Rebecca Jacques

AGBA invites goals-based advisers to participate in building better software as the industry strives to build better results for consumers and advice businesses that are affected by the legislation changes coming with regards to Limited Managed Discretionary Accounts.

“The industry talk around today’s goals-based systems is that most only solve part of the problem. Many are vertically integrated in other apps and don’t connect to mainstream tools. Those that do exist have been designed by institutions to deliver their version of goals-based advice,” said Rebecca Jacques, AGBA General Manager.

For the independent and non-aligned advice market now is the time to get involved in building their own software solutions or face being left too far behind their aligned and institutionally-owned counterparties.  With the cost of technology continuing to fall, the barriers to building solutions outside of organisations with large balance sheets, has also fallen.  Thus making it achievable for much smaller businesses to work collaboratively in building a goals based engagement and advice platform.

AGBA has begun working with members and innovators to deliver an adviser designed technology framework centred around helping clients and advisers engage better on financial goals across the entire advice process. Importantly, this framework will integrate with mainstream practice CRMs and financial planning tools via an open API. In so doing it will work alongside traditional advice processes allowing advisers and licensees to customise the goals based processes to best suit their clients and their practice.

“Our members are asking for better engagement tools that help clients understand and own the link between their goals, their behaviour and the advice they get. Clients and advisers will jointly explore, track and monitor their goals, dynamically recommend portfolios designed around these goals with connectivity to platform and mainstream FP software for SoA production and CRM updates.

“We plan to have a prototype available to stakeholders shortly, with members using the platform from January 2019. Integration meetings have already started and the response has been very exciting.

“To align this strategy with mainstream technology, we have also begun a 12-month program looking at better efficiencies for XPLAN users who want to be more goals aligned. This will be expanded over time to include other mainstream tools,” said Ms Jacques.

AGBA is working with XPLAN consulting firm PlanFocus on the program to collaborate and implement goals-based customisations for XPLAN. Participating members will receive a fully comprehensive fact find, SoA template and wizard containing some core goals-based design elements, with scheduled updates planned during the year.

Rob Corben, Director of PlanFocus, says that the initial version will contain adjustments to the fact finding process as well as innovative modifications to the wizard and template structure to better align advice strategies with client goals.

“We will also look at including goals based tasks, threads and assumption sets that better support a goals-based approach,” said Mr Corben.

“If the independent marketplace is to remain truly competitive it needs to start owning the development process of important tools and applications.  Our members have been talking and waiting for this development for years. By working collaboratively AGBA members are able to own this development process and ensure that it works for the broader marketplace rather than just one specific organisation.

“At the end of the program, members will have a best practice XPLAN site designed by the expertise of the leading thinkers in goals-based advice,” said Ms Jacques.

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Rebecca Jacques

Australian financial advice industry group the Association of Real Return Investment Advisers (ARRIA) has celebrated its two-year milestone, unveiling a series of announcements to take the fast-growing Association forward in 2017.

Yesterday in Sydney ARRIA will hold a roundtable event for adviser and investment industry members to discuss the theme of ‘Client Engagement’ – as well as celebrate the past two years of steady growth for the Association.

At the event, ARRIA will also formally announce a name change to the Association of Goals Based Advice (AGBA) and unveil a revamped website.

ARRIA was founded in late 2014 as a non-profit, financial adviser-led association to represent advisers who were focused on delivering ‘goals-based advice’ – ie advice that aims to give investors more certainty in their investment outcomes. Over the past two years the Association has grown to represent more than 70 active adviser members from more than 34 practices across Australia. In addition, the Association has admitted more than 20 ‘Industry Associates’ across the gamut of related service providers including industry-leading investment managers, platforms, insurance and technology players. AGBA Industry Associates are listed on the AGBA website.

AGBA General Manager Rebecca Jacques said the Association was delighted to reach its two-year milestone and thanked the advisers and industry associates who had supported the Association.

“AGBA delivers practical tools and support for implementing goals based advice, including portfolio construction, data analytics, governance, thought leadership and networking events – all vital elements that help our members tackle today’s difficult markets to deliver meaningful investment outcomes for their clients,” Ms Jacques said.

She said a key driver for the growth of the Association was the rise of managed accounts, which were becoming more popular with individuals wanting more control, transparency and beneficial ownership of their assets.

“While not a new phenomenon, the steady growth of managed accounts has encouraged the industry to tackle regulatory and compliance hurdles, and seen advisers increasingly build more bespoke goals based portfolios for clients that were previously not cost or time effective,” Ms Jacques said.

“We are excited to unveil our new name and website, and look forward to continuing to build our Association for the benefit of advisers, industry associates and, ultimately, end investors.”

AGBA 2017: Bringing it all together

The new look AGBA will also host its first national conference in November 2017 themed AGBA 2017: Bringing it all together. The conference will bring together advisers, dealer groups, investment managers, consultants, research houses, regulators, educators, administrators and other industry professionals that help advisers to implement goals based advice in their businesses.

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ARRIA is an association focused on delivering tools and resources for Financial Advisers who want to build investment portfolios that deliver a real rate of return for clients. Advisers face a range of challenges as they seek to adapt their practices to an alternative approach that starts with the unique objectives of the investor.

ARRIA, as the peak body for advisers wishing to build real return portfolios for their clients, is acutely aware of the shortage of technology and tools that are available to financial advisers.

ARRIA has established an Implementation Committee that is charged with looking for and testing tools that can assist financial advisers in outcomes based solutions.

FE Australia is a leader in the provision of investment data, software tools and performance analysis to the financial services industry.  FE has always placed an emphasis on delivering tools and services that assist the financial advisory community in adapting to the challenges the industry faces whilst at the same time helping advisers make more informed decisions on behalf of their clients.

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Rebecca Jacques

The Association of Real Return Investment Advisers (ARRIA), launched the Pengana Portfolio Optimisation tool as the first system available to its members. This tool is designed to assist advisers in constructing and reviewing client portfolios

“We are pleased to be able to provide this optimisation tool developed by Pengana for the exclusive distribution to ARRIA Members. Such a tool is an important step in assisting advisers to analyse portfolios in more detail and to therefore develop portfolios that are more efficient from risk/return perspective and can deliver real returns to their clients through different market conditions,” said Rebecca Jacques, General Manager, ARRIA.

In addition, ARRIA recently hosted a successful series of its inaugural ‘Meet the Manager Due Diligence Forums’ which saw investment managers, Aurora , Alan Gray and Blue Sky talk in depth about how their funds add value to a portfolio in a real return sense.  The Forum also provides valuable insights into Manager due diligence through the addition of independent asset consultants who question and analyse the Managers presentations as part of an interactive and informative program.

“The importance of correlations and understanding whether a fund is actually a ‘real return’ fund was clearly highlighted by our managers and asset consultants and illustrates the difficulty in being able to truly assess a fund and its impact within a real return portfolio solution.

“Such forums assist advisers in understanding the type of analysis and in-depth scrutiny that it needed to build portfolios which have the ability to deliver real return outcomes for their clients,” said Ms Jacques.

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On 15 April, ARRIA hosted presentations from Profile Financial Services and Pengana Capital with 25 advisers and industry executives attending.

“Momentum is building for these kinds of roundtable discussions around the actual implementation of objective based portfolios by advisers for advisers. Advisers clearly not only want to be part of the dialogue but are in many instances leading the dialogue when it comes to implementation.  There are many conferences and forums that bring to the table expert speakers but very little in the way of real direction on the application of this into real portfolio solutions implemented within advisers businesses.

“Aria has held briefings in Melbourne and Sydney on these topics and we have been pleased to have attendance over 30 advisers.

• Sarah Abood from Profile Financial Services spoke on their approach to objective based planning.
• Nick Griffiths from Pengana Capital outlined the portfolio optimisation tool that they are bringing to the table exclusively for ARRIA Members.

“In May, ARRIA will launch the ‘Meet the Manager Due Diligence’ series which will arm its adviser members with insights into investment committee due diligence from specialists. Fund managers Allan Gray, Blue Sky and Aurora will present in May,” said Rebecca Jacques, General Manager, ARRIA.

Ms Jacques notes that a Mercer Study* in February 2014 concluded with the statement that diversification of assets across several investment categories (i.e. beyond just equities and bonds) should represent a fundamental feature of plans.

“ARRIA is seeking to make this thinking a reality for its adviser members, and being able to launch this optimisation tool with Pengana is an integral achievement for ARRIA members in bringing actual resources to the table for financial advisers that enable the implementation of the theory that many are now espousing,” said Ms Jacques.

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* Mercer Study entitled “Asset Allocation of Pension Funds Around the World” February 2014

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Philip Reid who took on responsibility as General Manager during the association’s start-up phase will now focus on his business activities and remains a member of ARRIA.

“Rebecca will focus on driving the delivery of information, knowledge, tools, education and resources for advisers to create value and deliver better outcomes for their clients.

“Her first task is our final ARRIA Roundtable series for 2014 which will feature the former van Eyk executives in their new firm Investsense discussing how to build portfolios that are managing the investors risk that they don’t meet their objectives, and in growing member numbers.

“Rebecca is also focusing on the establishment of the ARRIA Investment Application Committee which will road test tools and applications which ARRIA will be able to make available to members.  Dr Jerome Lander from proCapital is a member of this committee and they look forward to showcasing their first tool at the upcoming Roundtable series.

“We are also pleased to announce that Damian Crowley from Pengana has joined the ARRIA Board. Philip Reid stays with ARRIA as a member as he concentrates on his own business activities after a busy period of getting ARRIA started and staging events for members and prospects,” said Matthew Walker, ARRIA Chairman.

Rebecca is a highly experienced senior investment specialist who has worked across investment analysis and research. Her industry experience includes:

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