In a statement, Coronis announced Justine Shephard had taken on the role of general manager of the real estate agency’s financial planning business, which launched last week and will be licensed by CBA dealer group Financial Wisdom.
According to Ms Shephard’s LinkedIn profile, she previously held positions as a senior financial planner at Westpac and as a senior product manager at BT Financial Group.
“Having previously worked at a large institution, I wanted to put in place the best practices I have learned over the last two decades to ensure Coronis’ team of planners can help more Australians access personal, relevant and quality advice,” Ms Shephard said in the statement.
“I want to help change public perceptions about financial planners, challenge any negative perceptions of financial planning and real estate partnerships, become an advocate for continual education and push for remuneration practices to move beyond commission.”
Ms Shephard said Coronis advisers would not push property investment and confirmed that no referral relationships existed with other businesses.
“As financial planners we do not give advice on direct property, and never will,” she said.
“There is no sharing of revenue or payment for any referral. Coronis Financial Planning does not remunerate or give any form of payment to any business or referral partner.”
Additionally, Ms Shephard suggested Coronis advisers would need to undertake additional training to provide advice on SMSFs and LRBAs.
“At Coronis, we do not find it acceptable that a planner can complete a short multiple choice exam and be considered able to provide advice to clients who have limited recourse borrowing arrangements within SMSFs,” she said.
“This is a complex area and requires a planner to be adequately educated and skilled.”
Coronis also announced its APL would include around nine insurance providers and seven platform providers.
“This gives planners access to a wide range of offerings that allow them to tailor their advice to individual client needs,” the statement said.
Fully agree Dave. Ignoring a client’s need for specific property advice (as opposed general/ generic advice on property as an asset class) is a historic anomaly who’s time has well and truly passed. How the industry at large continues to tolerate this or, as in this case, actually promotes it as some kind of advantage or ethical superiority is simply mind boggling. Is this one more reason for the disconnect between the industry and mainstream Australia? What a lost opportunity for all.
Maybe I missed something but, apart from explaining what they wouldn’t do, why has Coronis moved into planning anyway?
As financial planners we do not give advice on direct property, and never will, she said.
WHY NOT? It is just as valid as an asset class as shares, fixed interest, etc.
That’s like a planning business saying “As planners we dont do direct shares” and delegating 100% of share investment to a stockbroker…
To rule out advice on a given asset class is not true advice and shows a business model revolving around products rather than genuine holistic advice.