“Joe is a very committed and effective executive with an extensive financial services career and reputation for delivering significant business results”, said Stuart Abley.

“His appointment reflects the ASVWFS’s commitment to our network of advice practices and the very important contribution he will provide in supporting the group’s long-term strategic business aspirations and marketplace offering.

Joe Botte has over 30 years’ experience in financial services having held senior and leadership roles in the areas of marketing, operations and strategic management within a range of companies, including IOOF, Zurich and AXA.

In his most recent role prior to joining ASVWFS, he was CEO of Consultum Financial Advisers where he managed and grew the AFSL’s network of advisers by more than 80% to over 190 practitioners, representing in excess of $9.5Bn of FUA.

Joe also holds a Bachelor of Economics (majoring in Marketing) as well as an Advanced Diploma of Financial Planning and is a Certified Financial Planner® professional. Commenting on the factors that influenced his decision to join ASVWFS, Joe said he was genuinely excited about joining the group and helping the AFSL achieve its enormous potential.

“Most importantly, it was an opportunity to join a progressive, boutique AFSL with no legacy issues or anchors to the past by being technology, product and investment platform agnostic”.

Joe added, “As Executive Director, I will be able to contribute to the strategic direction of group, but also to develop and deliver practice management tools, technologies and back office systems for our national advice network”.

Adding value to advice businesses via coaching programs and productivity improvement workshops with an emphasis on improving practice profitability are other activities that Joe will focus on.

Stuart Abley concluded, “Managing growth and most importantly, building an organisation based on ‘sharing value’ that includes exit and succession options are our key drivers.

“We are determined to build success on the productivity growth of our advice network and differentiation from other licensees via a very clear vision of the future and a collaborative corporate model dedicated to servicing the needs of advice businesses and their clients”.

“With Joe’s extensive financial services experience and strong track record, together with the benefit of having successfully worked together previously, I’m confident ASVWFS is well-positioned to be the AFSL of choice in the post FoFA era”.

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Stuart Abley

Reflecting on ASVW Financial Services Pty Ltd (ASVWFS) first six months, CEO Stuart Abley affirmed that the group’s marketplace offering and approach was fundamentally different to the traditional licensee model and is steadily gaining attention and interest.

Stuart Abley is adamant the conventional model (regardless of ownership) that measures success by FUM or adviser numbers is ‘under stress’ – and unsustainable in a growing number of cases.

“We are also witnessing the fallout of financial advisers’ loss of trust and confidence in the large, vertically integrated institutions – many of whom are actively seeking alternatives to the institutions in order to ensure they can continue to provide advice and service their clients”, said Stuart Abley.

Before accepting the role as CEO, Stuart took time out to obtain an objective view of what the advice sector was going to look like post FoFA / Royal Commission.

“It was obvious that a much different approach was needed – one that provided fresh thinking for those advice practitioners seeking a more innovative offering, a boutique feel, was professional and independent of manufacturers and institutions.”

Stuart Abley continued, “From this understanding, the ASVWFS offering was developed to provide advisers the opportunity to be associated with a licensee that intimately understands the industry; is technology driven; product agnostic; has access to marketing leading client engagement tools as well as choice of platforms and managed accounts”.

In addition, ASVWFS saw its future as one where its network of professional advice practitioners would work within strategic alliance frameworks with fellow advice providers such as accountants, lawyers and other professional service firms to deliver the very highest standards of client service and advice.

Furthermore, the ASVWFS is not a ‘top down model’ or obsessed with recruiting numbers for numbers sake as the group’s aim is to be an intimate partner focusing on productive, individual, Win-Win relationships with each practice.

Managing growth and most importantly, building an organisation based on ‘sharing value’ that includes exit and succession options are further ASVWFS key drivers. To achieve this, ASVWFS has brought together an extensive range of services, facilities and offerings that are dedicated to specifically supporting the delivery of comprehensive, ethical, professional advice by:

• taking bias out of business models with diverse product solutions
• providing access to latest advances in technology and processes
• utilising technology to enhance the client experience and engagement
• providing business succession and/or M&A opportunities and pathways
• quality business planning and marketing support

Stuart Abley concluded, “Financial services has undergone immense and unprecedented change and this will continue to be the norm for the foreseeable future”. “However, this environment has provided an opportunity for ASVWFS to position ourselves as “Licensee of Choice” for entrepreneurial advice businesses seeking to capitalise on post FoFA/Royal Commission opportunities”.

“We are determined to build success on the productivity growth of our advice network and differentiation from other licensees via a very clear vision of the future and a collaborative corporate model dedicated to servicing the needs of advice businesses and their clients”.

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Sam Zervides

Principal and founder of Australian Wealth Solutions Pty Ltd (AWS) Sam Zervides has announced that effective this month, the advice practice will operate under the AFSL of Melbourne headquartered boutique licensee ASVW Financial Services Pty Ltd (ASVWFS).

Commenting further on the announcement, Sam Zervides said the move to ASVWFS was the first step in a long-term strategy to position the advice practice to address the needs of the modern, more sophisticated client in the rapidly evolving advisory services landscape.

In addition, a key objective of the AWS principal is to embrace the latest, best of breed new technologies and processes and apply them with the ‘human touch’ that has been fundamental to the success of the advice practice since its inception.

The move to ASVWFS also follows Sam Zervides decision not to renominate for the position of Victorian President of the Institute of Public Accountants (IPA) in last year’s election in order to focus on positioning the financial advice business for the future.

In welcoming AWS to ASVWFS, CEO and Director Stuart Abley said it was a pleasure to have them join the national licensee.

“Sam and the AWS team embody the very important fundamentals we are seeking in the practices that join our national network i.e. committed to building exemplary advice businesses that deliver the highest standards of compliant professional financial advice and client service”.

Changes in client expectations are shaping the structure of advice businesses and are irreversible affirmed Sam Zervides.

“It’s for this reason that I’m focussing my energies on the future and being ahead of the curve in responding to the needs of an increasingly sophisticated and mature client – many of whom reside interstate and overseas but still demand the highest standards of personal and accessible advisory services”.

Utilising the resources of ASVWFS, the first of two critical priorities for Sam Zervides will be to further improve the client experience through the utilisation of advanced technology, latest processes and innovation to improve engagement, outcomes and service.

New complementary financial and lifestyle services and value-add offerings are also being developed and well advanced and include a private wealth and finance offering.  They will be provided in-house or in partnership with appropriate alliance partners and recognise that financial strategies are not standalone undertakings.

The second priority reflects Sam’s commitment to AWS’s most important asset – the people that comprise the business.  In order for advisers and administrative staff to operate at their best, they will have access to skills training and ongoing professional development opportunities, as well as leading-edge technology.

Sam Zervides concluded, “The AWS team are very excited about the move to ASVWFS and the prospects for the future.

“In particular the benefits that will be derived through the application of new technologies designed to significantly improve the client experience and connectivity; enhance/streamline administrative processes; and accelerate the delivery of additional lifestyle and financial service offerings”.

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Stuart Abley

AMP’s SMSF Advice has debunked the commonly held view that for a typical accounting practice, the cost of establishing and maintaining a limited Australian Financial Services Licence (AFSL) is less expensive than becoming an authorised representative of another AFSL holder. 

Accountants can expect to pay from $20,000 to $34,000 for self licensing, compared to $15,000 to $20,000 for becoming an authorised representative, according to AMP SMSF Advice research conducted as accountants consider their licensing options.

Most accountants view the $1,485 ASIC application fee as their only up-front licensing cost, but in reality, licensing set up can cost accountants about $11,500, more than eight times what most accountants expect.

Many accountants are unaware they should begin business preparations at least a year in advance if they’re planning on acting under a limited licence when the accountant’s exemption is removed.

These are some of the insights AMP’s SMSF Advice has unearthed after speaking with more than 500 accountants over the past year.

SMSF Advice has unlocked six key insights into what accountants are thinking – and not thinking about – when it comes to licensing. SMSF Advice’s special report, To licence or not: The real cost of your decisions, explores the big questions facing Australian accounting professionals.

From 1 July 2016 the exemption which allows accountants to set up an SMSF without the need for a licence will be removed and accountants who want to continue doing this will need to be licensed.

Accountants have a number of licensing options, including obtaining and maintaining their own licence or becoming an authorised representative of another AFSL holder.

AMP’s Head of SMSF Advice Stuart Abley said it’s crucial for accountants to have an accurate understanding of the licensing options available and the implications of each.

“After speaking with over 500 accountants about licensing we know that the big areas of confusion for accountants are around cost and timing,” Mr Abley said.

“The question of licensing for accountants is about how, and not when – the time to act is now.

“Getting ready for licensing is a lot more involved than most accountants anticipate with preparations estimated to take well over a year, including training to meet RG146 competency requirements, collection of documentation, creating compliance procedures, understanding FOFA advice obligations and the opportunity to develop a new pricing structure.

“The choice between becoming self-licensed or an authorised representative of a licensee is an important decision and while most accountants are concerned with the cost implications of change, some are limiting their focus to costs only.

“This is a terrific opportunity for accountants to transform their business by embracing advice and benefiting from the value it can add to their practice with increased revenue and profitability and, most importantly, the opportunity to offer clients a valued service.

“The Australian SMSF asset pool is worth $530 billion and accountants who want to continue to service their clients with SMSF advice, or build strength in this growing sector, have some big decisions to make about the best way forward for their business,” Mr Abley said.

SMSF Advice spoke with over 500 accountants across Australia over the past year and landed on six key insights about accountants and their licensing journey:

• Not all licensing costs are being considered. In the first year, total up-front and ongoing management costs of holding a licence could be as high as $20,000 to $34,000, compared to costs of around $15,000 to $20,000 for becoming an authorised representative of another AFSL holder.

• Accountants need to look beyond financial costs and consider the non-financial, ongoing costs, including maintenance of the licence.  This maintenance work is often carried out by the practice partner, the highest fee earning staff member.  Accountants also need to consider their ability to absorb the risk into their business model associated with becoming self-licensed.

• The type and scope of SMSF advice accountants can give under the licensing options vary. In choosing which licensing option to take, accountants need to be very clear on the type and scope of SMSF and other financial advice they want to provide to ensure they meet all legal and compliance obligations.

• Accountants are unsure about how to incorporate ‘advice’ into their business structure. More than half of accountants are not charging appropriately for the strategic advice they give to clients, pricing it at the same level as a client’s general tax advice, rather than at a more strategic advice level.

• Many accountants are concerned they may be providing advice beyond the SMSF accounting exemption.

• If accountants want to obtain a limited licence and begin offering advice by July 2016, they need to be taking active steps during 2014. Most accountants are unaware that if they are planning to act under a limited licence, they should begin preparing their business at least a year in advance, including undertaking the RG146 training, time for collecting and collating licensing documents and business preparation.

My Abley said the most important question accountants should be asking themselves is, “How do I transform my accounting business now so it remains relevant in the future”, and licensing is an important first step in this opportunity to focus on future growth.

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