Paragem announces further growth
Paragem has announced it has five new planner practices currently in the process of securing Australian Financial Services Licences (AFSLs).
This comes less than two months after the service provider stated that upcoming Future of Financial Advice (FOFA) reforms would suit its independent financial adviser (IFA) network business model.
The growth in the Paragem network is evidence of a growing demand for conflict free advice, according to Paragem director, Ian Knox.
David Smith of Hub Wealth Management, Paragem’s latest licensee, said that since he and business partner Andrew Wiefler obtained their own AFSL they were able to provide advice more tailored to clients and respond quickly to changing circumstances.
“Obtaining our own AFSL has meant we have full flexibility to access an extensive array of quality research, while also conducting an in-depth review of the quality and cost of available administrative solutions,” he said.
Smith said that with the assistance of Paragem the process had been easier than he expected from an administration and compliance perspective. Despite the added responsibilities, having greater control and being able to demonstrate an alignment of interests with clients made the effort worthwhile, he added.
AUTHOR
Chris Kennedy
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
