Money Management
APRIL 2014
Little
black
book
Overview
The ﬁeld manual to choosing
your dealer group
Brought to
you by
Principal Sponsor
CHOOSING YOUR DEALER GROUP | 1
Overview
Foreward
Welcome to the inaugural edition of the “Little Black Book of
Dealer Groups”!
Madison Financial Group is pleased to be the major sponsor
of this fantastic initiative developed by Money Management and
Pinnacle Practice.
The aim of the book is to guide readers through the difﬁcult
due diligence process of choosing a dealer group and to also
reveal some of the ‘secrets’ of matchmaking success based on
Pinnacle’s extensive business experience.
As a dealer group we often get asked the question – why
should an adviser join Madison? Multiply this question many times
across the multitude of dealer group in the market place and you
can see that potential advisers have an unenviable task in ﬁltering
out those ﬁrms that may or may not suit their needs. There must
be an easier way - both for advisers and dealer groups alike.
Madison was pleased to get involved because it allows us to
put out in the public forum a consistent message of what we stand
for as a dealer group, how we differentiate ourselves from the
others and what type of adviser would be attracted to our group.
For example, Madison Financial Group is an independent,
boutique AFSL with a 30-year pedigree and which is owned and
operated by advisers, staff and management. Madison’s success
is underpinned by an unashamedly high standard of compliance
and a trademark 3-Filter Investment Research & Selection process
monitored by the Madison Investment Committee.
This provides advisers with comfort around an Approved
Product List which will not only meet their client’s needs but also
meets the stringent regulatory requirements of a licensee.
With this sort of information for each dealer – but in much
more detail – the “Little Black Book of Dealer Groups” becomes
the ‘bible’ for a new adviser entering the market for the ﬁrst time or
even experienced advisers looking for a new home.
We hope you enjoy the contents of the book and it truly does
assist in helping advisers making the right choice of dealer group
in their quest for success.
Giulio Russo
General Manager, Madison Financial Group
CHOOSING YOUR DEALER GROUP | 3
About the publisher
Cirrus Media Pty Limited
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Chatswood NSW 2067
Mail: Locked Bag 4700
Chatswood Delivery Centre
Chatswood NSW 2067
Tel: (02) 8484 0888
Publisher: Zeina Khodr
Tel: (02) 8484 0798
[email protected]
Managing Editor: Mike Taylor
Tel: (02) 8484 0712
[email protected]
Senior Journalist: Jason Spits
Tel: (02) 8484 0910
[email protected]
Journalist: Kate Cowling
Tel: (02) 8484 0857
[email protected]
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Tel: (02) 8484 0898
[email protected]
Journalist/Production Coordinator: Priya Prakash
Tel: (02) 8484 0823
[email protected]
Journalist/Researcher: Melina Gouveia
Tel: (02) 8484 0890
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ADVERTISING
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PRODUCTION
Sub-Editor: Daniel Winter
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Subscription enquiries: (02) 8484 0666
Money Management is printed by Bluestar Print,
Silverwater NSW.
All Money Management material is copyright. Reproduction in whole or in part is not allowed without
written permission from the Editor. © 2014. Supplied
images © 2014 Shutterstock. Opinions expressed
4 | MONEY MANAGEMENT | LITTLE BLACK BOOK
Money Management
Launched 27 years ago, Money Management has ﬁrmly
established itself as the leading source of news and
analysis for Australia’s ﬁnancial services sector.
In this time, Money Management has rapidly
evolved from a B2B newspaper into a respected
provider of accredited education and training, research,
professional support and advocacy as well as thought
leadership in the ﬁnancial services space.
While it remains the most read print and online
publication by ﬁnancial planners in Australia and
is widely recognised as a leading advocate for this
profession, Money Management’s growing audience
is a diverse one that also includes fund managers,
accountants, risk advisers and super fund trustees.
Money Management is also the clear publication
of choice for ﬁnance institutions - both domestic and
international - seeking to connect with the high earning
and well-educated professionals working in Australia’s
ﬁnancial services sector.
Having set the standard for print and online
publishing in ﬁnancial services for two decades, Money
Management recently broke new ground with the
sector’s ﬁrst and to-date only weekly tablet magazine
app. Quickly establishing itself as one of the most
successful titles on Apple Newsstand, the Money
Management app delivers users the full breadth of the
content Money Management generates not only in print
and online but also from events, research and training
and thought leadership.
ABN 80 132 719 861
www.cirrusmedia.com.au
©
Copyright Cirrus Media, 2014
in Money Management are not necessarily those of Money Management or Cirrus
Media Pty Limited.
About the author
About the author
Pinnacle Practice
Level 19, Waterfront Place,
1 Eagle St, Brisbane Qld 4000
PO Box 517, Paddington
Qld 4065
Phone:
+61 (7) 3360 0237
Email:
[email protected]
Web:
pinnaclepractice.com.au
Anne Fuchs is the founder of Pinnacle Practice, a specialist
consulting business known for growing ﬁnancial planning ﬁrms
and dealer groups.
Anne launched the My Dealer Group service in March
2012 to provide third party advice to ﬁnancial planning and
accounting businesses conducting their licensing due diligence.
The service is underpinned by specialist knowledge of
dealer groups and their business models. It is overlaid with
unique insights on the people and culture of these licensees
in order to give business owners advice on the most suitable
licensing solution for their business. This could range from
self licensing through to joining either an institutionally or
independently owned dealer group.
Anne also provides ongoing consulting and research
services to dealer groups looking to understand how to retain
and attract advisers in order to achieve their growth objectives.
Prior to establishing Pinnacle Practice in 2009,
Anne worked in practice management and dealer group
management roles with ING Australia. Anne joined the
ﬁnancial services industry in 1997 working for Bankers
Trust Australia within their adviser services and business
development teams. She has also worked for Colonial First
State in their business development team in London.
Anne has a Bachelor of Arts in Politics, the ASFA
Superannuation Management Certiﬁcate and has completed
the Macquarie Graduate School of Management Executive
Leadership Program. Anne also has her Advanced Diploma of
Financial Planning.
CHOOSING YOUR DEALER GROUP | 5
Contents
14
08
Look at your
current dealer
group
50
Dealer Group
Table
52
Why read
this Little
Black
Book?
6 | LITTLE BLACK BOOK OF DEALER GROUPS
Directory
Contents
Case Study:
Madison Financial
Group
Case Study:
Infocus Wealth
Management
Case Study:
Pathway Licensee
Services
Case Study:
Lonsdale
Case Study:
Bridges
18
Look in the mirror | 12
26
Understand the
ﬁnancial advice
landscape | 23
36
Collate your
business | 30
40
Shortlist potential
options | 34
Make a decision | 46
42
Talk to your
stakeholders | 49
Case Study:
Consultum Financial
Advisers
44
Further reading | 64
LITTLE BLACK BOOK OF DEALER GROUPS | 7
WHY READ THIS LITTLE BLACK BOOK?
Overview
You’ve changed!
8 | MONEY MANAGEMENT | LITTLE BLACK BOOK
WHY READ THIS LITTLE BLACK BOOK?
Overview
Why is this little black
book important for the
ﬁnancial advice market?
A
re you thinking about calling it quits?
Maybe you and your dealer group
have grown apart, your dealer group
has changed, or you’re dissatisfied with what
services they are providing.
Maybe you’re sick of the whole idea of
being married to a dealer group and are thinking about f lying solo and obtaining your own
licence.
Or maybe you’re totally new to this financial services relationship game. With the
recent regulatory changes, you might be an
accountant thinking that now is the right time
for your business to offer clients financial
advice. Maybe you are trying to find the right
licensing solution for your business?
If one of these scenarios resonates, this
Little Black Book is worth keeping close.
This Little Black Book will guide you
through the difficult due diligence process of
choosing a dealer group and reveal some of the
secrets of matchmaking success.
According to Core Data’s 2013 research on
adviser movement and proﬁtability, 14.4 per
cent of ﬁnancial planning businesses are likely to
switch dealer groups in the next 12 months1. When
choosing a dealer group, many ﬁnancial planners
and accountants are lured by great promises made
while courting. For others, they ﬁnd it just too
hard to work through the due diligence process
and prefer to put up with the unhappy status
quo. Some take the process extremely seriously,
but just take too long to make a decision. Others
jump into bed with a new dealer on the ﬁrst date.
Whatever the case, the wrong decision can be
detrimental to your business.
CHOOSING YOUR DEALER GROUP | 9
A licence to grow for accountants
THERE ARE TWO THINGS
YOU SHOULD DO TODAY.
1
Learn more about your licensing
options and the important factors that
should be considered when choosing
an option.
Visit smsfadvice.com.au and download
a copy of the latest industry insights
report To licence or not? The real
costs of your decisions.
For more information see our
website smsfadvice.com.au or
call us direct on 1800 054 945.
2
Discover how our Transition to
Licensing Program can help you meet
the minimum education requirements,
and get you and your business ready
to provide strategic financial advice.
It’s a highly specialised program
delivered face-to-face and could be
completed in as little as 6 months.
WHY READ THIS LITTLE BLACK BOOK?
Overview
Despite the recent changes in the
ﬁnancial services sector which have
shrunk the dealer group and licensing market place, there is still plenty
of choice of dealer groups and selflicensing dealer to dealer services.
You just have to ﬁnd the right
one for you. This Little Black Book
will reveal matchmaking secrets and
help you through the due diligence
process to choose the right dealer
group or licensing option for you.
Follow these steps:
1) Look in the mirror - Take an honest look at
yourself as well as your business’s value proposition and unique personality.
2) Look at your current dealer group – If you have
an existing dealer group, look at what they are
offering. What services do you value and what
could you go without? If you have a problem, try
to resolve the problem ﬁrst as changing is time
consuming and can be stressful.
3) Understand the ﬁnancial advice landscape –
Financial planning and the supporting service
providers has changed signiﬁcantly and you
need to know who’s who and what’s what.
4) Collate your business vitals – Understand
exactly what makes up your business. What are
you paying at an itemised level for dealer services? Do you know your key business metrics
such as revenue, number of clients, FUM and
PIF? Do you have an update to date record of
your compliance reviews?
5) Shortlist potential options – Know what you
are looking for and what you are prepared to
compromise on. Remember, there is no such
thing as the perfect licensing solution.
6) Talk to your stakeholders – It’s a big decision.
Once you have all the facts ask for the opinions
and advice of those who will be impacted by the
change – your staff, your family, your trusted
peers, your referrers, and your existing clients.
7) Make a decision – By the time you are at this
step, the decision should be obvious.
1
Core Data, 2013 Licensee of the Year Research
CHOOSING YOUR DEALER GROUP | 11
LOOK IN THE MIRROR
Self assessment
How did those bags get there!
I
Look in the mirror
f you’re looking around at different dealer
groups or licensing options, it is vital that
you truly know who you are – no sugar
coating, warts and all – before you go searching for a potential mate. Even if you’re new to
the market, you need to clearly identify why
you are looking to break into this market.
To start, ask yourself these questions about your
business (Come on, be truthful):
• What is your business value proposition?
Why would clients seek your advice?
• Is your value proposition sustainable in the
new world of advice?
• What type of clients do you work with?
• How is your business going compared to
previous years?
• How did FoFA change your business? What
other changes still need to happen to ensure
the business prospers in the new operating
environment?
• Are you looking to grow? Or are you tired
and looking to sell?
• What is your end goal for the business and
what is your timeframe?
12 | MONEY MANAGEMENT | LITTLE BLACK BOOK
Next, you need to be completely honest with
yourself about who you are as a person. Ask
yourself these questions about how you work with
people: clients, business partners, and current or
past dealer groups:
• What personality traits positively and
negatively affect your success?
• Do you manage relationships well?
• How proactively have you sought support
from your current dealer group to help
you maximise your business? Are they
the scapegoat for disappointment with the
business?
• What type of people do you work well with?
(Why?)
• What type of people do you not work well
with? (Why?)
• Do you enjoy what you do? Is it truly your
passion?
If you’re not honest and clear about yourself,
your business direction and your personal drivers, you can’t possibly deﬁ ne what qualities you
are looking for in a potential dealer group.
LOOK IN THE MIRROR
Self assessment
“Before you even think
about anything else, take
a good look at yourself in
the mirror. Make sure it’s
a fluoro light. Doris Day
dim light is delusional. You
need to be honest and truly
define who you are as well
as what your business’s
value proposition is.”
– Anne Fuchs, Pinnacle Practice
13 | MONEY MANAGEMENT | LITTLE BLACK BOOK
LOOK AT YOUR CURRENT DEALER GROUP
Current dealer
Look at your
current dealer group
We just don’t get on
the way we used to.
14 | MONEY MANAGEMENT | LITTLE BLACK BOOK
LOOK AT YOUR CURRENT DEALER GROUP
Current dealer
LITTLE NOTE: If you do not currently have a ﬁnancial services licence or a relationship
with a dealer group, you might like to skip this section and go straight to your options. If
you do have a licence – either your own AFSL or through a dealer group – read on.
B
efore you can effectively evaluate other options, you need to clearly
understand your current dealer arrangement, what they offer, and
where they may be falling short.
Ask yourself these questions about your current dealer group or dealer to
dealer service:
• Are your business models aligned in areas such as ideal clients and approved
product lists?
• Do they specialise in helping businesses just like yours?
• Are they delivering the right products and services for your clients to ensure
you meet your professional obligations under Best Interest Duty?
• Do they help you achieve your goals – like growing your business or selling your
business?
• How secure is your dealer group in reputation and financial position?
• Do you use the services they provide to full capacity? If not, why not?
• Are you getting value for money in what you pay in fees?
Once you have pinpointed what the key problem or the opportunity is with
your current dealer group or dealer to dealer service, be respectful and professional about your relationship. Talk to them and give them ample opportunity
to correct what you are not happy about.
If they can’t come to the party and provide you with what you are after,
clearly explain that you may look elsewhere.
CHOOSING YOUR DEALER GROUP | 15
“Are you a square peg in a
round hole, fighting your
dealer group on everything
or are you in no man’s land
with no contact at all? Or
are you in fact well-suited
and just need to tweak the
pain points?”
– Anne Fuchs, Pinnacle Practice
Three risk specialists.
Three big ideas.
One future-focused
dealer group.
Introducing the Future Project by Afﬁnia.
AD
As a risk specialist dealer group, Afﬁnia is dedicated to
the long-term success of our advisers, helping them build
sustainable businesses in this dynamic environment.
The Future Project provides unique insight into some
of our advisers’ biggest ideas and how their partnership
with Afﬁnia has created future-focused, future-proofed
risk advice businesses.
Discover the future of risk at
afﬁnia.com.au/futureproject
From top: Peter Blassis, Business owner and ﬁnancial adviser,
Langley Securities; David and Lisa Bourke, Business owners
and ﬁnancial advisers, Bourke Financial Services; Ralph Woods,
Business owner and ﬁnancial adviser, Woods Financial
ABN 13 085 335 397 AFSL No. 237857
Case study
Strategic alignment
to facilitate business
growth
The Advisor
The practitioner is a CPA with 30 years
experience. He has also worked as
a management consultant and a tax
consultant. He has his MBA from
the Australian Graduate School of
Management, a Bachelor of Science and
Bachelor of Commerce and Business.
Why Change?
After 20 years as a business consultant
and tax accountant, I decided to embark
on new career as a ﬁnancial planner in
2006. I joined a small dealer group without
much thought about how my business
would develop or what services I would
need in the future. At the time, the head of
18 | MONEY MANAGEMENT | LITTLE BLACK BOOK
the dealer group was a personal friend and
it seemed that what he was offering was
modestly priced and would meet the needs
of my clients for the foreseeable future.
He also offered ofﬁce space as part of a
package deal.
Over the next seven years my ﬁnancial
planning and tax businesses grew at a rapid
rate. However, problems started to arise as
I took on more clients with relatively large
portfolios and complex needs.
The head of the dealer group was
reluctant to entertain the idea of expanding
the Approved Product List to allow me to
provide a wider range of product offerings
to my clients and steadfastly refused
to license me if I moved offsite to my
own premises. I could understand the
Case study
“In terms of
the transition
process, it was the
most challenging
undertaking I have
ever taken on, but
Madison helped our
firm every step of
the way.”
rationale for such strict controls but
I also knew that most other dealer
groups did not operate with such
limitations.
During early 2013, my Funds
Under Management increased
above $20 million and it was
obvious that changes would be
needed at some stage in the near
future.
The Perils of Finding a
New Home
In May 2013 I launched into the
arduous process of searching for
and selecting my new dealer group.
Fortunately, early on in the process
I happened to be searching the
internet and, by chance, found the
details of Anne Fuchs of Pinnacle
Practice. I made contact with Anne
and quickly engaged her to advise
me on which ﬁrms I should consider
to be on my short list of ﬁrms.
Anne took me through a
strategic analysis process, which
involved completing a detailed
questionnaire and a series of
discussions about what I was really
looking for in a new dealer group.
She forced me to think hard
about what I did not like about my
existing dealer group before closely
examining other dealer groups.
This process was very valuable in
that it would have been very easy
for me to run away from the things
I did not like about the old dealer
group rather than focussing on the
CHOOSING YOUR DEALER GROUP | 19
Case study
things that I wanted to get out of the
new dealer group.
As part of my evaluation process I
went to a ‘B2B’ (Business to Business)
day conducted by one of the large
ﬁnancial institutions. They operate
many dealer groups and would have
happily let me choose which dealer
group I wanted to join. There were
some differences between the dealer
groups they owned but it seemed to
me that I would have been a ‘nobody’
in the overall scheme of things.
One of the dealer groups had 220
Authorised Representatives (AR) and
I calculated that the institution must
have at least 1,000 ARs on their books
across their stable of dealer groups.
That was scary. How would I ﬁt in?
Then I was introduced to the
head of Pharos (parent of Madison
dealer group) who immediately
congratulated me on what I had
achieved in developing what
most would regard as an unusual
financial planning practice –
focussed on Australian expatriates.
There was an immediate ‘meeting
of the minds’. The head of Pharos is
an entrepreneur and he understood
what I had been through and the
challenges I had ahead of me.
Conceptually, I was sold on
Madison at that ﬁrst meeting.
However, I had to do my due diligence
on every aspect of the Madison
business, and, of course, they had to
do their due diligence on me.
The more Madison people I met
20 | MONEY MANAGEMENT | LITTLE BLACK BOOK
the more I liked the dealer group and
the more fearful I became that they
might not accept me. The ﬁrm has
many talented individuals … everyone
is above average and everyone knows
exactly what they are doing.
In my mind, Madison was about
the ‘right size’ in that it had enough
scale to offer a wide range of services
to advisers but wasn’t so big as to be
cold and impersonal. Their systems
are great, their processes are well
documented and they have a very
strong service culture which continues
to astound me even to this day.
Entering a New Realm
Much to my delight, I was eventually
accepted into the Madison dealer
group and attended their ﬁrst
conference in October 2013. I felt like
I had entered a new realm... a brand
new world of possibilities.
In terms of the transition process, it
was the most challenging undertaking
I have ever taken on, but Madison
helped our ﬁrm every step of the
way. I wanted to do everything ‘by
the book’ and Madison was keen to
support me in my efforts.
As at 31 March 2014 our Funds
Under Management are above $36
million and we are growing at 10%
per quarter. I expect my ﬁrm will
reach $100 million FUM by the end of
2018 and I am delighted that I have
the backing of a dealer group which
will support me during this rapid
growth phase.
We dare to be different. Not only do we believe in ideas and innovation,
we implement them. This gives us the competitive edge. This is the reason we
come to work everyday. If you are considering changing your AFSL, don’t you
owe it to yourself to consider what has been up to now a well kept secret?
For more information, contact Madison Financial Group on 1300 789 575
or visit: www.madisonfg.com.au
Madison Financial Group Pty Ltd ABN 36 002 459 001 Australian Financial Services Licence 246679
Registered Address: L2, 285 George Street, Sydney NSW 2000
“The systemic failure of the
financial advice industry
in Australia brought on
by the GFC has changed
the face of the financial
services industry forever.
This has changed the
game significantly for
many players and most
importantly for the end user
– the client.”
– Anne Fuchs, Pinnacle Practice
UNDERSTAND THE FINANCIAL ADVICE LANDSCAPE
Advice landscape
Understand the
ﬁnancial advice landscape
A
lthough challenging for a
certain segment of the industry, the Federal Government’s
Future of Financial Advice (FoFA) reforms
introduced in July 2013 will stamp out the
long-tradition of ﬁnancial advisers receiving
ongoing commission payments for investment and superannuation products sold.
Although remuneration transparency
will help build consumer conﬁdence and
improve the professional reputation of the
industry, many challenges arise as a result.
It is vital that you understand how this
change affects dealer groups’ offerings
and in turn, how this might affect you and
your business.
Dealer group segments
Wow, the road really has changed!
Most in ﬁnancial services agree that FoFA
reforms are consolidating the industry
creating a ‘barbell’ – a few big dealer
groups aligned with banks, insurance
companies and the big industry funds and
‘then a whole lot of cottage people running
small, segmented locally geographic based,
personality-base segmented businesses’1 .
Many agree this void in the middle
would not be permanent, but would take
CHOOSING YOUR DEALER GROUP | 23
UNDERSTAND THE FINANCIAL ADVICE LANDSCAPE
Advice landscape
up to a decade to evolve. Dealer groups caught
in the middle will cease to exist unless they
can grow and achieve scale. Already we are
seeing the beginnings of fragmentation from
the recent period of consolidation. However,
with all these changes, three clear dealer group
segments still exist:
1) Institutionally-owned dealer groups – many of
these dealer groups have restricted approved
product lists (APL) built around house platform. They often have low dealer group fees
as their proﬁt is made predominantly through
product sales which are achieved by the restricted approved product list. This is commonly
described in the industry as a vertically integrated model. Some groups will provide the
option for a broader APL and this is charged
to the advisory business at a premium. These
groups are generally well-resourced in terms of
support for their adviser network.
2) Independently-owned dealer groups – these
dealer groups can have a higher degree of risk
attached to them. This is because their value
proposition is closely linked with ﬂexibility and
autonomy for the ﬁrms within the network.
Prior to the GFC, this was the fastest growing segment of the dealer group marketplace.
To survive in the new world, these groups will
need to keep their costs down to compete with
the institutionally-owned big end of town and
lower the inherent risk in their business model
by providing a rigid compliance framework that
advisers must adhere to.
3) Specialist dealer groups – these dealer groups
attract a very particular type of advisory business and are positioned to support those businesses that work with more complex clients
needing more specialist advice. These groups
largely do not focus on product sales. Support
and fees are also not linked to or subsidised
by product sales so fees will be noticeably higher than the other dealer group
segments.
Dealer service groups
Dealer to dealer service groups
providing service to self-licensed
ﬁnancial advisers are also emerging
strongly.
Their service offerings
generally come with a basic package
to help businesses apply for a license
with an ongoing annual audit and
professional development program.
Businesses then build their own
supporting services from a menu
depending on their needs. The dealer
services group should provide a costed
24 | MONEY MANAGEMENT | LITTLE BLACK BOOK
UNDERSTAND THE FINANCIAL ADVICE LANDSCAPE
Advice landscape
list of their services such as workﬂow technology
to streamline the back ofﬁce, software, annual
conferences, paraplanning and statement of
advice templates so that businesses can make an
informed decision on what is right for them.
Mergers, acquisitions and shipjumping
In the new world, independently-owned dealer
groups will continue to merge to fund FoFA
changes and access bigger client bases and more
advisers. The importance of scale cannot be
underestimated. Large dealer groups will also
acquire smaller ones for similar reasons – like
the acquisition by Commonwealth Bank of Count
Financial Group which increases CBA’s advisors
to nearly 20002.
Some dealer groups are experiencing a ﬂurry
of interest from advisory businesses because of
FoFA reforms. In many cases, some are simply
‘testing the waters’ to see what other dealer
groups have on offer. Depending on their own
dealer group’s response, resources and training to the FoFA reforms, many advisers are
concerned and are looking around.
Accountants giving ﬁnancial advice
Accountants are steeped in a history of
running a fee-for-service business and in many
cases are already seen as a trusted adviser in
the broader community. Many accountants
are fully embracing the opportunity to offer
financial planning as an additional service
to their clients and are looking to merge with
or take over financial planning practices.
Those accountants who understand the
broader industry will be in the best position to
capitalise on these opportunities and make an
informed decision.
The ICA believes the APES 230 standard
(Accounting Professional and Ethical Standards
Board) allowing accountants to provide advice
has raised the ﬁ nancial advice bar and will
better equip Australians ‘to make well-informed
ﬁ nancial decisions’3.
To accommodate this growth, many institutionally-owned dealer groups have developed
dealer groups tailored for accountants covering
both limited and full advice business models.
1
Beyond FOFA, Tria Partners
Money Management, 22 September 2011
Institute of Chartered Accountants, APES 230 updates
2
3
CHOOSING YOUR DEALER GROUP | 25
Case study
Inside knowledge
provides independent
thinking
26 | MONEY MANAGEMENT | LITTLE BLACK BOOK
Case study
“Having a quality dealer group offering and
an understanding of what it means to run
a planning business, Infocus has attracted
planners from other licensees drawn by a
combination of dealer services, discipline
and planner support.”
A
fter a decade in business as a dealer offering
branded and non-branded services to its
practices, Infocus Wealth Management has
built up its adviser numbers to more than 110
planners across 70 ofﬁces.
Infocus began this growth when it shifted from being
an advice practice to a licensee, recently purchasing the
stake held in the group by MLC to once again reassert its
independence in the ﬁnancial planning market place.
Having a quality dealer group offering and an
understanding of what it means to run a planning
business, Infocus has attracted planners from other
licensees drawn by a combination of dealer services,
discipline and planner support.
Fraser Coast based Nev Daniels switched from a small
planning group to Infocus about eight years ago and found
the switch improved the speed at which he could provide
advice. Joining Infocus, Daniels also gained access to
better products and back ofﬁce systems.
Prior to this he had worked with a traditional planning
CHOOSING YOUR DEALER GROUP | 27
Case study
group and would have more than likely
continued with that group had it not
been wound up with the retirement of
the principals. Having made the switch,
Daniels has been able to beneﬁt from a
more progressive licensee.
For Perth-based Amanda Doyle,
the compliance management and
discipline shown by Infocus were part
of the reasons for the shift from a large
planning group. While the service
proposition of her previous licensee was
sound, Doyle’s concern for the ability
of the group to provide the rigour and
stability she was seeking from her dealer
group was unresolved.
This was an issue also for Adelaidebased Damian Caveney, who has recently
transitioned to Infocus, after looking for a
licensee to help his business grow further.
While both groups have similar numbers
of advisers this was not the foremost
issue in Caveney’s mind; rather he was
impressed by Infocus’ independence and
professionalism.
Caveney was familiar with the
reputation of Infocus from previous industry
experience and said his choice was
afﬁrmed by recommendations from other
trusted professionals and discussions with
senior Infocus staff members.
He stated that Infocus was also very
clear on what it could provide as his
licensee and how he could work with the
group within a planner-dealer relationship.
For Doyle the search meant placing
Infocus alongside a number of other
groups and running a ruler over the fees
28 | MONEY MANAGEMENT | LITTLE BLACK BOOK
and services on offer and looking for
what stood out for her as an adviser and
for her practice.
Chief among the positives on offer
was strong compliance management and
a discipline around what advisers were
able to do and how they were required
to do it.
Daniels was also impressed with the
leadership of Infocus, claiming that it was
a major incentive to move when he and a
group of advisers were working through
their selection of a new licensee.
He is happy to admit that many
things have changed in the industry
since making the move. Yet he also
said the shift has led to better business
outcomes including increased income for
the practice, improved technology and
product offerings and integrated model
portfolios, which has made servicing
clients much easier.
Doyle said while her clients may not
see a direct impact on the day to day
advice provided to them, the shift has
impacted the provision of advice. Not
only is there more client-centred activity
according to Doyle, but the practice
has been able to improve its efﬁciency
in the front and back ofﬁce whilst also
working with like-minded advisers and
management within the Infocus group.
For Caveney, who is settling in with
his new licensee, it is blue skies ahead.
He said his dealings with Infocus have
been very good, and most importantly he
remains optimistic and comfortable about
the future outcomes for his business.
7KHIXWXUHRIÀQDQFLDO
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AD
People are waking to the distinction of financial advice from an independently
owned dealer group. As an independently owned dealer group we offer Financial
Advisers and their clients the benefits of real choice.
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Infocus Securities Australia Pty Ltd ABN 47 097 797 049
AFSL and Australian Credit Licence No. 236523
COLLATE YOUR BUSINESS VITALS
Business vitals
Collate your
business vitals
You’re not as trim as
you thought you were
30 | MONEY MANAGEMENT | LITTLE BLACK BOOK
COLLATE YOUR BUSINESS VITALS
Business vitals
B
efore you shortlist your potential options, it is important you pull
some information together about yourself – this time it’s your vital
stats.
At this point, you also must be prepared to strip down and bare all under
f luorescent lights. Being honest and open will really help both you and the
potential dealer group really know whether you are suitable for each other.
The more information you can provide – even if you don’t think it is relevant – the better position you will be in to negotiate the most cost-effective and
most suitable agreement ensuring yours and your clients’ best interests.
A prospective dealer group or dealer services business will want to know:
• How many active and inactive clients do you have?
• Have you segmented your clients? How many
clients do you have per segment?
• What is the average fee per client?
• Do you have client service agreements in
place?
• What are your FUM (Funds under
Management) and PIF (Premium in Force)
figures?
• What are your headline revenue figures?
• What are you currently paying for software?
• What type of software licences do you have
and do you need all of these?
• What does your Corporate Authorised
Representative agreement state about client
ownership and termination?
• What is your investment philosophy?
• What is the average MER (Management
Expense Ratio) for your clients?
• What is your compliance and client
complaints track record? (Have a record
of your compliance reviews and remedial
action reports ready to go.)
• Do you rely on any conf licted remuneration
payments such as rebate income or commissions from legacy products?
• What are your previous licensing arrangements, tenure and reasons for moving?
(Have these available.)
• What is your academic background and CPD
history? (Have your academic transcripts
and up to date CPD register available.)
Also be prepared to reveal any other information like criminal record, a significant partnership dissolution, financial stress within
the business or personally, significant loans or
relevant history with any key people within the
new dealer group that may impact joining.
The more information you can provide the
better position you will be in to truly work out
whether your partnership will work.
Remember, they’re assessing your suitability as much as you are assessing theirs.
CHOOSING YOUR DEALER GROUP | 31
The Home of Financial Planning
Let’s open up possibilities for you
We’re not just trying to help our customers own tomorrow,
we’re here to help financial planners too. After all, our
entire business is built around advice. It’s why we partner
with financial planners. We have done for years – and will
for years to come.
New opportunities
If you’re looking to change careers, we can help you start
your new profession as a financial planner – through our
Horizons Academy. Are you a qualified planner already? We
can help you find new employment opportunities – we
have over 1600 practices in our network. You might be
looking to start your own business. And we can help you
become your own boss, like we have for over 1,000 other
entrepreneurs. And if you’re an accountant, we can help
you successfully navigate the convergence between your
industry and the financial planning profession.
New challenges
The business landscape is always changing. If you’re a
principal of an advice firm, we can help you achieve your
business objectives. One way we do that, is by giving you
access to the largest financial advice infrastructure in the
country. It’s there to support partners like you, so you can
deliver the most suitable advice to your clients. We have
unmatched services and support to help you achieve what’s
important to you – whether that be maximising equity
value through increasing efficiencies, revenues and profits,
growing through acquisition or selling your business.
Whether you want to use your brand or one of ours, with
six licensees available, we have a variety of offers and terms
to best suit you.
See what’s possible for you at
homeoffinancialplanning.com.au
SHORTLIST POTENTIAL OPTIONS
The shortlist
Shortlist potential options
Date checklist – 1. funny, 2. smart, 3. rich, 4. sexy.
34 | MONEY MANAGEMENT | LITTLE BLACK BOOK
SHORTLIST POTENTIAL OPTIONS
The shortlist
I
n many instances, like choosing a life
partner, many financial advisers at this
point use their ‘heart not their head’ when
choosing a potential license option. Some
chose a dealer group or self-licensing solution simply because their mate is with them.
Others are lured by low cost, no frills offerings. Others are lured by promises of referrals or the opportunity to acquire orphan
client books.
But as the old saying goes, if it looks too
good to be true, then it probably is too good to
be true. For any arrangement to last long-term,
you need to ref lect on yourself and then take
a pragmatic, non-emotional look at what the
potential dealer group is offering.
support, approved product list, professional
development, growth or succession support.
Then take a look at what your options are.
Go through the courting process with a small
number of the 60 plus dealer groups in the
market that are worth considering. Money
Management produce an annual list of the
top 100 dealer groups from a survey which is
considered by many as the barometer of the
financial services industry 1. This list and your
new understanding of the financial services
market may help you gather some dealer group
names that may suit you.
As you search, you will find each dealer
group and dealer to dealer services option has
their unique value proposition, just like you do.
Deﬁne your non-negotiables
Do some digging
Look back on the notes you made when you
looked in the mirror. Make a list of no more than
three things that you must get from a dealer
group or dealer to dealer service. These are your
non-negotiables. They may be:
• A certain price
• Aligned values or business models
• Speciﬁc support such as attitude towards
compliance, paraplanning, software, technical
At this point, it is also important to research
the detail about the potential dealer group or
dealer to dealer service. Don’t believe all they
tell you on their website or in your meeting. Do
the necessary digging. Involve your staff at the
right time to ensure everyone in the business
feels included and in doing so maximising the
opportunity to get as much information about
your short list of prospective dealer groups.
1
Money Management, 26 July, 2013
CHOOSING YOUR DEALER GROUP | 35
Case study
Self-licensed
does not mean
having to go it
alone
36 | MONEY MANAGEMENT | LITTLE BLACK BOOK
Case study
W
hile we are told that
trends in ﬁnancial
planning appear to
support the growth
of the larger dealer groups, there is
also a growing band of planners who
are choosing to gain their own licence
and access dealer services through
third party suppliers.
Pathway Licensee Services is
one of those groups that has assisted
advisers make the shift from larger
dealers – both institutionally and
non-institutionally aligned - to their
own licence.
It recently assisted two practices
gain their own licence, both offering
services to pre and post retirees,
with those practices stating the
shift to an independent footing was
both beneﬁcial for the planners and
appreciated by their clients.
In feedback provided to Pathway
the planning businesses state they
were able to provide personalised
advice with their previous licensee,
including in the areas of direct shares
and taxation, but struggled with back
ofﬁce services that did not ﬁt with the
business or advice model.
One business labelled their
existing service as ‘inadequate and
high cost’ while the other stated ‘it was
satisfactory but limited in the services
that could be offered to clients’.
Ultimately it drove them to
consider other options, as the
planners found their ability to
expand their advice capabilities
at odds with restrictions on areas
of advice or product. At the same
time subtle pressures to achieve
outcomes for licensees which were
not accommodating the needs of
their planners and made them feel
conﬂicted, further considerations
towards becoming self-licensed.
According to the feedback
received by Pathway, both planning
groups entered into the process of
ﬁnding a new licensee by looking at
others groups in the market, including
some who had already proceeded
down the path of self-licensing.
Initial impressions were that
self-licensing would be an onerous
and expensive undertaking if all
the required functions were built
in-house or sourced in the market.
However the reality is that the
CHOOSING YOUR DEALER GROUP | 37
Case study
“The real
benefit was
the planning
business now
being able to
set the rules
about how
their practices
could work
and the ability
to negotiate
directly with
suppliers of
services...”
38 | MONEY MANAGEMENT | LITTLE BLACK BOOK
cost is not are expensive as many
advisers believe with ongoing costs
comparable to those of an authorised
representative.
The two planning business also
saw the ﬂexibility and value proposition
of getting their own licence and
utilising Pathway for those services
required to continue and expand their
advice capabilities.
This did require the planning
practices to closely examine
themselves and conduct a due
diligence process which provided
useful information not only about
compliance obligations, but also
about how they could better use the
resources they had and the resources
on offer from Pathway.
However the real beneﬁt was the
planning businesses now being able to
set the rules about how their practices
could work and the ability to negotiate
directly with suppliers of services,
enabling the businesses to set their
own tone and direction.
Both groups have stated the shift
has been noticed by clients, who are
comfortable the planners are working
for their interests with the planners
having the freedom to construct a
service offer and product list that meet
their client’s aims and interests.
It has also made the businesses
better places to work, with one practice
stating that since becoming selflicensed it has been able to attract high
quality staff to work in the business.
Focus on what you do best,
and let Pathway do the rest.
Establishment and
management of AFSLs.
Customised planning
software (powered by Xplan).
Professional Development
and hot topic workshops.
Compliance and Risk
Management.
Practice Improvement.
Investment Research.
About Pathway
Pathway Licensee Services focuses on helping advice businesses
comply with the AFSL regulatory environment and supporting them
to improve the overall client experience.
Phone: 1300 722 100
Email: [email protected]
www.yourpathway.com.au
Case study
Moving on
without moving out
“Lonsdale provided
sound and reliable
advice as well as
benchmarking
and business
improvements.”
– Phil Smith
Cutcher & Neale
Investment Services
40 | MONEY MANAGEMENT | LITTLE BLACK BOOK
H
eading towards its twentieth year
with Lonsdale, Cutcher & Neale
Investment Services made the
decision to shift from a corporate
authorised representative to a dealer associate
(self-licensed), which meant examining the
relationship between the practice and its licensee.
Cutcher & Neale partner Phil Smith said
that after such a long association with Lonsdale
the business did not feel it was necessary to
look at other options as Lonsdale knew how the
business operated and what it wanted to achieve.
This was due to Lonsdale being part of its
initial formation and assisting in the creation of
the good foundations on which the business
continued to work.
“Over the years as the business evolved, so
too did the level and complexity of the services
Lonsdale offered. My team and I needed an
experienced external consultant to guide us
through the myriad of changes over the years and
Lonsdale undertook this role to a large extent,”
Smith said.
Case Study
According to Smith the relationship
with Lonsdale provided sound and reliable
advice as well as benchmarking and business
improvements to inform the business on how it
was progressing and growing.
Despite this, the decision to change their
licensing arrangement with Lonsdale to self
-licensed – so they could offer an expanded
approved product list to their fee for service
clients – was still a signiﬁcant moment in
Cutcher & Neale’s development.
“Initially it was a bit like cutting the umbilical
cord from Lonsdale, but once again they were very
helpful in the process. Expanding the approved
product list has allowed wider conversations with
clients and I think our Investment Committee
procedures are probably more robust than they
were previously,” Smith said.
Smith says the shift was not simple but the
pay-off was conﬁrmation that what they have
already achieved with Lonsdale had set the
business in the right direction.
“The due diligence was a lengthy process
and we engaged, via Lonsdale, a legal ﬁrm
to guide us through the maze. I would never
even attempt to do this without external
assistance. Yet I think it was reassuring to know
that all of the processes and procedures that
ASIC required for our AFSL, we were already
adhering to via Lonsdale.”
Looking for more flexibility
and
choice?
At Lonsdale, we believe in ﬂexibility and choice. We have built our reputation on delivering
quality licensee solutions, excelling in practice management support, SMSF solutions and
fostering an open and collaborative relationship with our network of ﬁnancial planners
and their aligned accounting practices.
Lonsdale Financial Group Ltd | ABN 76 006 637 225 | AFSL 246934 | www.lonsdale.com.au
Part of the IOOF group
WMA-13405
To find out more about our flexible solutions,
call us today on 1300 LONSDALE (1300 566 732)
or visit flexible.lonsdale.com.au
LITTLE BLACK BOOK OF DEALER GROUPS | 41
Case study
Support for growth
“Bridges has set
the terms and
parameters on
important issues
such as compliance
but has left us to
specialise in the way
that best serves our
clients.”
– Anthony O’Hara
42 | MONEY MANAGEMENT | LITTLE BLACK BOOK
S
even years ago Canberra based
Anthony O’Hara was faced with
a choice of three licensees for
his planning practice, with the
decision resting on who could supply the best
range of dealer services while not restricting
the ability of the practice to grow.
Today the practice, which has two
principals, two associate planners and 450
clients – including a number in the public
service – is licensed via Bridges Financial
Services and has been since that day back in
2007.
O’Hara said the choice has allowed
the business to specialise according to the
decision of the planners and become its own
Case Study
unique practice in the Bridges network.
“Bridges has set the terms and parameters
on important issues such as compliance but
has left us to specialise in the way that best
serves our clients. As a result our business is
different from any of our peers in the group,
even though we use the same licensee,”
O’Hara said.
This ability to specialise was a result of
the range of in-house services Bridges could
provide to the practice and has allowed O’Hara
to provide advice on core issues such as
insurance and self-managed super, and to
expand into aged care advice as well.
O’Hara said being able to focus on clients
was critical during the lead up to the Future of
Financial Advice (FOFA) reforms, with Bridges
taking a proactive approach.
“We started making changes in our
practice based on what FOFA required but
Bridges took the pressure and workload off
the planners and were very adaptive and
supportive as we implemented the changes in
the business,” he said.
It is this support that O’Hara will also
continue to rely on, via the referral network with
ACT-based credit unions, and for future growth
for the business.
“We are looking at future acquisitions,
either in the network or outside of it, to increase
our planner numbers and will be relying on
Bridges for ﬂexible development support.”
Experience. The difference.
Find out how we can help you stand out in the crowd.
Talk to our experienced team today.
SA, TAS, VIC, WA
Jeff Ebeyer M > 0420 959 088
ACT, NSW, NT, QLD
David Burridge M > 0414 539 431
www.bridges.com.au/thedifference
Bridges Financial Services Pty Ltd (Bridges)
ABN 60 003 474 977 | ASX Participant | AFSL No 240837
Part of the IOOF group
LITTLE BLACK BOOK OF DEALER GROUPS | 43
Case study
Individual approach provides
ﬂexible outcomes
T
“We get access to a
dedicated team who
have the specialist
resources we need to
grow our business.”
he right choice of licensee
is the difference between
a practice that is surviving
and one that is thriving, and
Required Financial Services General
Manager Andrew Peterson regards his
practice as one of the latter.
Required Financial Services
made the transition to Consultum late
last year in a move which Peterson
described as being ‘seamless’ given
the due diligence that was conducted
by both parties.
As the former head of a funds
management group, Peterson and
his ﬁnancial planning partners were
very clear in what they wanted from a
licensee when they decided to make
the shift.
“We have ambitious growth targets,
and we knew Consultum was prepared to
support us as ﬁnancial planners, to listen to us
and be involved in the process of building our
business,” he said.
According to Peterson, Consultum
offered a high level of ﬂexibility, resources
44 | MONEY MANAGEMENT | LITTLE BLACK BOOK
– Andrew Peterson
Required Financial Services
and customisation in the areas of marketing,
software and research which were crucial as
they were looking to grow their business.
“We looked at the culture of a few other
licensees and discovered that with some
of them you can be put in a waiting line for
services, and in making our choice we asked
Case Study
‘who would help us grow?’ and ‘who would
help with areas of concern such as training and
paraplanning?’”
Peterson said since joining Consultum,
the emphasis has been on working with the
practice to achieve solutions which allow them
to better attract and service clients and build
the business.
He cites the high level of customisation
in the marketing of the practice, including
bespoke campaigns, and customised Xplan
software, as examples of where the licensee
services of Consultum are creating efﬁciencies
across the whole business.
“We get access to a dedicated team who
have the specialist resources we need to grow
our business, and the solutions are always in
the best interests of our clients. We cannot put
a value on that,” Peterson said.
Further growth in the business has also
been supported according to Peterson, who
stated that while the business hired new
planners, it was Consultum who undertook
induction training to ensure they were
operational from day one.
“Clients are getting a better service offering
now, and this is being reﬂected in the growing
number of referrals.”
He remains conﬁdent the relationship will
continue to beneﬁt his practice and said that
discussions around buying client books are in
the works with Consultum’s full support.
Personalised service... That’s the Consultum difference
We are a boutique dealer group who take a holistic approach to your
business. We develop a thorough understanding of your brand, your
clients, and your business to provide you with a tailored solution
encompassing software, research, marketing and practice management.
Experience a
seamless transition
with us.
Call us on
1800 062 134
or visit us at
consultum.com.au/blackbook
Consultum Financial Advisers Pty Ltd | ABN 65 006 373 995 | AFSL 230323
Consultum is part of the IOOF group
LITTLE BLACK BOOK OF DEALER GROUPS | 45
MAKE A DECISION
Decisions
Make a decision
It’s now time to make a decision. If you have followed these steps methodically, your decision should be
relatively easy.
• You’ve looked in the mirror and been truly honest about your business’s value proposition
and your unique personality.
• You’ve looked at your current dealer group and checked out their pros and cons.
• You understand the current financial advice landscape.
• You’ve collated your business vitals.
• You’ve shortlisted potential options based on your needs and what you are prepared to
compromise.
• You’ve talked to your stakeholders –your staff, your family, your referrers, and your existing clients.
If you have an existing ﬁnancial advice business, you should have a choice of three paths to take:
1) Divorce your dealer group and change to one that is more aligned to your business
2) Stay with your current dealer group and work more effectively with them
3) Go it alone and become a self-licensed adviser.
If you are an accountant and haven’t yet set up a ﬁnancial advice business, you should have a choice of
three slightly different paths:
1) Embark on a relationship with a dealer group that is clearly aligned to your business
2) Go it alone and become a self-licensed adviser
3) Stick to you knitting as an accountant and not launch into financial advice.
When choosing a licensing option, one choice should be a stand out. If you are tossing up between
two, your gut instinct should point you in the right direction. If you still can’t decide, remember
that the cultural alignment between you and the dealer group will always be the X-factor that
creates a sustainable relationship. Other commercial promises will be short-term.
If you have made the decision to change – whether that be to move dealer groups or become an
independent self-licensed adviser – your next challenge is to project manage the process.
46 | MONEY MANAGEMENT | LITTLE BLACK BOOK
MAKE A DECISION
Decisions
“If you have thoroughly
and honestly taken
these steps, the right
decision for you and
your business should
be glaringly obvious.”
– Anne Fuchs
Pinnacle Practice
47 | MONEY MANAGEMENT | LITTLE BLACK BOOK
TALK TO YOUR STAKEHOLDERS
Stakeholders
“Like asking your
friends whether they
like your new date, it’s
important to consult key
stakeholders and find
out how your decision
might impact them.”
– Anne Fuchs, Pinnacle
Practice
48 | MONEY MANAGEMENT | LITTLE BLACK BOOK
TALK TO YOUR STAKEHOLDERS
Stakeholders
Talk to your stakeholders
W
hether you are starting up a financial advice business or you
are looking at changing your licence arrangement, it is wise
to think about who your decision is impacting on a day-to-day
level.
As early as you can, talk to the following stakeholders giving them key
information that they need to make an informed judgement and genuinely
ask for their opinion:
• Support staff – staff need to be
committed to the process of setting
up or transitioning from one group to
another.
• Clients – some clients may be impacted so talk to key clients if necessary.
• Family – wives, husbands, partners
and other family members may work
in your business and may have a valued
opinion.
• Business partners – strategic alliances such as referring mortgage brokers,
accountants, or lawyers can give you
vital perspective in this decision.
When you are courting different dealer
groups or dealer to dealer services, you
may like what you see. But your key stakeholders may have a completely
different lens and perspective.
For example, staff using the dealer’s software may see glaring problems
with a prospective dealer group’s software – a problem that you may not see.
At this point, it is helpful to talk to the potential dealer group about your
key stakeholders giving them a true understanding of how you operate your
business.
An open and honest attitude at this stage will help you make the best
decision.
CHOOSING YOUR DEALER GROUP | 49
Dealer group table
Top 20 Institutionally Aligned Planning Groups
RANK
COMPANY NAME
PLANNERS
OWNER
1
AMP Financial Planning
1706
AMP
2
Charter Financial Planning
852
AMP
3
Commonwealth Financial Planning
700
CBA
4
NAB Financial Planning
625
NAB
5
Garvan Financial Planning
567
NAB
6
Count Financial
530
CBA
7
Securitor Financial Group
471
Westpac
8
Westpac Financial Planning
470
Westpac
9
Millennium 3 Financial Services
437
ANZ
10
Hillross Financial Services
367
AMP
11
Financial Wisdom
366
CBA
12
Macquarie Private Wealth
354
Macquarie
13
ANZ Financial Planning
343
ANZ
14
Aon Hewitt Financial Advice
215
Aon
15
Godfrey Pembroke
208
NAB
16
Apogee
201
NAB
17
Guardian Advice
196
Suncorp
18
Lonsdale Financial Group
189
IOOF
19
RI Advice Group Pty Ltd
173
ANZ
20
Bridges Personal Investment Services
160
IOOF
50 | MONEY MANAGEMENT | LITTLE BLACK BOOK
Dealer group table
Top 20 Non-Institutionally Aligned Planning Groups
RANK
COMPANY NAME
PLANNERS
OWNER
1
Morgans Financial Limited
(formerly RBS Morgans)
512
Morgans staff and management
2
Professional Investment Services
508
Centrepoint Alliance
3
Synchron
313
D.Trapnell/J. Prossor/ The Estate
of the Late P Riegelhuth/
Lifestyle Financial Group
4
Dover Financial Advisers
228
Terry McMaster
5
State Super Financial Services
180
SAS Trustee Corporation
6
WealthSure
169
D. Pawski/D. Kaminski
7
Yellow Brick Road Wealth Mgt.
154
Yellow Brick Road
8
The FinancialLink Group
150
n/a
9
Sentry Financial Planning
140
n/a
10
Lifespan Finanical Planning
134
John Ardino & Family Trust
11
Shadforth Financial Group
129
SFG Australia
12
ClearView Financial Advice
122
Clearview Group Holdings Pty Ltd
13
Crowe Horwath
(formerly WHK Financial Planning)
107
Fisher FM/Celeste FM/
CBA/Alceon/IOOF
14
Infocus Securities Australia
105
Darren Steinhardt/Staff
15
Matrix Planning Solutions
97
Advisers
16
Fortnum Private Weath
92
Advisers/FING/Staff
17
Madison Financial Group
88
Management and Staff
18
Futuro Financial Services
82
Grey Capital/AMP
19
Industry Fund Services
79
Industry Super Holdings
20
Wealth Today
70
Founders/Managers
CHOOSING YOUR DEALER GROUP | 51
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
Affinia is a dealer group, but we like to do things a little differently.
We’re a risk-specialist so
everything we do is tailored for
risk professionals.
Q We’re expertly backed by
powerhouse life insurer TAL,
but our risk APL is open.
Q Our flagship advice platform is
made for you, and it really does
make it easier to do business.
Q
Affinia Financial Advisers Limited
Level 16, 363 George Street, Sydney
T: 1300 AFFINIA (1300 233 4642)
E: [email protected]
ABN 13 085 335 397
AFSL No. 237857
Our answer to the PDM,
the ABCs (Affinia Business
Consultants) are experts in
business, dedicated to you,
and measured by your results,
not ours.
Q And our advisers have a voice
and a real seat at the table in
shaping their dealer group.
Q
We have a new take on the role of a licensee – we put you at the
centre of everything we do.
www.affinia.com.au
AMP Financial Planning
E: [email protected]
ABN 89 051 208 327
AFSL 232706
OWN TOMORROW
As Australia’s largest licensee, AMP Financial Planning offers a unique
opportunity to build your practice with the leading advice brand in the
country.
We strive to make it as easy as possible for you. You will be able to
choose from a range of products and services to enhance your offer, tailored
to your business and your clients. With a strong footprint across the country,
our dedicated team will provide you with exemplary levels of support along
the way.
You’ll have access to the latest news from the industry, research and
advice on complying with regulatory standards, systems and processes
to support your client engagement, education and learning opportunities.
Whether you want to grow your practice, or plan your exit, you can feel
confident that with AMP Financial Planning, we’ve thought of everything
you’ll need to create the tomorrows your clients’ desire.
www.amp.com.au/ampfp
52 | MONEY MANAGEMENT | LITTLE BLACK BOOK
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
If you value independence and want the freedom your own AFSL
provides, then talk to us at AAP.
tAdvice on the appropriateness of
an AFSL and authorisations
tObligation guidance
tPreparing Application
Documentation
tProject managing AFSL
application and licensing process
guidance
tPractice management consulting
Associated Advisory Practices
Level 2, 499 St Kilda Road,
Melbourne VIC 3004
T: (03) 9864 6464
E: [email protected]
tTemplates
tEducation and training
tAudits
tOngoing technical support –
compliance and advice strategy
tDiscounts
tAccess to our Professional
Indemnity Insurance Program
CALL OR EMAIL US TODAY.
www.aapgroup.com.au
At Bridges, the proven track record of our research team, combined
with our stockbroking capabilities and unique referral partner
networks, all support our trusted and reputable brand which in turn
enables us to successfully support the growth of our practices. This
clearly differentiates us from other financial planning groups.
With a long history of helping financial planners grow their practices,
we are large enough to provide extensive support and resources, but
small enough to be flexible in implementing change as required.
Bridges Financial Services Pty Ltd
Level 22, 207 Kent Street
Sydney NSW 2000
T: 1800 645 303
E: [email protected]
AFSL 240837 | ABN 60 003 474 977
Part of the IOOF group
As a result, clients benefit from the integration of knowledge and
expertise available through both their financial planner and the
national resources of our network.
www.bridges.com.au
CHOOSING YOUR DEALER GROUP | 53
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
Charter Financial Planning
T: (02) 9367 2113
E: [email protected]
ABN 35 002 976 294
AFSL 234665
WE NEVER FORGET IT’S YOUR BUSINESS
At Charter Financial Planning, we never forget it’s your business –
you run your business under your brand, your business model and
to your end goal.
You can rely on our stellar track record of compliance,
technical support and advice tools, so you can focus on your
clients. You leverage our experience and capabilities to help
simplify the day-to-day management of your business. You can
count on our people, insights and support to build your business
for tomorrow.
Our sense of community and camaraderie is the cornerstone
of Charter Financial Planning. Because for us, it’s personal.
www.charter.com.au
Count is Australia’s largest network of accountant-based
professional advisers. For over 30 years, Count has been helping
accounting firms enhance their offer to include financial advice.
Count believes that accounting firms are amongst the best
placed to provide financial advice because of the unique, trusted
relationship they nurture with their clients.
Count Financial Ltd
Level 19, 1 Alfred Street
Sydney NSW 2000
T: 1300 732 266
E: [email protected]
ABN 19 001 974 625
AFSL No.227232
YOUR OPPORTUNITY – OUR SOLUTION
Count offers the opportunity to become part of a leading network
of accounting professionals focused on growing their businesses.
Members are committed to excellence in advice and creating
exceptional outcomes for their clients.
54 | MONEY MANAGEMENT | LITTLE BLACK BOOK
www.count.com.au
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
A boutique full-service dealer group, we provide support to a vast
network of financial advisers across Australia.
Founded in 2006, we have firmly established ourselves as the dealer
of choice for practices requiring personalised and tailored support
across a range of services including practice management, marketing,
software, research, compliance and professional development.
Consultum Financial Advisers Pty Ltd
Level 6,161 Collins Street
Melbourne VIC 3000
T: 1800 062 134
E: [email protected]
ABN 65 006 373 995 | AFSL 230323
Consultum is part of the IOOF group
We offer a range of authorisations to cater to your level and expertise,
including full authorisation, specialist authorisations, as well as our
recently launched limited accountants’ SMSF specialist authorisation.
Our approach is hands-on and we will work with your practice to help
you build and manage a successful advice business while meeting the
demands of regulatory change.
www.consultum.com.au
Financial Wisdom
Financial Wisdom’s speciality is working with owners of financial
planning practices. With over 170 practices across Australia we assist
owners to build profitable, sustainable and valuable businesses.
Our value to advisers comes from the stability and support of
Commonwealth Bank with the agility of owning a business. We ensure
knowledge is put into action with state-based local teams led by a State
Manager and Practice Development Managers.
Financial Wisdom Limited
Level 3E, 11 Harbour Street
Sydney NSW 2000
T: 1800 024 864
ABN 70 006 646 108
AFSL No. 231138
Opportunities
Our culture of sharing best practice across advisers is our difference,
and by leveraging research, marketing, and coaching support, we help
practices understand what they’d like to be and develop the plan to
make it happen.
www.financialwisdom.com.au
CHOOSING YOUR DEALER GROUP | 55
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
Genesys Wealth Advisers Limited
T: 1300 768 159
E: northernsupport@
genesyswealth.com.au
ABN 20 060 778 216
AFSL 232686
WEALTH ADVISERS OUR CLIENTS CAN RELY ON… ALWAYS
From our co-operative beginning, Genesys Wealth Advisers was
built on collaboration, joint commercial benefit and a shared
passion and belief that advice and clients come first.
We actively foster collaboration between licensee and member
firm. The National Advisory Council, along with three adviser-led
committees, shape the Genesys business, advice, investment and
risk strategies and oversee the delivery of services from Genesys and
the wider group. Our investment, risk and platform strategy ensures
member firms have choice of advice philosophies and the flexibility to
service their clients’ needs.
Our size and support structure provides the flexibility of a
boutique with the scale of an institution.
www.genesyswealthadvisers.com.au
Established in 2001, Guardian Advice is a national dealer group with
over 200 Financial Advisers. Financial Advisers operating under the
Guardian Advice license advise clients on all aspects of financial
planning, with a particular focus on life risk advice.
Guardian Advice is part of the Suncorp Group.
Guardian Advice
Lv 10, 321 Kent Street
Sydney NSW 2001
T: 1300 720 350
The offer
tFree SOAs where there is a risk recommendation
tA dealer group offer tailored to risk focussed advisers
tA great culture of like-minded, successful advisers
tA highly personalised service from our practice development team
tA collaborative approach to compliance
tCompetitive fees and great value for money
tThe strength and protection of a large company, with the flexibility of
a boutique group
www.guardianadvice.com.au
56 | MONEY MANAGEMENT | LITTLE BLACK BOOK
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
Hillross
T: 1800 445 767
E: [email protected]
ABN 77 003 323 055
AFSL 232 705
WHAT’S YOUR IDEA OF FINANCIAL FREEDOM?
We believe our kind of passion is a rare quality in the conservative
and corporate world of wealth management. We partner with
our clients for the long-term, offering a unique and personalised
experience that’s tailored to their needs and financial dreams.
It’s only when we fully understand an individual client’s idea of
financial freedom that we can help them create the life they really
want to live.
At Hillross, we do things differently to help you deliver an
exceptional client experience. Joining Hillross is like joining
a family. You are known, your voice is heard and you will be
supported in building your business.
www.hillross.com.au
Jo Willoughby
Head of Sales and Marketing
Infocus Wealth Management
Level 2, 37 Primary School Court
Maroochydore QLD 4558
P: PO box 1856
Sunshine Plaza, QLD 4558
E: [email protected]
T: (07) 5458 9400
F: (07) 5443 1995
As one of Australia’s truly independent Dealer Groups, Infocus
Wealth Management offers Advisers and their clients’ real choice.
Infocus’ proposition has grown from the knowledge of what is
needed to support independent advice businesses. With our
proven business model and complimentary proprietary technology
solutions, we work with Infocus business owners to grow revenue,
manage risk and reduce operational costs without compromising
productivity. The Infocus network now spans around 100 Financial
Advisers, located in nearly 70 offices across Australia. You can
find out more at www.infocus.com.au, our YouTube channel
‘InfocusWealth’ or connect on with us on Twitter and LinkedIn.
www.infocus.com.au
CHOOSING YOUR DEALER GROUP | 57
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
Jigsaw Support Services is the smart choice of Australian Financial
Services Licence (AFSL) owners who value choice and complete
control, want to reduce risk, seek greater efficiencies and pursue
active growth. Jigsaw is passionate about supporting businesses
in running their AFSL, whilst ensuring complete control and
independence remains in the hands of the owners.
The Jigsaw team is committed to providing you with the highest level
of service and support through our extensive knowledge and expertise.
Jigsaw
T: 1300 361 090
E: Raffaele_mastandrea@
amp.com.au
ABN 21 005 799 977
AFSL 234663
Jigsaw services are streamlined to ensure you’re well equipped with
the information and expertise to efficiently operate your own AFSL.
We are committed to supporting your business, to free you up to
capitalise on opportunities and build even stronger relationships with
your clients.
www.jigsawsupport.com.au
PRUDENT PERFORMANCE
If you are an ethical, honest adviser who understands your business, if you want
respect and to feel you are a partner in something bigger, and if you want to deal
with like-minded businesspeople, KNM Professional is for you.
QLD Address:
Level 1, 463 Nudgee Rd,
Hendra QLD 4011
NSW Address:
Level 11, 111 Elizabeth Street
Sydney NSW 2000
T: 1300 566 566
F: 07 3620 2930
E: [email protected]
KNM Professional offers:
tStrong compliance culture and
capability
tRisk and SMSF specialties
tFlexible APL
tRural and regional focus
tBusiness succession planning and
estate planning expertise
KNM Professional authorizes:
tFinancial planners
tRisk specialists
tAccountants and
tGeneral insurance brokers
KNM Group provides legal and paraplanning services as well as complete back
office capability.
Shares available after qualifying period.
www.knmservices.com.au
58 | MONEY MANAGEMENT | LITTLE BLACK BOOK
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
At Lonsdale, we believe in flexibility and choice, and have been at the
forefront of the industry in the provision of financial planning and SMSF
solutions for financial planners and their aligned accounting practices for
nearly 30 years. We are focused on supporting our practices to grow their
business, offering a wide range of services including:
tFlexible licensee solutions
tProfessional development
tCompliance
Lonsdale Financial Group Ltd
Level 6, 161 Collins Street
Melbourne VIC 3000
T: 1300 566 732
E: [email protected]
ABN 76 006 637 225 I AFSL 246934
Lonsdale is part of the IOOF group
Madison Financial Group
Level 2, 285 George Street
Sydney NSW 2000
P: PO Box R1776
Royal Exchange, NSW 1225
T: 1300 789 575
F: 02 9954 4599
tResearch
tSoftware solutions
tMarketing and communication
Through our support services and industry network, you have the partner
you need to grow your practice, while enjoying the benefit of being part of
a community of industry recognised financial planners and their aligned
accounting practices.
www.lonsdale.com.au
Madison Financial Group is 100% Australian owned and
operated by our advisers and management. Since 1983
our advisers have been helping Australians reach, maintain
and build on their wealth, income and financial security.
We are committed to providing exceptional governance,
support services, thought leadership and advice to
an exclusive “club” of independent, like-minded, high
performing financial advisory practices who each have a
desire to become recognised as pre-eminent providers of
quality financial advice.
www.madisonfg.com.au
CHOOSING YOUR DEALER GROUP | 59
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
Millenium3 is one of Australia’s largest and most established communities
of financial and life insurance advisers. We believe in the transformative
power of great financial advice for all Australians.
At millennium3 we offer the leadership, resources and support you need
to deliver the highest quality advice to your clients, while reaching your own
business targets. We’re backed by the strength of ANZ and have capabilities
in investments, risk, general insurance and self-managed super.
Millennium3 Financial Services
Unit 7, 50 Borthwick Avenue,
Murarrie QLD 4172
T: (07) 3902 9814
E: [email protected]
ABN 61094529987
AFSL 244252
OUR BELIEFS
1.
Great financial advice has the power to transform lives
2.
Great financial advice comes from great advisers
3.
Successful advisers are part of a powerful community
4.
Quality leadership and advice help your business grow
Whether you are just starting out or looking to grow your practice and
you want the freedom and backing to run your business, your way,
millennium3 can help.
www.millennium3.com.au
Pathway Licensee Services focuses on helping advice businesses
comply with the AFSL regulatory environment and supporting them
to improve the overall client experience.
For Dealer Groups – Improve efficiency, access operational
expertise, reduce internal operating costs and add value to the
governance framework.
Pathway Licensee Services
Level 10, 60 Carrington Street,
Sydney NSW 2000
T: 1300 722 100
F: (02) 9026 0499
E: [email protected]
For Advisers – Manage your own AFSL, access a depth of knowledge
to assist with Responsible Manager requirements, improve profit
margin by outsourcing key services, and maintain up to date with
obligations and requirements.
www.yourpathway.com.au
60 | MONEY MANAGEMENT | LITTLE BLACK BOOK
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
My Dealer Group grows financial planning businesses and
dealer groups by finding their perfect match.
The service is underpinned by our unique knowledge of dealer
groups and their business models, overlayed with market
intelligence to give business owners advice on the most suitable
licensing solution for their business.
Pinnacle Practice
Level 19, Waterfront Place
Brisbane Qld 4000
P: PO Box 517
Paddington QLD 4065
E: [email protected]
T: +61 3360 0237
Alt: +61 411 568 669
My Dealer Group also provides consulting and research services
to dealer groups looking to understand how to retain and attract
advisers in order to achieve their growth objectives.
www.pinnaclepractice.com.au
Premium Wealth Management Enables Pre-eminent, Professional,
Adviser-Owned Financial Planning Practices.
Premium is about taking a shared approach to success. Since forming
in 2000 we have 22 member firms and approx $2 billion under advice.
Our vision is to allow our financial planning practices to operate
autonomously, efficiently and profitably within a non-prescriptive
framework.
Premium Wealth Management Ltd
Level 9, 80 Mount Street
North Sydney NSW 2060
E: [email protected]
P: (02) 9279 0899
F: 02 9279 1377
Their success ensures that all of our members have a sound
knowledge and experience base conducive to maintaining a culture
of like-minded firms, which contributes to one of the most collegiate
cultures in the industry.
www.premiumwealth.com.au
CHOOSING YOUR DEALER GROUP | 61
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer Group Directory
MAKE YOUR PRACTICE THE BEST IT CAN BE
If you are looking for a B2B partner who
can provide you with the expert support
to help you grow your practice, whilst
ensuring you retain control of managing
your own licence and brand, then contact
SFG Alliance Services on (02) 9250 1500
or email [email protected]
Actuate Alliance Services Pty Ltd trading
as SFG Alliance Services
ABN 40 083 233 925 AFSL No 240959
Actuate Alliance Services Pty Ltd trading
as SFG Alliance Services
SFG Alliance Services is a business-to-business (B2B) offering for
boutique AFSL holders designed to support best advice and deliver
best practice.
As SFG Alliance Services is a subsidiary of SFG Australia
Limited; a leading non-aligned client focused financial advice and
end-to-end wealth management firm listed on the ASX; we can
leverage our wholesale relationships with best of breed providers and
SFG Australia’s own expert internal capabilities, to provide you with
access to the best resources available, including:
t-JDFOTFFTVQQPSU
t1SPEVDUBOEQMBUGPSNTPMVUJPOT
t1SBDUJDFNBOBHFNFOUHSPXUIBOENFOUPSJOH
t3FTFBSDI
t.BSLFUJOHBOETBMFT
t5FDIOJDBMTFSWJDFT
THE ACCOUNTANT’S LICENSEE
SMSF Advice Pty Limited provides specialised licensing and support
services for accounting partners who are keen to grow their business in
the SMSF market.
We were established at a time of rapid regulatory and industry
change to support accountants through this change, and are fast
becoming their licensee of choice.
SMSF Advice
T: 1800 054 945
E: information@
smsfadvicelimited.com.au
ABN 11 074 225 353
AFSL 234664
HOW DO WE ASSIST ACCOUNTING PRACTICES?
SMSF Advice can:
tProvide clarity and guidance for businesses keen to up skill their SMSF
advice capability and become specialists.
tHelp accountants fulfil training (RG146) and accreditation requirements
through our market leading training program.
tProvide guidance in transitioning a business from a typical tax business
to a strategic-advice based business.
www.smsfadvice.com.au
62 | MONEY MANAGEMENT | LITTLE BLACK BOOK
FIND THE RIGHT DEALER GROUP FOR YOUR COMPANY
Dealer group directory
Shartru Wealth is a non aligned dealer group that serves to protect
adviser’s interests and their business value. It is a dealer group built by
advisers for advisers based on cooperation.
Our group would be ideally suited to those who want to have input to
their licensee but don’t want the added responsibility of running their
own AFSL. Our model suits “fee for service” firms that want to ensure
they have flexibility.
Shartru Wealth
E: [email protected]
T: 1300 478 424
ABN 46 158 536 871
AFSL 422409
Shartru provides APL monitoring and evaluation, compliance, CRM,
and paraplanning. We also can provide marketing, public relations,
back office administration, as well as an integrated financial services
platform encompassing estate planning, finance, accounting, SMSF,
direct equities where the adviser can choose what they require in a
client focused structured environment.
www.shartruwealth.com
We are proudly non-aligned and determined to champion the
interests of IFA’s.
Our practices deliver relevant and appropriate solutions to their
clients. We enhance the lives of the financial advisers we work with
to help them achieve long term growth in the value of their practices.
WealthSure Pty Ltd
T: 08 9246 7600
F: 08 9246 7611
E: [email protected]
PO Box 258 Hillarys WA 6923
IF YOU ARE DRIVEN BY:
tCore values of quality and integrity
tA genuine interest in ongoing improvement
tAn uncompromising passion to make a difference to the clients you
choose to work with
We will provide you the tools to achieve your business objectives and
access to quality services and solutions for your clients.
www.wealthsure.com.au
CHOOSING YOUR DEALER GROUP | 63
Further reading
Republished from Money Management, 26 July 2013.
Top 100 Dealer Groups 2013
the winners and losers
The movers and the shaken
The Top 100 Dealer Group survey (conducted
every year by Money Management and published
in July) can be considered an annual barometer
of what has happened in the ﬁnancial planning
sector over the previous 12 months.
Questions abound as to the ‘why’, but the
‘what’ is usually clear from the data. And there
are some clear winners in the area of growing
adviser numbers in a tough regulatory and business environment.
Overall planner growth was relatively low,
with only 793 planners joining the Top 100 dealer
64 | MONEY MANAGEMENT | LITTLE BLACK BOOK
groups from 2012-13.
Despite these shifts, the top 10 groups ranked
by planner numbers would be familiar to anyone
looking at the tables of previous years: the names
have stayed constant while only the rankings
have shifted.
Face to face
More important for the long-term future of
ﬁ nancial planning is the number of people
receiving advice. According to data collected
from those planning groups willing to provide
this number (which was just over one-third
of Top 100 respondents), about 1.8 million
Further reading
Australians are clients of ﬁ nancial planners
within the Top 100.
Given the notable absence of data in this area
relating to some of the larger groups, it is likely
that this ﬁgure is much higher and is probably
around four million, reﬂecting statistics that
state one in ﬁve Australians receive some form of
ﬁnancial planning advice.
Interesting to note is that only half of Top
100 respondents were able or willing to supply
numbers indicating how many of their planners were members of the Financial Planning
Association (FPA) or held the Certiﬁed Financial
Planner (CFP) designation. According to the data
gathered there are 3013 FPA members in the Top
100 and 2215 CFPs.
What’s it worth?
It seems that while ﬁnancial planners are often
willing to talk about their clients’ money, they
seem to be reticent about discussing their own,
with only about two-thirds of planning groups
reporting their Funds Under Advice (FUA) ﬁgures.
Of those who did it was logical that the large
institutionally aligned groups should report
high levels of FUA to match their large planner
numbers. However, when FUA is compared to
planner numbers the situation changes markedly, and private client planning groups pull well
ahead of their peers.
At the same time it appears that smaller niche
business are better able to attract and service the
high net worth clients whom much of the industry seeks.
Behind the scenes
The back-ofﬁce numbers also reveal a few
providers holding a large proportion of market
share in the areas of professional indemnity
(PI) insurance, ﬁnancial planning software and
managed funds research.
Interestingly, the single biggest group –
about a quarter of the Top 100 planners represented under PI insurance (4683 planners)
– are those who are self-insured via their licensee. While this may lead to thoughts of planners
turning away from PI insurers and brokers,
closer inspection shows these numbers are
all drawn from institutionally owned planner
groups, three of which sit in the top 10 by planner numbers.
CGU, Axis and Vero insure a further 40 per
cent, or about 7250, of the Top 100 planners, with
the Chubb, Lloyds, AON, Marsh and AIG/Chartis
insuring a further 2790 planners.
Similar weightings exist around software.
Established providers Xplan and Coin dominate
in the investments and risk/insurance space.
Xplan is used by about 50 per cent of Top 100
planners while Coin is used by about a third of
planners. Midwinter records 409 planners as
users, but a number of respondents indicated it
was used alongside other software. This added
more than another 600 users to those numbers
for a total of nearly 1100 users within the Top 100.
Among research providers, Morningstar
has more than one-third of planners as users
while Lonsec and van Eyk have about one-ﬁfth
to one-quarter of planners as users. However,
like many areas of the industry, planners will
use multiple resources with many reporting the
use of two or even three research houses within
their businesses.
The Money Management 2014 Top 100
Dealer Group Survey will be released in
late July.
CHOOSING YOUR DEALER GROUP | 65
Further reading
Accounting and advice practices likely to
increase merging. FS Advice, Vol 8, Issue 2,
2013, page 7.
The ﬁnancial advice industry post FoFA:
Industry Super Network. Rice Warner.
Source:
www.ricewarner.com/images/newsroom/1374717972_
APES 230 updates. Institute of Chartered
Accountants Australia.
Rpt%20The%20financial%20advice%20industry%20
post%20FoFA%202013.pdf
Source:
www.charteredaccountants.com.au/Industry-Topics/
Financial-advisory-services/APES-230.aspx
The future of ﬁnancial advice: Opportunities
and challenges. Deloitte.
Source:
Beyond FOFA – Five fault lines shaping the
‘real’ future of ﬁnancial advice.
www.deloitte.com/assets/Dcom-Australia/Local%20
Source:
Banking%20and%20Securities/Deloitte_the_future_of_
www.triapartners.com/resources/
Assets/Documents/Industries/Financial%20services/
financial_advice.pdf
documents/11-12-02_07_Beyond-FOFA.pdf
FoFA to accelerate industry consolidation.
Money Management, 22 September 2011.
Source:
Top 100 Dealer Groups 2013 - the winners
and losers, Money Management, 26 July
2013.
Source:
www.moneymanagement.com.au/opinion/
www.moneymanagement.com.au/
financial-planning/financial-planning/
analysis/top-100-dealer-groups/
fofa-to-accelerate-industry-consolidation
top-100-financial-planning-dealer-groups-2013
Licensee of the Year Research, Core Data,
2013.
SMSF advice Accountants’ exemption
replacement. Institute of Chartered
Accountants Australia.
Source:
www.charteredaccountants.com.au/Industry-Topics/
Financial-advisory-services/Accountants-Exemption.
aspx
66 | MONEY MANAGEMENT | LITTLE BLACK BOOK
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