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Graham

Royal Commission 3: A ban on all percentage-based fees?

The Royal Commission is asking whether percentage-based fees offer the wrong incentives and why administration is not a flat fee business. Where might this go in wealth management?

Thanks for the Royal Commission feedback

The Financial Services Royal Commission is discovering behaviour that is far worse than expected, with widespread implications for wealth management. Banks are challenged making the vertical integration model work.

$1 million v $500,000 and accepting a pension

A reader asks whether people can stay off the age pension by reducing the amount of money they live on in retirement but not drawing on their capital.

$1 million is never worth less than $500,000

It's become common to claim there is no incentive to save more than $500,000 because of the loss of age pensions and possibly franking credits. But these arguments overlook the way super is supposed to operate.

Cuffelinks Special 250th Edition 2018

Special Edition 250 includes over 30 market experts sharing a mistake that made them better investors. Since Edition 1 of Cuffelinks, we have focussed on independent expert insights from high-profile finance professionals to deliver useful ideas to our community, now over 35,000 strong.

Retained profits a conspiracy against super and pension funds

For a pension fund with a tax rate of zero, it is better to receive an after-tax dividend of $100 than a company retaining after-tax capital of $70. Why aren't company directors asked about this tax inefficiency?

Latest Updates

Exchange traded products

It’s time for LICs to die

A high-profile dividend cut and a prominent fund manager’s apology have reignited a long-running debate. If investors can access similar exposures more cheaply and efficiently elsewhere, what exactly is keeping LICs alive?

Taxation

Will investors be better or worse off under new housing tax changes?

Housing tax reforms have sparked warnings of market turmoil and promises of greater fairness. But after modelling nearly two decades of property data, the results suggest winners and losers may not be who many investors expect.

Retirement

Three considerations before reshaping your legacy plan

Many retirees hope to leave a legacy. Proposed trust tax reforms could force families to rethink. The question is not how much to leave behind, but whether today's inheritance plans will still make sense as circumstances change.

Investment strategies

Why experienced investors still get markets wrong

Retirement is approaching. Markets are noisy. And every headline seems to demand action. The biggest investment risk isn't fear, greed or market volatility, it often arrives disguised as research and sensible risk management.

Shares

Why pay more for less?

Conditions were stacked in favour of professional investors in 2026. Most still fell short, raising questions about where investors should look for value. Meanwhile, an alternative strategy continued to make its case.

Investment strategies

Bleeding air out of the bubble

Equity valuations have fallen sharply over the past year, yet investors have largely been spared the volatility and losses that typically accompany a de-rating. What explains this unusually orderly reset? Here are five key drivers.

Strategy

Has AI gone rogue?

We worry about AI becoming conscious. But what if consciousness isn't the issue? The more unsettling possibility is a machine capable of pursuing objectives relentlessly, without motives, emotions, or awareness of any kind.

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