Boutiques may attract Count and PIS financial planners

financial-services-licence/professional-investment-services/financial-planning-association/commonwealth-bank/PIS/chief-executive/

9 September 2011
| By Chris Kennedy |
image
image
expand image

The Boutique Financial Planning Principals Group (BFPPG) has identified an opportunity for growth in the current market from large licensees such as Count and Professional Investment Services (PIS).

There may be many current Count representatives who will not wish to become Commonwealth Bank employees, while manyrepresentatives from larger non-bank licensees such as PIS would love to have their own Australian Financial Services Licence group president Claude Santucci told the annual BFPPG conference in Brisbane.

Both Santucci and several conference delegates expressed a view that has also been publicly stated by the likes of DKN chief executive Phil Butterworth that the current round of reforms would make it difficult for mid-tier groups to continue, and will mean licensees will either need to be very big or very small.

Santucci also expressed a need to focus more on professionalism, and to support the Financial Planning Association's push to professionalism.

"We don't have the resources and the money of the big institutions," Santucci said.

"We need to be smarter and more professional. We have a great opportunity to grab that space," he said.

Homepage

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?...

1 month 3 weeks 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 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 5 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 4 days ago

TOP PERFORMING FUNDS