Dianne Charman

The Association of Financial Advisers (AFA)’s powerhouse for women in financial advice, AFA Inspire, is calling on the financial services industry to #BeBoldForChange, in support of International Women’s Day (IWD), with a series of events to be held across Australia.

Celebrated globally on 8 March, IWD is committed to driving change for women, helping them to move closer to gender parity and encouraging the creation of more inclusive cultures.

AFA Inspire Chair, Dianne Charman, said the AFA Inspire #BeBoldForChange events in support of IWD represent an important opportunity to be a part of a global community striving for change. “Research has shown that closing the gender parity gap could take 170 years – we have to do better than that and as an international community, we can,” she said. “I encourage everyone who attends one of AFA Inspire’s nationwide events to take a moment to pause, look around the room and realize they are part of something bigger and that together with others around the world, they really can make a difference.”

Ms Charman also said the financial advice community can play a crucial role in improving outcomes for women. “AFA Inspire has dual objectives – to encourage more women to become advisers and, more broadly, to encourage women to be more involved in their financial future,” she said. “If we can meet these two objectives, it will help us address the retirement gap. Closing the retirement gap is critical for all Australians, particularly women who generally have lower superannuation account balances than men, and the financial advice community has the expertise and experience to do it.”

The AFA Inspire #BeBoldForChange events will kick off in Melbourne on the eve of IWD on 7 March with special guest speaker, Sadhana Smiles, CEO of Harcourts Group Victoria.

Breakfast events will be held on the morning of IWD in both Perth and Adelaide, with the Perth event hosting self-made international business woman, Marnie LeFevre. Adelaide will host two prominent South Australian businesswomen – Genevieve Theseira-Haese, Lady Mayoress of Adelaide and gold medal paralympian, Katrina Webb.

Sydney, Hobart and Brisbane will all host lunch events, with the Sydney event featuring a panel of leading Australians, including Libby Lyons – Director, Workplace Gender Equality Agency; Kerry Chikarovski – Government Relations and Former NSW Opposition Leader; Philippa Sheehan – Managing Director, My Planner Australia; Brad Fox – AFA CEO; Jonathan Hoyle – Stanford Brown CEO and Julia Newbould – Senior Marketing Specialist, Customer Communications & Stella Network Lead at BT. Aleks Vickovich, Managing Editor, Wealth and Innovation at Momentum Media will facilitate the session.

Two special guests will speak at the Hobart event – Gill Berriman, an advocate for transformational leadership at all levels of the educational system and Bernadette Black, CEO and Founding Director of Brave Foundation and Telstra’s 2016 Tasmanian Business Women of the Year. Dr Jane Thomason, CEO of Abt Associates (Australia) will be special guest at the Brisbane IWD lunch.

Register for AFA Inspire’s IWD events.

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Philippa Sheehan

One of Australia’s fastest growing independently-owned dealer groups, MyPlanner has launched an innovative model portfolio solution to lift practice efficiency, lower costs and curb the group’s reliance on expensive institutionally-owned wrap platforms and managed funds.

The My Managed Portfolio (MMP) Managed Account Service, which is a Managed Discretionary Account (MDA) solution, was unveiled on Friday at the MyPlanner professional development day in Brisbane.

MyPlanner managing director, Philippa Sheehan said the decision to build the managed account service was driven by the group’s 120 planners.

“There are many different products and platforms on our approved product and service list, and the MMP Managed Account Service is an alternative for advisers who believe the cost of platforms and managed funds is too high and not worth it,” she said.

“Many of our advisers say it’s increasingly hard to justify the cost of investing in funds and administering portfolios via a wrap platform. Other advisers who are using direct share models have found that administering changes within those portfolios tedious as their client bases expand.”

MyPlanner partnered with specialist MDA operator, Managed Accounts Holdings Limited (ASX: MGP) to develop the bespoke service. MGP is responsible for the overall operation, administration and compliance of the MMP Managed Account Service.

The implementation process involved establishing an eight-person investment committee and constructing 23 managed portfolios including 5 managed fund-only portfolios to cater for advisers who still wish to provide clients with managed fund exposure solely. The portfolios are managed by four professional investment managers: Joseph Palmer & Sons, DFS Portfolio Solutions, Endeavor Asset Management and Beulah Capital.

According to Sheehan, who joined MyPlanner in November from IOOF-owned My Adviser, there’s a need for a well-resourced mid-tier boutique licensee with no institutional product ties and the flexibility to develop solutions and functionality that advisers need without getting slowed down by internal politics.

“A managed discretionary account solution is a good fit for many financial planners. Some of our planners don’t have the time, experience or desire to build portfolios, and licensees don’t want the risk and compliance headache associated with inexperienced advisers trying to manage portfolios. Clients, however, want a more direct, transparent, flexible and transparent service. With the right structure and procedures in place, licensees and advisers can offer a tailored solution which is designed and managed to meet their clients’ personal needs and objectives,” she said.

“This process has demonstrated that we don’t need to solely rely on big brand fund managers because there are many boutique Australian-based managers who can construct and manage robust investment portfolios focused on client outcomes.”

David Heather, chief executive of Managed Accounts Holdings Limited said: “We are pleased to have been selected by MyPlanner to develop and operate the MMP Managed Account Service that can support any MyPlanner practice business model and client value proposition.”

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Under current laws, accountants can provide advice on SMSFs without having to hold an Australian Financial Services Licence, but the proposed removal of the exemption under the FoFA guidelines will force accountants to obtain an AFS licence if they want to continue to provide advice around SMSFs and superannuation.

Philippa Sheehan, Managing Director of My Adviser, said that she was very pleased to be able to offer accountants a comprehensive solution to the changes.

“The package we have developed will go beyond existing legislative exemption. It offers Professional Indemnity Insurance to accountants and will also allow them to provide some strategic advice to clients on SMSFs, including on basic deposit products and cash management accounts.
“Our package is competitively priced, with a flat fee and the option of a weekly payment for Professional Indemnity Insurance and on-going support and education,” Sheehan said.

With the Institute of Chartered Accountants estimating that up to 10,000 accountants will be looking to take advantage of the current legislative changes to move into the sphere of SMSF advice, there is a significant opportunity for accountants to licence themselves sooner rather than later.

“At My Adviser, we feel very strongly that accountants should be able to get the correct licencing easily. We have no links with any bank or insurance company, and we see this as a competitive advantage as institutional aggregation continues in the industry.

“Better informed investors are increasingly seeking out services that are free of ‘product manufacturer’ influence, and our accountant licensing package will help accountants provide that unfettered advice,” Sheehan said.

She concluded by saying how important it is that accountants know there is an independent alternative in the market.

“Accountants don’t need to go through the licensing process alone, and they don’t need to align themselves with a large institution to get licensed. A non-aligned group, like My Adviser, is perfectly positioned to help accountants move their business forward successfully,” she said.

12 July 2012

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The purchase increases Plan B’s shareholding in the My Adviser business to 93% and strengthens its foothold in the eastern states. The remaining 7% is held by My Adviser’s Managing Director, Ms Philippa Sheehan, and will be acquired by Plan B subject to My Adviser meeting agreed performance hurdles.

The transaction is a significant growth initiative for Plan B under the leadership of Chief Executive Officer, Mr Andrew Black. An increased presence in the eastern states of Australia has been an important part of that growth strategy.

My Adviser comprises 62 advisory businesses with 134 Authorised Representatives and has approximately $1 billion in funds under advice.

“We’ve always known that My Adviser represented a great opportunity and a strategic fit for us. We share the same fundamental values and client-focused approach,” said Mr Black.

He went on to say that the timing was particularly opportune given the current industry uncertainty in relation to FoFA.

“We’ve been relatively comfortable with the unfolding changes because, in most regards, they align with what we’ve been doing at Plan B for some time. This move gives us the chance to realise operational efficiencies and provide support and benefits for both Plan B and My Adviser” he said.

Philippa Sheehan also welcomed the move. “As far as we are concerned, completing the transaction ahead of schedule has delivered greater certainty in the face of a changing environment by combining resources with a highly respected and like-minded organisation sooner,” she said. “We’re very happy with the direction in which Plan B intends to move and believe that the combined group will benefit both our Authorised Representatives and their clients.” 

Sixteen years after establishing My Adviser, Michael Summers said the change in ownership represented an ideal time for him to step down from his current position as Chairman and to retire from all executive functions. Mr Summers is pleased that the company is in the capable hands of the next generation of managers to carry it forward. He will work with the business for a transitional period and will continue to be involved in industry associations.

The total consideration for the purchase of $1.733 million, which includes $0.49 million that is subject to future performance hurdles, will be funded from a combination of drawing down against existing bank loan facilities and from Plan B’s existing cash reserves.

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