Charlie Viola

The newly formed Principals’ Community, headed up by Kon Costas, has received strong support from the self-licensed community with more than 92% of previous businesses signing new agreements this year.

The independent community parted ways with BT Financial Group after more than 7 years, with the sole purpose of providing support and guidance to AFSL holders without encountering conflicts from institutional ownership, rules surrounding being a product manufacturer or platform provider and having existing AFSL obligations.

Costas says: “The feedback and support we have received from the 122 community members has been exceptional, truly highlighting a significant desire for support as they grow in the everchanging post-Covid and post-Royal Commission environment.”

Current members such as Charlie Viola, Partner at Pitcher Partners Sydney Wealth Management, adds his support for an independent community, saying: “Never underestimate having a truly independent voice providing comments and views on what they see when they look under the hood of your business. When we were at a crossroads, Kon and the team provided timely counsel on the path we needed to take – or risk blowing ourselves up.”

Costas says: “In addition, we are seeing many businesses taking a deep breath for the first time in a few years, and begin looking for more opportunities to grow organically, succession planning, mergers, acquisitions, scale, and, most importantly, how to successfully support their staff through the highs and lows.”

Other key members voicing their support of how important it is to have access to the wealth of knowledge and experience on offer from The Principals’ Community include Glenn Calder, CEO, Viridian Advisory. “We see people working together, sharing, and collaborating as the pinnacle of how we can improve.”

Anthony Kapetanovic, Managing Director, Akambo Financial Group, adds that in a post-Royal Commission world, AFSL holders will require more guidance.

As the need for quality financial advice continues to increase, especially following a volatile 18 months with regulatory oversight remaining a topical issue, The Principals’ Community is focussing on bringing back in-person gatherings around the country and prioritising several offerings advisers want. These include:

• an industry benchmarking report now in its 3^rd year, provides sought-after data sets enabling principals to readily compare their key ratios to likeminded and similar size self-licensed businesses
• the running of several educational and professional development masterclasses, and
• providing governance support and ensuring licensees understand all regulatory and legislative requirements, delivered through a mixture of quarterly meetings and ongoing engagement with Responsible Managers.

Costas says: “For us, 2022 is a year to achieve two things: resuscitate a core value of the community that is peer-to-peer learning and conversation via face-to-face forums. The 122 businesses all have a wide array of experience and expertise covering everything from technology, research, business management, structures and M&A or product/platform related questions that can be shared with their peers.

“Secondly, opening the door for prospective self-licenced businesses to join the community and connect with like-minded businesses and individuals independently of any concerns surrounding conflicts of interest.”

The post Overwhelming support flows in for The Principals’ Community appeared first on AdviserVoice.