New planning group pins hopes on managed account platform

A NEW Melbourne-based financial planning firm, DirEquity, expects to launch a direct managed accounts platform.

Director Colin Peterson says the company is working on a platform, with the first stage to be ready by mid-February.

“We see a good future in a direct platform that will offer individually managed accounts,” he says.

“The platform will cover areas such as superannuation and risk and we will be adding futures later.”

The company has been formed by Peterson, Rory Deutsch and Chris Hipkin.

Peterson was previously an adviser operating in the Protax dealer group. He says the new company is still talking to Protax about continuing its association.

“There is a lot of flexibility in running your own business,” Peterson says.

In DirEquity’s operating structure, Deutsch has become the compliance manager, Hipkin is the technical manager developing the platform and the company’s approved list, while Peterson is the business manager.

“Chris will do the backroom work and deal with his own clients,” Peterson says.

“Rory has been responsible for obtaining our AFS licence and will now offer a consultancy service to other planners who are trying to get their new licences.”

DirEquity took 13 weeks to get its licence, Deutsch says.

“We are geared up to obtaining licences and I see an opportunity with the experience we have gained in obtaining a new licence,” he says.

Peterson says the company hopes other planners will join, but it wants to ensure the back-office support is running smoothly before expanding.

“When we have all our procedures in place, we will then be offering our services to other planners,” he says.

“Chris is working on an approved list that will consist of a combination of products, rather than a simple list. We are currently using the Protax list in the interim.”