Sydney-based Sherlock Wealth goes self-licensed
Sherlock Wealth has announced it is now operating under its own Australian Financial Services Licence (AFSL).
The North Sydney-based financial advice firm is now an authorised representative of Sherlock Wealth Advisory Services Pty Ltd. It was previously licensed under Matrix Planning Solutions for over 20 years.
Just last month, Sherlock Wealth announced it had promoted its head of advice and senior financial adviser Andrew Sherlock to the role of chief executive, effective from 1 October.
He joined the firm in 2000 after four years in accountancy at BT Group and was appointed to head of advice in January 2018. Sherlock took over the CEO position from his wife Jacqui Sherlock who held the role for eight years but remains involved in the firm as an owner and board member.
According to the new CEO, the move to go self-licensed marks the next phase of the business’ evolution.
“Operating under our own licence has been something we have always wanted to do. For us it’s always been a question of when not if,” Sherlock commented.
“The timing is right for us. This will give us greater flexibility in delivering advice and investing opportunities to our clients. It feels good to be more in control of our own destiny.”
Moreover, operating under its own AFSL will enable Sherlock Wealth to enhance its ability to offer sophisticated and holistic lifestyle and legacy outcomes for its clients with complex financial affairs, the CEO added.
“This move enhances our family office approach and allows us to better serve our long-term multigenerational client base of senior executives, professionals, business owners and self-funded retirees.”
He also thanked Matrix Planning Solutions for the support it has provided as the firm’s previous licensee over the past two decades.
“We’ve had a long and productive partnership with them for more than two decades and have really enjoyed working closely with the executive team and other advisers that we have met because of this relationship.”
Sherlock Wealth was founded in 1970 by Reg Sherlock, with its roots in life insurance. The firm expanded to provide wealth management and investment advice services in 2000 when its current CEO first joined. Shortly after this, it became licensed by Matrix Planning Solutions.
Money Management previously explored the rise of self-licensing in the Australian financial advice industry. One of the key reasons advisers opt to run their own AFSL includes the desire for freedom and flexibility.
However, this comes with the added responsibility and time commitment of maintaining compliance, meaning it isn’t necessarily the right path for everyone. Advisers also need to be prepared for a range of upfront and ongoing expenses, depending on the size and scale of the practice.
AUTHOR
Jasmine Siljic
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
