A new accounting choice
AustSelect's new distribution arm for accountants, AustAccount, will maintain the same ownership structure as the company's financial planners' vehicle AustChoice.
AustSelect's new distribution arm for accountants, AustAccount, will maintain the same ownership structure as the company's financial planners' vehicle AustChoice.
Planners own 80 per cent of AustChoice, which now has 36 independent adviser shareholders who collectively have more than 200 authorised representatives.
Managing director Roger Gumley confirms accountants will have the same ownership structure in AustAccount, although they will hold 76 per cent.
AustAccount, to be headed by Stephen Reed, will provide accounts with licensing, compliance research and software through Protax, which has a stake in the operation.
ANZ Funds Management has also put in some seeding money - understood to be over $1 million - to enable its Gateway range of products to be put on the AustChoice master trust.
"The Gateway range of products fits well in the AustChoice master trust and participating advisers in AustAccount will have the confi-dence of a substantial, but unobtrusive partner in ANZ," Gumley says.
He says it took 12 months to bring all the parties together to create AustAccount - a move which has given the AustChoice master trust a boost.
"Today the key to success is distribution through a number of chan-nels and this gives the business scale," Gumley says.
"A lot of small players believe they can do it themselves, but many won't have the capital to meet the single responsible entity regula-tions."
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