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FSC reasserts advice representation

Mike Taylor24 April 2024
Stick figures talking

The Financial Services Council (FSC) has sought to lift its reach into the financial advice space announcing that it has expanded its financial representation.

The organisation has announced a new engagement model which includes financial advice licensees and has named:

  • Count Ltd
  • Fortnum Private Wealth
  • Infocus
  • Otivo
  • Rhombus Advisory Pty Ltd
  • WT Financial Group

The announcement said that WT Financial Group managing director, Keith Cullen had been added to the FSC Board along with Fortnum Financial Group managing director and group chief executive, Neil Younger.

The FSC has always maintained representation of some of Australia’s largest financial advice licensees.

Outlining the move, FSC chief executive, Blake Briggs said the FSC has a leading role in unifying the industry on reform initiatives and he was pleased to appoint directors from the financial advice  sector to deepen the organisation’s engagement and strengthen its advocacy on advice issues.

Commenting on his appointment, WT Financial Group’s Keith Cullen said: “Delivering more affordable and accessible financial advice for Australian consumers is a priority for the FSC and the advice profession and I look forward to contributing to a strong, unified industry voice that ensures reform remains a priority for the Government.”

Commenting on his appointment, Fortnum Financial Group’s Neil Younger said: “At a pivotal time for the financial advice profession, I look forward to contributing the experience and insights of financial advisers and licensees to the FSC’s policy development, to help deliver a more efficient regulatory framework for financial advisers and their clients.”

The appointment of Younger and Cullen were announced alongside those of Australian Unity Wealth and Capital Markets chief executive, Esther Kerr and JP Morgan Australia and New Zealand chief executive, Andrew Creber.

Briggs said the appointment of two new FSC directors from the funds management sector reflects the FSC’s broad membership and representation of the industry.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Anon
1 month ago

These are NOT advice companies. They are product companies that use licensing and/or ownership of advice practices to distribute inhouse products. They are AMP lite.

Frank
1 month ago
Reply to  Anon

I think you’ll find that AMP is not VI anymore.

Adviser
1 month ago
Reply to  Anon

Anon, as part of the WT Financial Group I am baffled – which inhouse products do we distribute?

Big Barry
1 month ago

every single one of these companies are owned by investment companies or larger financial groups and used to recommended their own product infocus for example is owned by the investment company it is in their FSCG. I wonder which investment are on the approved list which the adviser can recommend?

This companies run just like dixon did, lets hope they don’t have property funds…..

Chrisso
1 month ago
Reply to  Big Barry

Fortnum? VI

Also – Rhombus Advisory is being spun out of Insignia, so shortly it won’t be.

Anon
1 month ago
Reply to  Chrisso

Any “advice” company that earns FUM based fees from their own SMA, is really a poduct company.

The implementation model may have evolved from those used by AMP, MLC etc in the past, but the underlying principle is still the same. It’s all about controlling advisers, to sell more product.

Frank
1 month ago
Reply to  Anon

I think you’ve got this completely wrong. The AMP platform and investment APL is really broad – there is no control over selling product.

If there was, I’d find somewhere else to go.

As someone who knows this world, the underlying principle that you suggest still exists…. well it actually died quite a while ago.

Last edited 1 month ago by Frank
Anon
1 month ago
Reply to  Frank

Yeah, right. What happens if you exercise your “choice” not to use North or Signature Super?

You will be treated as a pariah by management, struggle to get any support, then targeted with weaponised compliance and eventually offered up to ASIC as a human sacrifice.

The same applies to advisers in these new AMP lite firms, if they exercise their “choice” not to use the inhouse SMA.

Frank
1 month ago
Reply to  Anon

What you have written is complete rubbish.

Nothing at all happens as you suggest.

You don’t know what you are talking about.

Jog on.

Green Bottles
1 month ago
Reply to  Frank

Still wouldn’t trust AMP ever…

Bored
1 month ago
Reply to  Big Barry

infocus is privately owned public company predominately owned by Daren Steinhart. It has over 100 share holders (staff) hence its public.
WT Group, would be interested to know if you can name one shareholder product its flogging

Bemused
1 month ago
Reply to  Bored

the last time I approached Infocus, there APL had a wide range of platforms that you can select too,…. provided of course the underlying products within those platforms were in firms ultimately owned by Dazza and Infocus related entities. Correct me if things have changed.

FSC Product Only Interest
1 month ago

The same FSC that helped bring Advisers:
1) Stop Grandfathered Comms so Product manufacturers could pocket 90% of these Adviser incomes. Leaving millions of clients without an Adviser.
2) LIF so that Life CO’s could flog dodgy direct Life Ins and cut out Advisers. Resulting in 100% premium increases and wiping out most Risk Advisers.
3) FARSEA right intention 20 years too late and the worst possible implementation ever that has seen 45% of Advisers exit.

Yep the FSC sound like such a wonderful Product owned mob that has zero interest in helping Real Advisers.

Chrisso
1 month ago

I think that they are representing themselves first, and adviser’s second.

Bored
1 month ago
Reply to  Chrisso

Well it is the FSC, let face it 😉