Speaking to ifa following the announcement that he had established his own Securitor-aligned business last week, Mr Simon said he will have a greater sense of “autonomy” working in his own business than he did while in Westpac.
The new business, while being licensed through Securitor, could be a lot more “nimble” and have a “greater level of decision making” when it came to assisting clients than when Mr Simon was working in the bank, he said.
“That greater level of autonomy to serve my clients and serve my clients the best I possibly can – that for me is the difference compared to if I was a salaried employee,” he said.
While “all options were on the table” in terms of licensing his business – including obtaining his own AFSL – Mr Simon said the “familiarity” of Securitor was the best option for him.
The resources, tools, systems and processes that came with licensing through the Westpac dealer group also added to the “attraction”, Mr Simon said.
Responding to comments from the advice community concerning his decision to describe his business as having an “independent focus”, Mr Simon pointed out he has made it obvious Integral Private Wealth is an aligned practice.
“It should be clear to people that I am an aligned and institutionally connected practice,” Mr Simon said.
The defence follows comments from advice veteran John Hewison, who accused Mr Simon of seeking personal advantage from “hyper-sensitive” industry debate over vertical integration and independence.
You have lots to look forward to David.
If you’re buoyed by how much better you can help your clients as an aligned adviser than as a salaried adviser – wait until you turn truly independent!
Then your clients will really adore you.
westpac doesnt have clients. it has customers
Wow some great spin doctoring from Westpac. A man that has seen the light and broken free from the big institutions to now provice independent advice. So how come he’s located at Westpac’s head office?
Are clients that gullible?
Dear IFA
We, the planners of Australia, are very pleased for Mr Simon that he has risen from salaried adviser to aligned, self employed adviser. Not really news, but its nice to hear of advisers incrementally maturing.
What would have been much more interesting would have been to understand what Mr Simon had to do to get BT to release clients to him, if that is indeed what happened. This is unusual, as most salaried advisers end up leaving their employer, become self employed with a different institution and tread a careful path not to be seen coaxing old clients across; a dubious ethical start to a career of otherwise high moral standards as a self employed person. Is David Simon an indication of a change of strategy by BT, did he buy a client base, or was he offered some other incentive to select Securitor over other alternatives? That would make for a story worthy of reading.
So in reading the excerpt
That greater level of autonomy to serve my clients and serve my clients the best I possibly can that for me is the difference compared to if I was a salaried employee, he said.
Does this mean that David wasn’t capable of servicing his clients as best as he could when he was employed by Westpac.
Somebody call authorities. We have a confession.
ASIC recently reviewed aligned advisers websites and demanded that all references to wording that suggested any independence be removed. How is this situation any different? It would seem that Mr Simon is a very good adviser who the Westpac Group couldn’t afford to lose so they’ve no doubt done him a deal. Good on him but let’s no pretend its anything other than what it is.
How much has Westpac paid the IFA for this continued marketing campaign of an absolute non event. David can spruik all he likes about independence but what he really means is that he’s getting a larger share of the revenue from his institutionalised client base than what he would if he remained as an employee. Now that we know how David is going to benefit financially from the move, can he demonstrate how his clients will?
seriously? What an incredible non news item. More autonomy than as a salaried employee, no s**t sherlock. Not hard to do is it?
Independent focus, what does that ACTUALLY mean?
Try cutting the apron strings for real, go independent and get IFA to do a real story.
Mr Simon needs to understand that it’s not that clear to clients.
Ask most Hillross clients if their adviser is independent and they’ll say yes because they don’t understand the connection between licensee and the firms own branding.
If advisers throw the term around openly in the press so frivolously, I can’t even begin to imagine what must be said to clients behind closed doors.
This is why using the term ‘independent’ has him in the community’s bad books. It’s a precious term. It is protected. It’s misuse is not only misleading, its unlawful.