings. Bell Financial Group reports a 44% drop in half-year net profit amidst its transformation from a broking firm to a wealth management company. Lastly, the Australian Financial Complaints Authority makes a landmark ruling, ordering an insurance broker to pay nearly $300,000 for losses from a declined fire claim. Tune in for crucial financial updates and expert advice.n
