IOOF discards MLC licensees and shuts down FSP
CEO Renato Mota said the group has taken the "very deliberate" decision to de-risk the MLC acquisition by leaving most of its licensees behind and asking advisers to come across to IOOF’s own brands. Additionally, IOOF has wielded the axe to its FSP brand and taken another step towards a simpler, salaried adviser model.
September 05, 2020
Remediation, simplicity and BOLRs: Why IOOF left MLC licensees behind
IOOF's decision to leave some of the industry’s most iconic licensees in the hands of MLC left some scratching their heads, but head of advice Darren Whereat says there were a handful of reasons behind the move.
September 04, 2020
Advice industry ‘in much worse shape than it was in 2010’: Cooper
The digitisation of financial services and advice could be an opportunity to rethink regulation and policy and address settings that were brought about in the 1990s, Jeremy Cooper said during a live broadcast on Thursday.
September 03, 2020
No time to practice the golf swing: John Rowbottam
The lack of separation between work and home life has taken some getting used to for Shadforth adviser John Rowbottam, but he isn't complaining.
September 02, 2020
Remember that thing called the Code of Ethics?
The industry must be fully on board with the clear intentions of the code. Instead of complaining about its 'uncertainties', practitioners should recognise that it is deliberately not a technically prescriptive compliance-style laundry list, Robert MC Brown writes.
September 01, 2020
Adviser exodus overstated, ‘not seismic’
Contrary to most reports, Investment Trends says the number of true advisers has pretty much remained the same for a decade, with the industry showing remarkable resilience in the face of once-in-a-generation headwinds.
September 01, 2020
IOOF’s acquisition of MLC a ‘once in a generation opportunity’
Private equity may have been firmly in the frame for MLC until now, but a strategic bidder like IOOF will always outpace funds that lack post tie-up synergies, Matthew Smith writes on the transformative deal.
August 31, 2020
Hume lashes licensees while extending their oversight
The senator chastised AFSL compliance teams for exacerbating red tape and paperwork, while also giving them a further year in charge of ethics monitoring so the government can work on its single disciplinary body plan.
August 28, 2020
Lawyer challenges FASEA CEO on standards
“It’s easy to say ‘if you’ve done nothing wrong, you’ll be fine’, but unfortunately that tends to be not how lawyers look at things,” a financial services lawyer said to FASEA CEO Stephen Glenfield.
August 28, 2020
TenFifty CEO eyes less advisers, cleaner model
The head of MLC’s new spin-off says it will be more – or more accurately, less – than an amalgamation of its former brands. Licensing fees will rise as product subsidies fall, while advisers must ascribe to a yearly fee-for service model. It’s a model Brendan Johnson acknowledges isn’t for everyone.
August 27, 2020
