Joe Akiki

Akambo expands managed account solutions to power adviser growth Leading financial services firm Akambo has relaunched as an investment management and asset consulting business, sharpening its focus on the fast-growing managed accounts sector.

Founded by former advisors almost 20 years ago, the firm has, for the first time, opened its institutional-grade managed accounts solutions to financial advisers outside its network.

“Our edge is that we’ve been advisers ourselves,” said Akambo Managing Director Joe Akiki. “We understand the practical challenges firms face because we’ve lived them – and that experience is embedded in every solution we deliver.”

Mr Akiki said the expansion positioned Akambo to meet the evolving needs of a larger pool of advice firms by lifting governance, streamlining operations, and improving efficiency and client outcomes – without adding complexity.

“Our mission has always been simple: to help advice firms scale with confidence, deliver greater value to their clients, and create businesses that are sustainable for the long term,” he said.

The relaunch comes as the advice profession undergoes rapid transformation, with adviser numbers halving in recent years and client demand soaring. “

The advice profession is evolving rapidly,” Mr Akiki said. “Firms are under pressure to do more with less, and they’re looking for practical solutions that deliver measurable outcomes. Our goal is to give advisers the tools and support they need to navigate this new landscape.”

Akambo’s leadership team of Mr Akiki, Executive Chairman Anthony Kapetanovic and Director and Chief Investment Officer Chris Willaton bring more than 80 years of combined finance industry experience to the table.

The firm has $5 billion in funds under management and projects this to grow to $20 billion over the next three years as it sharpens its focus on investment management and asset consulting.

Mr Kapetanovic said Akambo’s managed accounts were fully customisable and could be aligned to an advice firm’s investment philosophy, client segments, and platform preferences.

“Our managed accounts are built to scale with advice firms and integrate seamlessly with preferred platforms,” Mr Kapetanovic said. “We’re removing operational roadblocks and giving advisers more time to focus on clients.”

Mr Akiki added that Akambo approached every client relationship as a partnership.

We work shoulder-to-shoulder with advice firms to ensure our solutions genuinely integrate and deliver results,” he said.

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Michael Happell

Akambo, an integrated financial services business providing market leading investment solutions to the advisory market, has appointed Michael Happell non-executive Chairman and Kevin White a non-executive Director to the board of its holding company.

Akambo recently merged with the well-established wealth management firm First Financial to establish a powerful presence in the financial services space with 3,000 clients and $3 billion in funds under management (FUM).

Managing Director Anthony Kapetanovic says: “The advice industry is at the crossroads with pressure to attract advisers to the industry and provide end-to-end solutions to clients.

“In this competitive environment, the in-depth understanding and industry knowledge that Happell and White bring to the table will benefit the clients of Akambo and First Financial, making them invaluable assets in the merged company’s strategy to significantly expand over the next three to five years. Our goal is to grow significantly, both organically and via further mergers and acquisitions, over this timeframe.

“They will also play important roles in ensuring we lead the industry in best practice governance, reflecting one the key principles underpinning the merged entity – a 100% commitment to fulfilling our fiduciary obligations to our clients, knowing we are the custodians of their life savings.”

Happell and White have a combined 50 years’ experience in the financial services industry where both held leadership roles.

Happell recently retired from PricewaterhouseCoopers after 24 years, including four years as Chairman of the Australian firm, where he built a reputation as one of Australia’s top tax advisers. Current roles include President of the Melbourne Cricket Club, Chairman of Supra Capital and Director of two emerging IT companies, My Prosperity and Financial Crimes Solutions.

White brings to the board extensive knowledge of building and leading ASX listed companies, including Crowe Horwath Australasia and WHK Group, and, most recently, Freehills Patent Attorneys.

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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.”

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