In welcoming Carsten Zuber to Paradigm Bill Danaher said he has a particularly strong risk insurance background and an extensive career of over 25 years in senior management roles within financial services across industry funds, retail and public sectors.

“Carsten’s experience within boutique, medium and large scale businesses will be invaluable in the development and promotion of future marketplace offerings, strategy implementation and relationship management for Paradigm”.

Prior to joining Paradigm, Carsten Zuber was the Project Manager for Industry Funds Services Ltd, Responsible Manager and Manager Comprehensive Advice for QInvest Ltd and National Risk Insurance Manager and Responsible Officer for a number of high profile planning businesses.

As an independently owned business without institutional influence, Paradigm is strategically well positioned to prosper in the rapidly evolving financial services landscape. “The opportunity to contribute to the growth of the business as it enters its next phase of expansion is very exciting” said Carsten Zuber.

“I’ll have several responsibilities within Paradigm but one of the early priorities is to focus on the risk insurance arm of the business – an aspect of financial planning which is particularly close to my heart”.

“In previous roles I’ve established risk insurance business units from the ground up. At Paradigm it’s a little different as there is already a well-established risk insurance business, which is an excellent platform to build upon.”

Carsten Zuber has quickly settled into Paradigm and is developing commercial partnerships with accounting firms and mortgage broking businesses which are strategically and philosophically aligned.

“Australians are woefully underinsured and the problem is compounded many-fold when it comes to business insurance – key person and business succession issues in particular”, said Carsten Zuber. “Many older advisers who operated in this market have left the sector, leaving a void which Paradigm is well placed to fill.

“Strengthening Paradigm’s business insurance proposition is a further priority and objective”.

Bill Danaher concluded, “The appointment of Carsten Zuber is an important step for Paradigm. His extensive experience and record of achievement will provide invaluable support and direction whilst supporting our growth aspirations and reputation as a leading provider of high quality financial advice and client service”.

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Bill Danaher is adamant that the future of Paradigm will be managed growth built on its independence, expertise and service focussed operational structure – all directed at maximising outcomes from strategic alliances.

Commenting on the looming exemption deadline for accountants, Bill Danaher said, “It’s obvious from the very low number of AFSL applications received by ASIC that many accountants have realised the enormity of the legal, regulatory, operational, resourcing and PI requirements that will be needed and we believe many accountants will opt to become authorised representatives under an authority holder or opt out altogether”.

“Whilst a limited AFSL may seem on the surface to be a cost effective consideration, the reality for many accountants when all the back office, continuing support and PI considerations are factored in, the level of risk and commitment will be identical to those of a full AFSL holder”.

In response to the removal of the SMSF Advice exemption, Paradigm has developed an offer for accounting practices that are seeking an outsourced AFSL facility.

Paradigm’s offer for accountants (Paradigm Professional Group) has been carefully structured and selectively marketed as a bespoke offering to accounting practices. Bill Danaher confirmed the group is very pleased with the interest and enquiries received to date.

For those accountants looking for a tailored end-to-end solution that is a seamless transition to financial services and the delivery of advisory services to their clients, the Paradigm offer stands out as an excellent outsource option.

In addition accountants will receive assistance with preparation of the investment strategy for their clients including asset allocation and insurance cover.

All back office support, including preparation of the SOA and technical support allow the accountancy practice to direct resources at enhancing the client relationship and interaction.

“In many respects it is a white labelled solution backed by the experience of Paradigm which gives the accountant certainty in the delivery of advice at a price to ensure overheads are kept to a minimum”, said Bill Danaher.

“In addition, with a full independent AFSL the accountant has access to Paradigm’s specialist investment and risk advice facilities, which is an area that many other solutions will not authorise them to provide”.

In promoting its licensing alternative, Paradigm has stressed that it is not a ‘volume’ offering and the accounting practices are required to be both a cultural and operational fit with Paradigm’s professional business model.

Reflecting the bespoke AFSL offering, Paradigm is promoting its solution conservatively and selectively. The interest received has very been encouraging reflected in a steady and growing number of enquiries as the exemption deadline approaches.

Commenting further, Bill Danaher said discussions with a number of accounting firms were progressing well as they meet the ideal client profile i.e. they have size, are long established, multiple partnerships with best practice client centric frameworks utilising modern processes to deliver holistic advice that goes far beyond just taxation and compliance.

Looking to the future, Bill Danaher said Paradigm is set to seize many competitive advantages that will underpin its growth and position it as a leading innovative financial service organisation. “Paradigm’s accounting offer reflects this approach and I am confident that our focus on long term mutually beneficial productive relationships will be the source of many business and growth opportunities in the years to come”.

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Paradigm had been seeking a leader of Bill Danaher’s calibre for some time. Danaher will be instrumental in Paradigm fulfilling the group’s strategic objectives and leading the organisation through its next growth phase.

Bill Danaher brings extensive experience to the role, having worked in various senior executive positions in both wealth management and banking. Most recently, he was CEO of Industry Funds Services (IFS), a substantial industry body that provides a range of financial services to more than 15 industry superannuation funds.

Prior to IFS Bill was General Manager of Q Invest for 10 years after holding senior roles with both CBA and MLC.

“I am delighted to be joining Paradigm at this stage, and excited about the opportunities for growth for Paradigm. The company has built a solid framework and an excellent range of services and I am looking forward to the opportunity to impart my knowledge and contribute to the further growth and development of its already proven business model”, said Bill Danaher.

Having acquired and successfully integrated Portfolio Managers, a substantial planning business, Paradigm is now set to increase its scale and footprint in the independently owned advisory sector.

Far from the post FoFA era being a period of doom and gloom, Nalty firmly believes that the opportunities will be immense for those professional advice businesses that can provide a truly holistic and comprehensive client centric marketplace offering. “This is now the time for Paradigm to harness the benefits of its reputation, institutional independence and operational efficiency”.

“With its size/scale and nimbleness Paradigm is set to seize competitive advantages in the marketplace and collaborate with financial organisations with initiatives that will add value to all parties”.

In welcoming Bill Danaher to Paradigm, Patrick Nalty said “Bill is acknowledged as an exceptional leader and highly regarded for his entrepreneurial leadership style; record of success and innovation in developing financial products and services”.

“As CEO, Bill will drive Paradigm’s overall strategic direction and broaden the group’s capabilities that are essential to capitalise on business growth opportunities – specifically in the accounting and industry funds sectors”.

The appointment will allow Nalty to take a more strategic advisory role within Paradigm and to enhance and build new alliances particularly in its new division which provides an effective licensing solution to accounting firms, leading up to the removal of the accountants’ exemption in July 2016. .

Paradigm commenced operations in 2003 and its growth and reputation has been built on a platform of independence of institutional ownership and an operational framework that employs specialists to run each of its separate divisions which include a Strategic Advice offering, Asset Management services via an MDA structure, SMSF Administration and Advice, and Personal and Business Insurance.

The appointment of Bill Danaher as CEO and Patrick Nalty’s strategic role within Paradigm marks an important milestone in the history of the business as it positions itself for the new era in financial services.

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FSC Annual Conference begins July 31 in Brisbane.

The Advice stream at this year’s FSC Annual Conference in Brisbane is stacking up as one of the strongest ever with as speaking lineup including industry experts and academics.

The Financial Services Council’s Senior Policy Manager Advice Cecilia Storniolo said the program covered considerable ground from a discussion on the emerging competition in the advice industry to overviews of emerging world first research into the value of advice being conducted by Australian Universities.

Full detail of the Advice sessions are as follows:

Advice – Clash of the Civilisations – the emerging competition in the advice industry

Paul Barrett, Managing Director, Global Advice and Distribution – ANZ Wealth

Rod Bristow, CEO – Infocus

Bill Danaher, CEO, Industry Funds Services

For all the pervasive changes created by FoFA and MySuper emerges a new world order in advice. Has competition changed? What are the new advice models? Has FoFA created a level playing field for advice? What is the new world advice order?

Advice – Value of advice: Does the consumer value advice?

Professor Natalie Gallery, School of Accountancy – Queensland University of Technology

Professor David Michayluk, University of Technology, Sydney

Mark Spiers, General Manager Advice – BT Financial Group

In 2011/2012 Queensland University of Technology# and a consortium of universities led by Adelaide University were successfully awarded government funding to progress two world leading and distinct research projects into the Value of Advice in partnership with the FSC. What are the two projects researching? What stages are these projects at? How can the industry help? What are the results saying about the value of advice?

Advice – Are we there yet?

David Lane, CEO – Count Financial Limited

Michael Vrisakis, Partner – Herbert Smith Freehills

John de Zwart, Managing Director – Centrepoint Alliance

Geoff Lloyd, CEO and Managing Director – Perpetual

Jeroen Buwalda – Partner, Ernest and Young

A Q&A session – The Advice industry has been under significant reform and other significant changes including FoFA, TASA, Competency changes, APES230, Codes of Conduct – which largely culminated in 2013. What are the priority issues to be resolved by government or industry response ?  What are the practical implementation challenges and opportunities afforded by the changing landscape of advice?

The conference runs from July 31 to August 2 at the Brisbane Convention and Exhibition Centre.

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