Main Street Financial Solutions principals Charles Badenach and Rebecca Fergusson said they had wanted to join a new licensee that would still allow them to provide non-aligned and holistic financial advice to clients.
“[We] undertook a fairly extensive process in the search for an alternative dealer group,” Ms Fergusson said.
“Both Charles and I have strong personal values and with our professional backgrounds in law and accounting respectively we wanted a licensee that was unaligned, transparent and encouraged working on a fee-for-service basis.
“Fitzpatricks met our non-negotiable requirements, plus added additional value,” she said.
Fitzpatricks chief executive John Woodley welcomed Mr Badenach and Ms Fergusson to the dealer group.
“We are delighted that Main Street has chosen Fitzpatricks as their licensee of choice,” Mr Woodley said.
“It is pleasing that high quality advisers of the calibre of Charles and Rebecca see value in the Fitzpatricks model and have joined our Group.”
Mr Woodley added that the dealer group is currently being approached by a number of advisers looking to join the licensee.
The changeover from IOOF’s Lonsdale dealer group to Fitzpatricks occurred on 1 July 2015.
[quote name=”Ferg”]Ioof promote their own under performing products too much abcfp. This along with string of other offences reported in the media makes me think this is a great move.[/quote]
Adele Ferguson and Sarah Danckert suggested similar in last night’s article – that ‘sources’ advise the firm decided to leave after The Age revealed issues with 2 IOOF staff…less than 2 weeks ago.
Correct me if I am wrong, but making the decision to change licencees, investigating possible licencees to move to, the licensee investigating a potential new practice, and then implementing a licensee swap would take more than a week I suspect.
Great story Adele and Sarah, but come on. It was likely in the work for months, and probably to do with a move to cheaper licensee fees and rewards for the move. Some enticements to switch licensees can be quite tempting.
Ioof promote their own under performing products too much abcfp. This along with string of other offences reported in the media makes me think this is a great move.
What the? There are no commissions at IOOF and fee for service is strongly encouraged as is holistic advice.
There has to be another reason for the move possible conflicts of personalities?