Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Register

20 August 2026

Home / 250

Cuffelinks Newsletter Special Edition 250

  •   27 April 2018
  •      
  •   

This week, Cuffelinks publishes its Special 250th Edition ebook with over 30 market experts sharing a mistake which made them better investors. From the start in 2013, Cuffelinks has committed to independent financial journalism, bringing insights from hundreds of finance professionals to our community of over 37,000 readers.

It's an important time to learn these lessons, as the 88-year-old founder of Vanguard, Jack Bogle, recently said in a CNBC interview:

"I have never seen a market this volatile to this extent in my career. Now that's only 66 years, so I shouldn't make too much of it."

Cuffelinks Special 250th Edition free ebook is linked here.



The Royal Commission steamrolls on

After another shocking week that revealed the worst of the financial advice industry, the Royal Commission has a stark issue in its headlights: how should advice and product be separated to ensure advisers act in the best interests of their clients? Many quality advisers who operate fee-for-service businesses feel all financial advice has been been tarnished by the revelations of the last two weeks. 

Faced with enough material to fill a book, we have broken down a few issues: how the Commission set the tone to expose wrongful advice; what is grandfathering and why is it under threat; and the likelihood of regulations relating to percentage-based fees. We have extracted transcripts of witness statements so readers can make their own judgements.

We also share the feedback from readers received last week, and as background information, we reprise an article written by Harry Chemay in 2014 which explains how FOFA works. An independent adviser, John Leske, offers his views on the current regulations and how financial advice should be restructured.

Tim Fuller provides a short summary of the Commission's forensic dissection of the Henderson Maxwell business (recently acquired by AZ New Generation Advisory). This independent business directed 84% of its clients into its own managed account. It demonstrates that the advice issues are not confined to the big banks and AMP, with some smaller independents having their own versions of vertical integration, or as they prefer to call it, 'leveraging their eco-system'. 

Thanks to subscribers, authors and sponsors for helping Cuffelinks to reach 250 editions.
 
Graham Hand, Managing Editor

Edition 250 | 27 Apr 2018 | Editorial | Newsletter

 

  •   27 April 2018
  •      
  •   

 

Leave a Comment:
Firstlinks is sponsored by:
banner

Most viewed in recent weeks

Does your will qualify for the discretionary testamentary trust exemption?

Treasury has confirmed the exemption many families were hoping for. But buried in the fine print are two conditions that could leave some wills on the wrong side of the exemption, despite years of careful planning.

Are you making these SMSF mistakes?

After four decades advising investors, there are a few common mistakes I've seen SMSF investors make. From holding too much cash and chasing yield to overtrading and trusting tips. Are these errors costing you?

Lithium's latest drop and what it means for ASX investors

Lithium's latest sell-off has punished ASX miners as prices remain hostage to shifting expectations. The key challenge is navigating a market prone to extreme volatility despite a strong case for the long-term demand outlook.

Retirement spending is not one-size-fits-all

New data challenges the idea that Australians are underspending their super. The bigger issue may be helping retirees navigate complexity, make confident decisions and use their savings to support security, wellbeing and choice.

Why have Australian living standards 'fallen' and how do we fix it?

For the last few years there has been much talk of a 'cost-of-living' crisis in Australia and of 'falling living standards'. Lately this has flared up again with the pickup in inflation resulting in a renewed fall in real wages.

The missing link in the CGT debate

A little-noticed consequence of Labor’s tax changes could have implications well beyond investors’ tax bills. The issue raises bigger questions about incentives, capital allocation and the drivers of long-term economic growth.

Latest Updates

Planning

Testamentary trusts have secured the CGT exemption

Treasury’s latest CGT reform draft delivers a win for testamentary trusts and deceased estates, exempting estate-derived gains from the 30% floor. However, questions on death and divorce rollovers remain unresolved.

Superannuation

How much super should you have?

Average super balances are one of the most misleading benchmarks. They ignore your goals, spending and future needs, creating a false sense of security. Here is how I calculate exactly where I need to be at every decade.

Retirement

Retiring from work is easy, retiring into life is harder

Most people spend decades planning how to retire. Far fewer plan for what comes next. The biggest retirement challenge isn't always financial, and it often catches even the most prepared retirees completely off guard.

Shares

Right asset class, wrong index: the trap in Australian small caps

Most Australian portfolios are concentrated in large caps, with relatively little exposure to smaller companies. But what if the biggest risk isn't the economy, interest rates or valuations? For many, the risk is hidden in plain sight.

Property

Are these assets the missing piece in Australian portfolios?

Many investors remain concentrated in shares, cash and property. Despite their popularity among institutional investors, real assets remain underrepresented in many SMSF portfolios. Could they be the missing piece?

Investment strategies

The biggest risk that buy-and-hold investors ignore

Investors spend decades learning how to stay invested, yet few have a plan for getting out. When a financial goal has a hard deadline, a worked example shows why a fixed derisking schedule should outrank buy-and-hold discipline.

Investment strategies

How passive investing is driving the decline of active fund alpha

Why have active managers struggled as passive investing has surged? Research suggests that flows into index funds and ETFs are creating structural headwinds, penalising the stock-picking strategies that once generated alpha.

Sponsors

Alliances

  • ASA-Logo-RGB-ActiveGreen-web.png

Site Map

About Firstlinks

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.