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12 March 2026
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Value v growth investors, managing the $1.6m cap, tips on managed accounts, Douglass macro update, sovereign defaults coming, carer inherits estate.
The idea that stocks should be divided into growth and yield categories diverts us from fundamentals. Intrinsic value eventually manifests in higher cash flow, whether or not share price appreciation anticipates it.
The $1.6 million Transfer Balance Cap (TBC) on pension accounts affects only capital balances. It’s not affected by income earned and pensions paid, and there are ways to maximise the remaining tax-free status.
Several factors contribute to the growth in managed accounts, which are like ‘implemented advice’ for investors. Despite the fallout from the Royal Commission, these factors are largely unaffected so growth should continue.
Choosing the right managed account can be achieved more effectively by checking certain key features including fee structures, investment strategies, independence, performance and risk metrics.
More advisers want control over their businesses for the benefit of themselves and their clients rather than operating under institutional guidelines, and software providers are facilitating the change.
The fundamentals point toward bankruptcies of major sovereigns like the US and Japan in the next decade. The after effects could be catastrophic on all major asset classes. It’s time to discuss the makeup and costs of insurance.
Carers may have a legitimate claim to an estate even if the deceased suffered from dementia when making a subsequent will. The Court seeks to establish whether testamentary capacity was disabled.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
One in five Australians die before retirement and most have not set up their super properly so their loved ones can benefit from all their hard work and savings.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.
An ageing Australia is shifting the superannuation system’s focus from accumulation to the lifecycle of retirement. While these pressures have been anticipated for decades, they are now converging at scale and driving widespread industry change.