Self-licensing specialist My Dealer Services (MDS) has rolled out three new or enhanced service offerings to its network of more than 400 financial advisers operating under 110 AFSLs as part of a strategic growth initiative.
MDS supported more than 20% of all Australian financial advisers who achieved self-licensing last year and is working to not only significantly grow its adviser network in 2025 but also offer a more extensive support service and product offering.
The Sydney-based company has partnered with Claras, an Australian Fintech to provide advisers with a powerful AI-driven software tool to turn recorded conversations with clients into accurate, and comprehensive file notes that ensure data security.
MDS Director and Founder Alexander Euvrard said the tool contained embedded templates which ensured only relevant information was captured. “Claras produces incredible file notes as well as summaries with compliance in mind within minutes. Gone are the days where you have to remember a long conversation with clients and make sure the compliance aspect is on point. The average time to produce a file note and email summary is five minutes, including time spent double checking it,” he said.
MDS has also launched a new paraplanning and administration service for its members wanting SOA creation support, in collaboration with Broker Support Global (BSG) which has large paraplanner and admin teams overseas as well as key staff in Australia. BSG has an experienced quality assurance team that rigorously checks all advice documents to ensure that regulatory compliance standards are met.
The company has also rolled out a new MDS Licensee Compliance Portal which allows members to access a secure dashboard that keeps them abreast of all key compliance dates and requirements and provides access to a live newsfeed with the latest industry governance and regulatory updates. The portal also provides members with access to recorded webinars and articles as well as the ability to upload and maintain all compliance-related documents intraportal.
Mr Euvrard said apart from guiding and supporting advisers through the self-licensing process, MDS was focused on providing a wide range of additional services to its community of advisers.
“Our job is to go out, do the research and find the best and most innovative service providers in their field that can support our advisers. Having scale means we can negotiate lower costs. Many of our members are part of a small team and they simply do not have the time or the resources to go through this process.
“Over the coming months, we will be launching additional services and reaching out to more advisers to share our core belief that self-licensing is nothing more than removing a layer to allow advisers and practices to run their business their way, with the client front and centre of everything they do,” Mr Euvrard said.
