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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Johnston confirmed that AIOFP expects its member advisers and dealer groups will be far more demanding, vocal and insist on greater involvement and equity in financial products and platforms in the future.

“The major issue of ANZ’s Oasis purchase for AIOFP’s advisers relates to client ownership and equity. Especially as a number of high profile national dealer groups, who built the business with their white label Oasis products, received nothing from the sale to acknowledge both their contribution and efforts,” said Peter Johnston.

“All these dealer groups and their respective advisers received from the transaction was a new product owner of what they thought were their clients. They have now had enough of building someone else’s business only to see it sold off and then having their clients owned by another institution.”

AIOFP predicts that this key event will have ongoing industry significance and will be the basis for a major paradigm shift within financial services whereby advisers in growing numbers will demand greater control and management over their clients. SMSFs will be one option that is expected to continue growing as a solution that provides control and a say in the all important client / adviser relationship.

A properly structured Private Label platform is also another strategy that will address adviser demands. Non-institutionally influenced dealer groups are already reviewing their APLs and only supporting Private Labels that provide client ownership and equity.

Peter Johnston continued, “Over the past 20 years advisers have not sought legal advice on the ownership and structure of platforms despite a steady stream of platform sales to institutions.”

“The message has been heard by advisers as these sales have resulted in the transfer of client ownership – the core asset of all practices – and it must be addressed as a high priority.”

Ongoing feedback from the marketplace and AIOFP members strongly suggests that the Oasis buyout was the last straw for advisers; but more importantly that the institutions are listening and responding to these adviser and dealer group concerns.

Asgard was the first to build a Private Label platform structure three years ago whilst fellow institutions were reluctant to consider alternatives that would acknowledge the adviser client relationship issue. Poor inflows in recent times, has seen a change in some of the major institutions as they adopt a more conciliatory approach.

The subject of client ownership, including these recent developments and changes, will be covered extensively in the Association’s upcoming annual conference to be held in March in Thailand.

“Institutions are realising that an irreversible paradigm shift is underway and advisers will not support a platform product unless it has the ownership and equity issues addressed to their satisfaction,” concluded Peter Johnston.

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