Boutique financial planning licensee HNW Planning is now covered by their PI insurance policy to cover credit and property investment advice services as well as financial planning.
HNW says that while many planning groups are struggling to come to terms with FoFA and changes to their income, HNW is using it as a business opportunity and a chance to diversify. Its 40 financial planners will use Forrester Cohen’s IRESTS platform to source property and manage any transactions. They will also gain expertise through PIAA property investment advice training.
IRESTS supports fee for service via an escrow account for advisers and referrers. The platform has separated the relationship between the property adviser and the developer in an attempt to remove the conflict of interest. HNW will now be able to provide expert opinion in their SOA process in the same way that advisers normally provide opinion on insurance, investment and superannuation.
The platform supports advice for selected investment-grade property with advice-standard tools and reports.
HNW managing director Rob Cumming says that it is important to be able to provide advice in the areas where clients want the services.
“There’s a beautiful and logical symmetry to it,” he said about the arrangement.
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