ASIC approved CPA’s AFSL in April this year, following the group’s announcement in 2015 that it would launch a financial planning business and provide “pure and transparent fee-for-service” advice to consumers.
Since commencing operations on 1 July, only 11 advisers have become authorised representatives, according to ASIC records.
Mr Malley, however, told ifa that “there are a number of other advisers at various stages of the on-boarding process”.
“Since announcing our intention to establish CPA Australia Advice last year, we’ve been developing our business structure, getting our team together and working through the intricacies of our business,” he said.
“We have an ongoing and rigorous process of reviewing applicants who meet our criteria, and it’s important to be aware that not everyone who has expressed an interest will necessarily become an authorised representative.”
Overall, Mr Malley said he is happy with the direction of the licensee.
“We’re confident that the uniqueness of our offer is resonating – and will continue to resonate – in the marketplace,” he said.
CPA Australia Advice is intended to act as an alternative to the big banks and financial institutions. Its operations are said to be consistent with the Corporations Act definition of independence, and offer conflict-free services.
In August, ifa reported that Mr Malley urged the accounting industry to “reclaim its rightful territory of advice”.
What a raging success..they’ve created something so great, so unique, so thoroughly compelling that no one, (11 = zilch in reality ) wants to be a part of it. What a joke. Sounds like government.
Perhaps as the CEO of CPA Australia, Alex Malley should be focussing on it’s core business values rather than being the ultimate publicity hound and “commentator of all things”, appearing on every conceivable television programme and media option that will have him and pushing the Alex Malley brand until everyone becomes utterly bored and stops listening.
http://www.afr.com/brand/rear-window/cpa-boss-alex-malleys-hypocrisy-on-putting-shareholders-first-20160202-gmjtlb
http://www.afr.com/personal-finance/superannuation-and-smsfs/acccountants-shun-smsf-licence-20160401-gnw4x1
Gone from ‘400’ in July to 11… Cant blame the Accountant’s though, they have clearly decided providing financial advice is too complicated and overregulated.
Better to be “happy” rather than risking job by admitting to this massive failure.
“Conflict free?” Recommending an SMSF to someone who doesn’t need one so that you can generate more accounting fees is far from conflict free.
Well not exactly knocking down the door, even if CPA are as differentiated (as they claim to be) and the offer is ‘resonating’. There are several competitor AFSLs with hundreds of accountant ARs each. I guess the EOFY figures will be interesting. No pressure….
What a pathetic joke. So much for reclaiming the financial planning advice space. How much is this costing CPA Australia and its members to provide services to only 11 limited authority accountants. As I have stated before, professional associations should not be running an AFSL in competition with their members.