AFA reinforces support for small licensees
The Association of Financial Advisers (AFA) has reinforced its support for small licensees and practices by launching the Small Licensee and Practice Principal conference within the upcoming AFA National Conference.
AFA chief Richard Klipin said the association hoped to give support to small licensees, as well as representation at government and policy level.
He added the reason why this sector needed more support was that it was hit hard by the events of the global financial crisis and would be tremendously impacted if the proposed Future of Financial Advice (FoFA) reforms go ahead.
“The FoFA reforms are obviously going to change the market economics and people with the bigger and deeper pockets are in a far stronger position to ride out the storm and to position themselves well,” Klipin said.
“There is a danger that the small licensees will be squeezed — perhaps not squeezed out, but certainly squeezed — as volume based payments, volume rebate and commission arrangements come under the microscope,” he added.
Klipin also said four small practice owners sit on the current AFA board and added “the incoming board will also have a healthy representation of small licensees”.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.
