WEEKLY WRAP: PEOPLE PRODUCTS AND COMPANIES - Accountant moves into planning: A sign of the times?

by |

Accountant moves into financial planning: A sign of the times?

Melbourne-based Matthews Steer Chartered Accountants is to create a new wealth management division.

The division will be known as Matthews Steer Private Wealth & Tax Management and headed up by Geoff Steer, a Director of Matthews Steer and qualified tax advisor.

The move follows recent debate about blending accountancy with financial planning services, and the recent changes to Australian Financial Services Licenses by Minister for Financial Services & Superannuation, Bill Shorten. The firm will merge its financial planning group with its private client accounting service to form the core of the new division.

Mr Steer said the wealth management division was partly inspired by the continued growth in self-managed superannuation funds (SMSFs).

“We are seeing more demand for the SMSF structure and the Private Wealth division will provide a truly holistic service for SMSFs, encompassing a client’s total financial affairs.

“On top of that we are seeing more demand generally for combined services across accountancy, taxation and wealth generation from business and high net worth clients,” he said.

“Few firms are able to combine financial planning with technical expertise in tax, accounting and compliance for self-managed super funds, family trusts and individuals.

“Many financial planners are not qualified accountants or registered tax agents, and are unable to provide advice on taxation and structures such as trusts and SMSFs that are necessary to protect assets and minimise tax.”

Select Asset Management acquires Total Fund Services Limited

Select Asset Management Limited has announced the acquisition of Australian financial services business Total Fund Services (TFS) for an undisclosed amount.

TFS provides specific regulatory services to Australian managed investment schemes, acting as a ‘responsible entity for hire’ to registered schemes and similar investment vehicles. The business will be integrated into Select Fund Services (Select FS) headed by Alex Wise. 

“We are pleased to announce the strategic acquisition of TFS,” said Select Asset Management CEO Brendan Foley. 

Threadneedle Investments announces CEO succession

Threadneedle Investments has announced that CEO Crispin Henderson will become Vice Chairman of Global Asset Management for Ameriprise Financial, the parent company of Threadneedle.

Following Henderson’s transition and turnover of responsibilities, Campbell Fleming will become CEO of Threadneedle. In their new roles, both Henderson and Fleming will report to Ted Truscott, CEO of Global Asset Management for Ameriprise. The changes are subject to regulatory approvals.

MLC makes enhancements to Australian shares strategy

MLC has today announced changes to the managers of its key Australian shares strategy in the MLC Horizon Series of portfolios and the MLC Long-Term Absolute Return Portfolio.

In the Australian shares strategy of these diversified portfolios:

  • Alphinity Investment Management, Antares Capital Partners and Vinva Investment Management have been appointed
  • JCP Investment Partners has been retained to manage a lower risk mandate
  • Northcape and Vanguard Investments Australia have been retained
  • Balanced Equity Management, DFA Australia, Maple-Brown Abbott and Northward Capital have been removed.

MLC Investment Management Portfolio Manager Peter Sumner said: “This year, we’ve taken some important steps in our portfolios towards our goal of delivering more reliable returns to investors across a broad range of market conditions. These changes mark the latest stage of this work.”

read more > 1 2