Alexander Euvrard

Self-licensing specialist My Dealer Services (MDS) expects even stronger growth in 2026 as more financial advisers look to take control of their businesses and come to understand the associative risk of working under large licensees following ASIC suing Interprac Financial Planning over the failure of two large funds.

Interprac is being sued for alleged failures around the now collapsed Shield and First Guardian investment funds where more than 6,500 superannuitants were advised to invest around $677 million.

MDS Managing Director Alex Euvrard said the fund collapses had shaken many advisers and made them realise the potentially costly associative and reputational dangers of being associated with licensees especially as many of the systems, processes and even APL selection is out of their control. This has been especially highlighted through platform providers refusing to take on new clients from advisers under Interprac.

“MDS has already received a number of approaches from advisers wanting more control over their own destiny. Advisers like self-licensing as a way to control their business and make their own choices about how they treat their clients and where they place their money without the scrutiny of a parent licensee and being dictated to by templates. The greatest thing about the advancement of technology and services is that smaller licensees can now access and plug in support services that deliver leading compliance, software, investment and practice management solutions, functions traditionally held with the larger licensees.” he added.

“MDS grew the number of self-licensees it services by 20 per cent to 120 in 2025 and despite up to 15 per cent of the industry forecast to potentially depart at the end of the year because of the introduction of two pathways to remain on the Financial Adviser Register, we are proud that we have already managed to shepherd all of our more than 400 adviser members through the rigours of the new requirements,” Euvrard said.

MDS Head of Strategy Ashley Mahadeea said the rapidly growing business had managed to continue to swell its membership base following a sold-out full day briefing event in Sydney and by hosting a series of roundtable lunches around the country that helped members feel the sense of community within MDS.

“MDS has also introduced 10 new and five enhanced supplier partnerships this year that give MDS members access as well as pricing benefits to best-in-class providers. These included platinum and gold partnerships with Morningstar, HUB24, Lonsec and intelliflo.

“We remain dedicated to empowering members with resources and partnerships that drive better client outcomes. Carefully selecting the right product and service providers to support MDS members is another step toward that commitment.

“In 2026 we will continue to provide hands on compliance solutions for our members, increase our advocacy work to explain the benefits of self-licensing and uplift our internal technology to create more efficiency for the business and our members,” Mahadeea added.

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Chris Mather

Self-licensing specialist My Dealer Services (MDS) has secured access to Colonial First State’s (CFS) award winning FirstTech technical services team to provide its network of more than 400 financial advisers operating under 110 AFSLs with high quality technical support across a broad range of advice areas.

The educational partnership is the fourth new or enhanced service offering MDS has provided its rapidly growing member network this year as it embarks on a strategic growth initiative.

The Sydney-based company supported more than 20% of all Australian financial advisers who achieved self-licensing in 2024 and is working at a cracking pace to not only significantly grow its adviser network in 2025 but also its network support offerings.

MDS Director and Founder Alexander Euvrard said the educational partnership with CFS would provide MDS adviser members with the most up to date online technical reference and strategy guides covering a range of areas including superannuation, tax, self-managed super funds, aged care, social security and estate planning.

Members of the MDS community would also benefit from access to CFS FirstTech podcasts, webinars, monthly bulletins and fact sheets that could be shared with clients and used in client newsletters, he added.

CFS Business Executive Director of New Business, Chris Mather, welcomed the initiative and said “CFS is delighted to partner with MDS to help advisers deliver great outcomes for their clients.”

MDS Head of Strategy, Ashley Mahadeea said that apart from primarily guiding and supporting advisers through the self-licensing process, MDS was firmly focused on adding value by providing a wider range of additional services.

“Our educational partnership with CFS is a great example of how we do this. We go out on behalf of time-poor smaller adviser groups and find the best and most innovative providers in their field to support them as needed at competitive rates.

“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 Mahadeea said.

This year MDS has also 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. It 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.

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.

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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.

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Ashley Mahadeea

Self licensing specialist My Dealer Services (MDS) has appointed Ashley Mahadeea as Head of Strategy as the company looks to significantly grow the depth of services it provides as well as the number of self-licensed advisers it equips and supports.

MDS was established 12 years ago and since then has helped more than 500 businesses set up their own ACL or AFSL license. It currently provides around 100 subscribed ASFL clients with compliance and business support and access to a community of advisers without the constraints or conflicts that can arise with large licensee dealer groups.

Ash is an expert at advising FinTech start-ups and growth-phase companies on launch strategies, strategic planning, competitive analysis, and business development. He has joined MDS from global wealth-tech firm GBST, where he was Head of Client Partnerships. Prior to this he had the same role with Advice Intelligence for six years. Advice Intelligence is a provider of cloud-based end-to-end financial planning software which was taken over by GBST in the middle of last year.

Ash has also worked as a financial adviser and is currently National Deputy Chair of the Gen Next Community of Practice at the Financial Advice Association Australia to facilitate the transfer of knowledge, skills, experience and networks from experienced advisers to those starting their financial advice career.

MDS Director and founder Alexander Euvrard said Ash’s depth of experience working with financial advisers and involvement in high impact industry initiatives would help MDS achieve its growth agenda.

“Ash’s role is to help drive this growth through strong client relationships, product innovation and developing solutions to advisers’ problems. Over the coming months, we will be reaching out to more advisers to share our core belief that self-licensing is nothing more than removing a layer to allow advisors and practices to run the business their way, with the client front and centre of everything they do,” he said.

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Alex Euvrard

Nearly 50 self licensees pursuing growth opportunities have registered their interest to acquire existing practices and books of clients on the recently launched My Dealer Services Pty Ltd (MDS) facility that has been designed to bring advice buyers and sellers together said MDS Director Alex Euvrard.

“Since inception, our objective via the online resource has been to provide an easy to use, yet confidential and neutral facility bringing buyers and sellers together”, said Euvrard.

Euvrard confirmed that the online facility and features had been developed following extensive conversations over many months – including a wide-ranging survey of MDS’s network of financial advisers about their growth aspirations. The insights received, provided the foundation for MDS offering.

“We are very pleased by the enthusiastic response during the development of this platform. In particular, as it provides a neutral resource for the principals of financial advisory practices outside MDS seeking to sell their businesses”, said Euvrard.

“Although the exodus of advisers is regarded as a negative on one side, for well-structured, growth centric practices, it represents an opportunity to facilitate and fast track growth aspirations”.

Another feature that has been developed is the availability for Business Brokers to list their seller client practices on the MDS facility as it does not encroach or impact their arrangements with their client base.

For Business Brokers, it represents a further distribution / promotional avenue to promote their advice seller clients.

Euvrard went on to say that revenue growth will be an industry imperative as the cost of providing advice grows and standing still is not an option in this environment, hence the importance of acquisition as one of the ways to underpin business growth.

For practice principals committed to the future, the current environment of advisers exiting the industry provides an unprecedented window of opportunity to facilitate growth through acquisition.

As well as bringing buyers and sellers together, the existing services and extensive experience of MDS, that has successfully assisted and supported dealer groups and financial advisers to obtain their own licence or establish robust compliance frameworks – will be available.

Utilising MDS’s compliance services, the group’s practices will have a better insight, understanding and appreciation of the business they are acquiring through such initiatives as Client File Reviews being conducted on purchased businesses.

Euvrard concluded, “The response received to the MDS online facility has affirmed that the timing and features are right for the new offering.

“With such a positive response by prospective buyers, we are confident that sellers and Business Brokers will be attracted to the new MDS online facility”.

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Respondents to the MDS survey acknowledged that the growth in consumers needing professional advice will grow as practitioners exiting the sector accelerates said Euvrard.

“Although a negative on one side, the exodus was also regarded as an opportunity with 42 percent of advisers confirming in the survey that they would acquire books of business to facilitate growth.

“While 26 percent of respondents initially said they were unsure about pursuing acquisition opportunities, many in this group have now affirmed they will do so utilising the MDS facility”.

Euvrard confirmed that he had extensive conversations over many months with financial advisers about this matter and the insights received, together with those revealed in the survey, provided the foundation for MDS online offering.

In addition, principals of financial advisory practices outside MDS seeking to sell their businesses will also be able to access the facility.

The survey is one of the activities MDS utilises to connect with its network of AFSLs and financial advisers.  Much of the feedback received from the 2021 survey will be implemented into new service offerings over the coming year with the buy sell online facility the first of these initiatives.

Euvrard went on to say that revenue growth will be an industry imperative as the cost of providing advice grows and standing still is not an option in this environment…hence the importance of acquisition to underpin business growth.

“Furthermore, the usual practice of engaging an agent or broker to facilitate a commercial outcome when buying or selling an advice business or book of clients is no longer appropriate”, continued Euvrard.

“Unfortunately, far too often this is undertaken at the last minute and the resultant lateness of the transaction results in less than satisfactory outcomes for buyers, sellers and the acquired clients.

“In a time poor, highly regulated and scrutinised industry this practice is unsustainable and fraught with unnecessary risk.”

“Our objective via the online resource that will go live on the MDS website next month – is to provide an easily accessible, yet confidential and neutral facility much earlier in the process of bringing buyers and sellers together”, said Euvrard.

“Buying or selling a financial advice practice or book of clients comprises many pieces to an often complex and emotionally charged undertaking.  This is especially true for mature age advisers that have devoted a lifetime of endeavour to their business.

For practice principals committed to the future, the current environment of advisers exiting the industry provides an unprecedented window of opportunity to facilitate growth through acquisition.

Apart from securing the best price, advisers that have decided to exit are keen to connect with the right buyer that will ensure continuity of professional advice and service to their clients – and employment for staff and paraplanners.

As well as bringing buyers and sellers together, the facilities, services and extensive experience of MDS that has successfully assisted and supported dealer groups and financial advisers to obtain their own license or establish robust compliance frameworks – will be available.

Utilising MDS’s compliance services, the group’s practices will have a better insight, understanding and appreciation of the business they are acquiring.

Euvrard concluded, “For over a decade, MDS has been assisting advisers and dealer groups to become self-licensed and then provided the compliance, business support required to operate in the challenging financial advisory environment.

“We are confident the timing is right for the new offering and it will be well received by principals seeking to grow their practices and advisers pursuing a successful sale and industry exit”.

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“The number of advisers opting to have their own AFSL is accelerating in line with industry changes such as a resolution to FoFA, grandfathering and it is becoming obvious that professional practitioners are moving towards an environment that gives them charge of their destiny without collective restraints”.

Euvrard went on to say that MDS has six (6) applications that were submitted to ASIC recently for new licences and based on the constant stream of telephone calls and information requests he is confident the trend will continue for the remainder of 2015.

In contrast, the number of enquiries received by MDS from accountants is significantly lower and this can only be a concern for the sector with the end of the exemption for accountants looming on the horizon.

MDS does expect that this situation will change rapidly in coming months as accountants realize that time is running out and RG146 qualifications will require a significant amount of time to complete successfully.

Euvrard went on to say the he welcomed ASIC’s significant tightening of their criteria over the past year as now only dedicated professional practitioners will obtain an AFSL.  “Although the licensee cannot shirk their responsibilities and obligations, MDS is able to provide outsourced cost effective solutions to assist them to meet these obligations compliantly”.

“In our experience, approximately 80% of AFSL applicants sign up for the ongoing assistance from MDS once they receive their draft licence. This service includes continuing professional development for authorised representatives, monthly regulatory updates, research, software, PI, attendance at bi-annual Professional Development Days and the list goes on. It is like being in a dealer group except with your own AFSL.”

Alex Euvrard concluded, “Without a doubt, the driving force behind interest in the MDS marketplace offer is the demand from advisers seeking a viable cost effective AFSL facility that provides them with independence and control over their destiny whilst operating within a fully compliant environment.  I am confident that MDS will continue to provide innovative solutions and opportunities for an industry that is constantly evolving and responding to consumer demand and legislative requirements”.

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Argyle has contracted and partnered with My Dealer Services to undertake the AFSL compliance reviews.

Speaking at the Association of Independently Owned Financial Professionals (AIOFP) national conference in Hobart Tasmania, Executive Director Peter Johnston announced the launch of a compliance service for the Association’s membership of over 90 independently owned AFSL holders.

Commenting on the announcement, Peter Johnston confirmed Managing Principal Peter Bobbin from Argyle (part of the Rockwell Olivier national legal group) has been given the responsibility of providing the AFSL review service for AIOFP.

Argyle has contracted and partnered with My Dealer Services Pty Ltd (MDS) to undertake the AFSL compliance reviews under an exclusive arrangement, whilst practice appraisals is the responsibility of Frank Smith’s Adviser Compliance Services.

“The selection of MDS to undertake the task of ensuring AIOFP’s members AFSL requirements are in order was an easy choice as their industry reputation has been built on the successful processing of over 100 License applications for advisers and dealer groups,” said Peter Bobbin.

MDS was founded as a specialist support service provider for advisers seeking their own AFSL and the company comprises a senior management team of experienced financial services professionals with extensive and personal industry sector insight.

The ‘hands on’ expertise is reflected in MDS’s 100% success rate in supporting advisers to achieve their AFSL goals.

Supporting Peter Bobbin’s decision to utilise the expertise and services of MDS, Peter Johnston said he was confident that AIOFP’s members will appreciate the benefits that will be delivered through the comprehensive AFSL review offering.

In addition, Johnston says that any potential issues will be identified and remedied, resulting in a complete package for not only the licensee, but for any other interested parties such as ASIC or prospective buyers.

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MDS & Libertas offer tools to build it yourself.

My Dealer Services Pty Ltd (MDS) Chairman Don Wiggins has announced that the specialist support service provider for advisers seeking their own Australia Financial Services Licence (AFSL) has teamed together with Libertas Solutions Pty Ltd (Libertas) in a strategic partnership to address growing demand by advisers to operate under their own licence, not only as an individual, but now also as a group.

Don Wiggins also confirmed that the MDS – Libertas strategic partnership has achieved their first success by setting up and providing the back office infrastructure for a group of 20 advisory practices that came together to establish their own dealer group.

Following the success of its first licence offering, Libertas Managing Director Mark Euvrard confirmed that plans were well advanced to launch a new offering in early October.

“The vision of Libertas is to allow advisers with similar interests and marketplace offering to join forces and operate under a dealer group that is specifically focused on their very unique needs and requirements”, said Euvrard.

“At the same time, they are able to outsource the dealer group services to an industry professional thus allowing the advisers to focus on their clients and related business activities”.

The benefits of the Libertas small focussed dealer group approach versus the larger option are significant added Euvrard sighting low PI excess and costs, quality independent research, ongoing CPD offering, commission with Fee Disclosure Statement capabilities and strategy focussed PD days.

All these positives combine to make the independent AFSL offering by MDS and Libertas quite compelling.

Supporting the Libertas experience, Don Wiggins said that the number of enquiries from advisers wishing to set up their own licence has continued unabated all year and he expects that this will continue into the foreseeable future. This new group offering gives advisers a new option in the independent AFSL space.

“The driving force behind the interest in MDS and Libertas is the demand from advisers seeking a viable cost effective alternative that provides them with independence and control over their destiny whilst operating within a fully compliant team / collegiate environment”.

“The MDS – Libertas AFSL facility has been developed so that any group of individual advisers can move right in without the wait normally associated with starting a dealer group from scratch”, concluded Don Wiggins.

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Increase in dealers opting to operate under their own licence.

My Dealer Services Pty Ltd (MDS) Chairman Don Wiggins has announced that the specialist support service provider for advisers seeking their own Australia Financial Services Licence (AFSL) is experiencing a significant increase in demand by practice owners opting to operate under their own licence.

Commenting on the escalated activity being addressed by MDS, Don Wiggins said there were many and diverse factors influencing advisers and certainly greater flexibility, independence and dealer group dissatisfaction featured prominently – and in doing so, reflecting many of the results in CoreData’s recent research.

“The CoreData findings that 23.3% of advises expect to switch licensees in the next 12 months with 14.3% intending to take out their own AFSL is being borne out right now and the industry can expect this trend to continue into the foreseeable future”, said Wiggins.

Over the past four years, MDS has assisted in obtaining more than 50 AFSL’s for advisers with the most dramatic increase in activity recorded in the last six months. MDS boasts a senior management team of experienced financial services professionals with extensive and personal industry sector insight. This ‘hands on’ expertise is reflected in the organisation’s 100% success rate to support advisers AFSL endeavours.

Don Wiggins continued, “The MDS marketplace offering has been developed as a means of providing specialist services to assist and support advisers to acquire their own AFSL in a practical cost effective manner. In addition, MDS assists licensees in their compliance obligations, training and adherence to ongoing regulatory requirements”.

“Another reason for the MDS’s success is the flexibility of its services that can be personalised to the individual needs of advisers and an impressive track record and industry reputation, has helped the company grow to the point today where it oversees everything for the entire back office to compliance needs only, for in excess of 20 AFSL holders”.

MDS expects that once FoFA is bedded down; and the realisation that it is manageable could provide the motivation for advisers to part from with their often rigid licensees, and provide advice under an AFSL that is more appropriate to the needs of their clients. Especially if advisers outsource the ‘back office’ to a reliable and experienced business which in turn will allow them to put most of their efforts into servicing clients and not on the licence management.

“The convenience of controlling one’s own destiny, but leaving the back office to others at a cost usually far less than one that is currently required to be paid to the traditional dealer, is a compelling argument to take out one’s own AFSL”, concluded Don Wiggins.

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