BT chief Brad Cooper looks to growth
Groups such as BT Financial Group can benefit from the best interests test contained within the Future of Financial Advice (FOFA) changes by providing the right sorts of products for advisers, according to BT Financial Group chief executive Brad Cooper.
In an interview with Money Management last week, Cooper reinforced a BT approach to the post-FOFA landscape which seeks to accommodate not just salaried planners, but also aligned planning groups and independent financial advisers.
Asked specifically whether the recent Westpac/BT approach reflected an approach aimed at securing and expanding distribution for its products and platforms, Cooper did not disagree but said the objective was to have the right products to deliver in terms of the FOFA best interests regime.
"In an open architecture regime, advisers will need to have access to the best products and it will be important to try to deliver in terms of their best interests duty," he said.
Questioned about BT's growth strategy in the planning space, Cooper did not rule out acquisitions if they represented the right fit.
"I'm never going to say we're not looking at acquisitions," he said.
However Cooper said BT was also focused on growing both aligned and salaried planner numbers.
Recommended for you
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
Bravura chief executive Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
Financial advice businesses with a younger, wealthier client base are enjoying higher valuations and increased attention from potential buyers than those with older clients.
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
