Welcome to the November edition of TOWER Talk.
Providing you with current information concerning TOWER,
our products and the industry.
In this edition:
Policy Fees for 2006
To read more,please click here.
PAS Correspondence
Copies of Client Communication now available online. To read more, click here.
Finance Update
To read more, click here.
"Highly Recommended" rating by Lonsec for two funds available through ARC
To read more, click here.
Super Fast Facts
Quick facts and updates on Superannuation to keep you informed. To read more, click here.
Canberra Corner
For an easy to read update on the progress of legislation through parliament, click here.
The Policy Fees for certain TOWER Risk and Investment products have been indexed at the CPI rate of 3% and apply from 1 January 2006 or on the policy renewal date in 2006 depending on the Product. For more information, please click here
Copies of Client Communication now available online!
We continue to improve and streamline our communication processes to make accessing copies of your client letters easy and convenient.
What has changed?
From now on each time we issue a letter to your client, we will advise you via an emailed ‘TOWER Client Correspondence Delivery’ of what has been sent and to whom. Copies of the actual letters and forms will be available online at the TOWER Adviser website.
How to view clients’ letters
To access the site, follow the steps below:
- Login into http://www.toweradviser.com.au/.
- Click on the Your Business Online tab.
- Click on the Client Correspondence tab.
- Type in the policy number for the client you wish to view
What if you do not have a logon to the TOWER Adviser Website?
If you do not currently have a logon to the TOWER Adviser Website, click on 'New User' on the TOWER Adviser Website site menu - www.toweradviser.com.au - to be set up with access.
If you do not have a password, please contact our TOWER Helpdesk on 1800 815 530.
How does this assist you?
- You will have automatic access to view your clients letters at your convenience
- You can choose to print only those that you require.
- You will not receive faxed copies or hard copies of client letters which can clutter your office.
What Client letters are available online now?
Letters able to be viewed online are for former FAI Life issued policies and all new Risk policies that commenced from 2001 onwards.
When will this happen?
Effective 19 December 2005, you will start to receive your ‘TOWER Client Correspondence Delivery’. The frequency of receiving this document will be dependent upon your client activity. For multiple policies, notification will be collated and sent on a daily basis. Your Service Team and Sales Team are able to answer any questions you may have regarding our online service.
For the latest finance news, please click here
"Highly Recommended" rating by Lonsec for two funds available through ARC
The Investors Mutual Australian Share Fund and the IOOF/Perennial Value Shares Trust, both available through ARC Master Trust have recently been awarded a "Highly Recommended" rating by Lonsec. The ratings house’s review assessed 39 funds and only six were awarded its top category rating of ‘Highly Recommended’. Two of those six are available through the ARC Master Trust.
Boutique fund managers have dominated the highest rated category awarded by Lonsec as part of its review of the large cap Australian fund sector.
The ratings house’s review assessed 39 funds and awarded six its top category rating of ‘Highly Recommended’, of which five were boutiques.
Receiving the highest rating were the Ausbil Dexia Australian Active Equity Fund, Citigroup Australian Equity Trust, Investors Mutual Australian and Industrial Shares Fund, IOOF/Perennial Value Shares Trust, and Tyndall Australian Share Wholesale Portfolio, with Citigroup being the only non-boutique among the half dozen.
Lonsec said the trend in its award ratings emerged because boutiques are generally established by highly qualified and experienced professionals who have left larger fund managers, usually have a closer alignment with investors interests, and are often more efficiently managing capacity constraints.
The review also revealed other developments in the Australian large cap sector including the introduction of multiple-portfolio manager structures. Under this set up analysts are given only a portion of the fund to manage in order to increase the accountability of the investment team. The ratings house believes the prevalence of these practices are an attempt to duplicate the successful processes of Perpetual and remained cautious about the suitability of the framework for each manager.
Another trend to emerge was the conscious effort made by fund managers to retain their key staff. Lonsec found that many managers are now implementing real or ‘shadow’ equity schemes in order to make existing employment contracts more appealing to key personnel. The ratings house said these arrangements would become more popular to prevent staff from joining rival firms or starting up funds management operations of their own.
Fund manager overseas research trips were also found to be on the rise, a phenomenon supported by Lonsec due to the increasing importance placed on offshore revenue by Australia’s largest corporations.
- The ATO recently released a media release that clarifies how transition to retirement pensions will be treated in relation to tax avoidance. To view the media release, please click here
- The Minister for Revenue and Assistant Treasurer, Mal Brough, recently announced that regulations have been made to further refine the meaning of interdependency relationship for the purposes of superannuation and related taxation law. To view the regulations, click here and to view the explanatory statement, please click here.
There are many changes made to legislation that may affect you and your clients month to month. For an easy to read update on the progress of legislation through Parliament, click here.
Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.
Important
If you no longer wish to receive the TOWER Talk please e-mail us at TowerTalk@au.towerlimited.com
providing your full name and the email address these are being sent to.
Login to the TOWER adviser website to obtain other information on TOWER products, investments, or technical news. All current PDS's are on the site and can be printed off for sales use.
TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848