AFSL drops not surprising

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Another 23 authorised representatives across 12 offices have signed up to be authorised under Financial Wisdom’s AFSL, in a move that’s not surprising to general manager Mark Ballantyne.

As at 1 July, WB Financial Management became authorised under the Financial Wisdom AFSL.

“We are not surprised to see firms like WB giving up their AFSLs in the new regulatory environment, and taking advantage of our resourcing and expertise to help manage – amongst other things – their supervision and compliance obligations.

“This allows them to get on with the job of being the best advisers for their clients,” Ballantyne said.

The WB Group of companies will retain its investments in adviser businesses, and key relationships with platform and product providers are expected to strengthen.

Chairman of WB, Garry Connelly AM, said, “After much consideration and research we elected to make the change to Financial Wisdom in order to access the resources and service support that Financial Wisdom can supply to both our advisers and our administration staff, in what is an increasingly complex regulatory environment.

 “WB will continue to provide services to advisers including credit licensing via its Proloan arrangement, on-going development of the Agentia SMA platform for adviser and affiliated adviser use, and continued support and development for the advanced WB Xplan site,” Connelly said.

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  • Pat on 16/07/2013 9:54:21 AM

    Patrick, don't forget Peter has a blinkered view of what is 'independent' - he has the view that ownership of the adviser is more relevant to removing conflicts of interest than establishing a 'vertically integrated business model', or whatever he wants to call a mechanism to clip the ticket in a FOFA world.

  • Patrick Canion on 15/07/2013 2:59:28 PM

    Peter, after all the recent debate on this website about the importance of mutually respecting fellow advisers, I wonder if your judgement on the business model used quite legally by the majority of financial advisers and their clients really does our cause any good?

  • Peter Johnston - AIOFP on 15/07/2013 11:37:40 AM

    Please dont fall into the 'INSTO trap' of spooking you to join their 'flock' with compliance and PI warnings. Getting an AFSL is not that hard and you can cost effectively outsource any duty you do not want to keep in house. All they want is to control your clients in their products...not a good outcome for you or the client!!

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