Toby Potter

The Institute of Managed Account Professionals (IMAP) has announced that it will be establishing a sub group to address the interests of MDA Providers as part of its broader representation of Managed Accounts.

IMAP’s FUM study in June 2016 showed that the MDA services exceeded $10bn and the initial results of an update as at 31 December 2016 shows this is likely to have grown significantly. Increasingly platforms are having to adapt to support this way of implementing advice services.

“MDA Providers – or Operators as they used to be known – are governed by different regulation to organisations offering managed accounts via a Product Disclosure Statement and tend to have more diversity in their business models. MDA Providers have expressed enthusiasm for a forum that would support their common interests such as complying with the new MDA regulations, ensuring ASIC understands their business models and encouraging wider understanding among advisers of the potential for MDA services” said Toby Potter, Chair of IMAP. “In addition, many MDA Providers would benefit by sharing experiences in operating their businesses by being able to chat with other business leaders who face similar challenges. Other topics which we intend to cover include how to engage with investment managers as sub advisers and the benefits platforms and brokers can offer MDA Providers.”

“The overall goal of the MDA Forum is to ensure that clients’ interests are best served”, he said.

The MDA Providers’ Forum will be an invitation only group available to leaders of businesses which have this AFSL authorisation. It will meet in Sydney and Melbourne initially up to 6 times a year but may extend to other centres following establishment. The group will have a speaker on a relevant topic followed by drinks and will commence in March with a Sydney meeting.

To develop the MDA Providers Forum IMAP has formed a Leadership Group consisting of the principals from a number of licensees who have the MDA authorisation. This group includes:

• David Heather – Managed Accounts
• George Karantzias – Alpha Securities
• Richard Nicholas – Peak Investment Partners
• Nick Revis – Elston Asset Management
• Brett Sanders – Philo Capital
• Glenn Woolley – Intrinsic Investment Management

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