The BFG Report

Welcome to the 2021 Summer Edition of the BFG Report 

What happens to your social media when you’re gone?

In today’s digital age, over 80% of Australians own a social media account. But what happens to these accounts when we die?

Facebook allows users to appoint what is called a ‘Legacy Contact’ under their memorialisation settings during their lifetime. Once proof of death has been provided to Facebook, the Legacy Contact is able to post a final message on the deceased’s profile before the account is ‘memorialised’, allowing friends and family to post messages of remembrance and sympathy. The Legacy Contact can manage posts, profile pictures and friends. Where a user does not wish to appoint a Legacy Contact, they can opt to have their account permanently deleted upon notification of their death. Where neither of these options are selected by the user during their lifetime, the account is automatically memorialised once Facebook is made aware of your passing; your executor does not assume special rights over your account following your death.

Instagram similarly to Facebook, allows a user’s account to be memorialised where the app has received notification and evidence of the user’s death.  Anyone can notify the app that a user has died and there is no specific appointment of a controller in the app. It is important to note that the deceased’s executor and legal personal representative will not automatically assume full rights over the deceased’s account. Once memorialised, the user’s existing photos will remain visible and the word ‘Remembering’ will be displayed next to the user’s name. Whilst posts of the deceased user will remain shared on the app with the people they were originally shared with, they will not appear in public searches. The request to remove the Instagram account can only be made by the Executor or administrator of the deceased’s estate.

Twitter, on the other hand, provides authority to the user’s executor or their next of kin, to request that the account be deactivated. Once deactivated, no one can access the account

LinkedIn will remove a profile once notification and satisfactory evidence of the user’s death has been provided. Until such time, the user’s profile will remain active despite any period of inactivity.

Emails servers generally will allow users to set up an ’Inactive Account Manager’ to delete their account after a period of inactivity. If you want to control what happens to your social media presence after your death, you will need to spend time considering how your online accounts and identities will be managed after you die. You do have the option of sharing your passwords with someone you trust to follow your wishes if you understand the cyber security implications of doing so. Having a digital register to sit alongside your Will is a helpful resource for your loved ones to navigate your digital profile after your death.

Incorporating your digital footprint into the planning process can prevent identity theft, save records and protect family and friends from automated reminders when you’re gone which can be upsetting. Source: Australian Executor Trustees

Investment Market Review – September Quarter 2021 


  • The September quarter was a positive one overall for risk assets marred by growing macro uncertainty towards quarter-end.
  • Chinese growth and soaring energy prices were one concern, hawkish central banks, another.
  • The Global Composite PMI (a useful leading indicator of economic growth) remained positive but weaker over the quarter pointing towards slower economic growth for the global economy.


  • The September quarter saw a continuation of strong performance for equity markets with growth stocks back in vogue domestically and internationally. Australian equities slightly outperformed against global peers while a steep decline in iron ore mining stocks saw value underperform.
  • Emerging market underperformance relative to developed markets persisted. This was driven by a regulatory crackdown in China on technology and online education businesses as well as concerns of possible spill over from the potential collapse of property developer Evergrande.

Key economic news 

  • Rising energy prices and supply chain pressures have seen concerns over inflation increase. When coupled with slower growth we have seen some alarmist calls of “stagflation” emerge.
  • It is important to note that growth is slower than the immediate bounce back from pandemic lows but is still strongly positive with the US anticipated to growth at 7.54% annualised in the December quarter accordingly to the NY Fed Weekly Economic Index.
  • While the September quarter is likely to be a negative growth quarter (given lockdowns) the bounce back as restrictions ease bolsters confidence for the December quarter in Australia.

Asset class performance to September 2021 (Total returns in AUD)                                                                                 


Asset Class 1-mth 3-mth 6-mth 1-yr 3-yr 5-yr 7-yr 10-yr 15-yr 20-yr
Australian equities (S&P/ASX 200) -1.9% 1.7% 10.1% 30.6% 9.7% 10.4% 9.1% 10.8% 6.8% 9.0%
International equities -3.0% 4.0% 13.7% 27.8% 13.3% 15.2% 13.7% 16.2% 7.7% 6.0%
Australian REITs -2,2% 4.2% 15.1% 29.8% 8.6% 7.1% 10.8% 13.2% 3.6% 6.9%
Australian bonds -1.5% 0.3% 1.8% -1.5% 4.1% 3.1% 4.0% 4.5% 5.3% 5.4%
Cash (AUD) 0.0% 0.0% 0.0% 0.0% 0.8% 1.2% 1.5% 2.1% 3.2% 3.7%


Sources: Bloomberg, IOOF calculations

AUD total returns as at Sep-21assuming reinvestment of dividends unless otherwise specified

** Returns reflect index performance excluding any fees; Actual ETF/managed fund performance will vary due to both fees and tracking error.


High Yielding Internet Savings Accounts

Financial Institution Interest Rate** Financial Institution Interest Rate**
RaboDirect Bank 1.35% p.a. ING Savings Maximiser 1.35% p.a.
Macquarie – Savings Account 1.10% p.a. ME Bank Online Saver 1.00% p.a.
IMB – Reward Saver 0.90% p.a. Australian Unity – Active Saver 0.75% p.a.


Important Note – The BFG Report is published for your interest and every effort is made to ensure it is accurate and contains general securities advice only.  It is not possible, when preparing The BFG Report, to take into account individual clients’ investment objectives, circumstances, and needs.  Before acting on any information or advice contained, expressly or implicitly, in The BFG Report you should consult a Representative of Baldry Financial Services Pty Ltd trading as BFG Financial Services (“BFG”). No part of The BFG Report may be reproduced without the written consent of BFG in each case.  BFG, its employees or any associate are not liable for any loss or damage arising as a result of any reliance placed on the contents of The BFG Report.  All such liability is excluded apart from any liability which the law does not allow to be excluded.