Omniwealth launches new advisory services offering

Omniwealth advisory services SMEs

image
image
expand image

Banks are likely to be affected by proposed regulation changes in July which will see them work more closely with small and medium-sized enterprises (SMEs) customers to better protect those borrowers moving forward, according to wealth advisory group, Omniwealth.

Omniwealth would launch its Advisory Services and had formalised its debt and finance team under Omniwealth director, Atle Crowe-Maxwell, to assist SMEs in the adjustment to potential new bank lending practices.

“In the event that the changes are adopted, banks will have to communicate much further in advance to their customers about changes in the covenants or other criteria,” Crowe-Maxwell said.

 “We see the advisory team being able to act more like advocates for our clients with the banks because the banks will be required to release much more information as to their concerns about the client’s ability to meet their financial liabilities.”

Crowe-Maxwell said concerns on the part of banks would be communicated to clients more directly through the offering, which would also benefit their security in the long-term.

“Where a bank has concerns over valuations of property and other assets that support loan facilities, these concerns… will be communicated in a timely way to clients so they can respond,” he said.

“The proposed rules should better protect borrowers than in the past because they will have more time to respond to their bank about changes required.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

4 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 9 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 7 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 10 hours ago