Beacon planners encouraged to sign up to defence trust

ASIC/financial-planning/financial-ombudsman-service/money-management/australian-securities-and-investments-commission/chairman/

21 November 2013
| By Mike Taylor |
image
image
expand image

The new dealer group established by Peter Daly, Beacon Group, will encourage its planners to sign up to a new trust established under the auspices of the Association of Independently Owned Financial Professionals (AIOFP) to contest legal action by the Australian Securities and Investments Commission (ASIC) or the Financial Ombudsman Service (FOS).

Daly confirmed to Money Management today that Beacon group would be encouraging its planners to sign up to the trust, which was modeled on the protections provided by the Police Association to its members and was likely to cost advisers a dollar a day.

Daly, who is also the chairman of the AIOFP, said it was unlikely the trust would move to contest every case but would certainly do so where it believed it was warranted.

Daly said his new dealer group Beacon group, represented a "house of brands" that would traverse planning, accounting, mortgage and finance and property — something which would allow it to differentiate itself based on offering a holistic service.

The group already boasts 170 planners and Daly pointed to negotiations afoot for further acquisitions.

The brands falling within the Beacon Group are the FinancialLink Group, Interactive Mortgage and Finance and B Property group.

Daly said the group's web site would go live early next month and that it had already developed an Approved Product List and model portfolios.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS