ASX-listed Intiger Asset Management has entered a letter of intent with Commonwealth Financial Planning, and two separate deeds of agreement with Financial Wisdom and Count Financial, the statement said.
The firm is chaired by former FPA director and WA committee member Patrick Canion, and was previously chaired by former FPA chief executive Mark Rantall, who stepped down from the FPA in February 2016 paving the way for Dante De Gori to take the reins of the industry association.
The agreements will see each of the licensees conduct a pilot program of Intiger’s administration services “per an agreed scope”, the statement said, with services provided to a “select group of practices and branches as determined by the licensee”.
“Pilots will commence in Q1 2018 and may be completed at any time within a 12-month period,” the statement said.
“Alternatively, the pilots may continue until terminated by either party or extended by agreement of the parties.”
In March 2017, Intiger issued a statement to the ASX claiming the business had entered a memorandum of understanding with NAB Financial Planning.
However, a NAB spokesperson told ifa that there was “no memorandum of understanding in place”, prompting the software provider to enter a trading halt and drawing the ire of some retail investors.
Intiger issued a statement clarifying the agreement between the two businesses was instead a ‘summary of understanding’ regarding $800 worth of services provided by Intiger to the bank.
Correction: A previous version of this article mistakenly described Mr Canion as ‘former WA president’ of the FPA and also referenced Intiger as having “close ties to the FPA”. It has subsequently been amended to clarify that Mr Canion’s previous role was as a member of the WA state committee, not president, and that Intiger’s “close ties” are not with the current management of the FPA.
A backdoor listing, personal and private data going off-shore, promoting of software and finetch that no one has ever seen and claims of SOAs from $20 via BOOM which is totally misleading, these guys need to have the ACCC shut them down for way too many perceived breaches to mention, just a visit to their site tells all one needs to know. My dealer group tried them then walked away
FPA just keeps getting murkier and murkier
It’s an interesting angle in this story. For clarity, I was proud to serve as a member-elected director of the FPA from 2011 – 2014. Although I was on the committee of the WA chapter in the early 2000s, I was never ‘WA president’.
A major contributor to the Professional Partner Program is that very organisation you’ve got a business deal with… the CBA. Your major contribution to Financial Planning via the FPA is the Professional Partner program, now years of Government Intervention and over regulation. FoFA, LIF, now Education reforms. What a legacy. I say Good riddance to you and the Professional Partner Program. You sit here gloating in some swarmy business deal baked up from your time in the FPA kitchen. You disgust me.
So who have you been representing whilst on the FPA? You’re own business interest or the interest of planners. Clearly you’ve got a conflict of interest getting payments from the FPA via the professional partner program and now you’re doing a business deal with the CBA. Just whose interests have you been promoting.
A little concerning that the company can get a memorandum of understanding and a summary of understanding for $800 confused. Perhaps it is the leaders of the FPA that need training as opposed to the advisers they supposedly represent.
Been following Intiger for a while. Like the idea of automated SOA tech but they rarely keep the market updated on business process & events.
So the FPA, who opened armed extreme regulatory conditions and continues to allow its members to get pummeled, has board members profiteering from the regulatory burden. Nice.
Little wonder politicians and regulators have ignored the FPA on issues like Opt-In, LIF, and education standards, when the FPA behaves like a conflicted industry association.
Surely it’s time for the FPA to get rid of all the conflicts and dodgy deals and historical favours, and start acting like a professional association.