In a statement, Count Financial said it had added South Australian firms Adelaide Private Wealth and DMCA Advisory to its advice network.
Adelaide Private Wealth was previously licensed under MLC-aligned Meritum Financial Group, while DMCA Advisory had joined from IOOF dealer group Lonsdale.
“We are very excited to be partnering with Count Financial after an extensive 12-month review of licensee options available within the Australian market,” Adelaide Private Wealth director and adviser Hamish Zerbe said.
“When we set about looking for a new licensee, the most important factor was to find the right cultural fit and a shared ‘client first’ philosophy. We are confident that the team at Count Financial will assist us to offer exceptional service and quality advice outcomes to our clients.”
“We chose Count Financial due to their strong focus on innovation and technology to achieve better client experiences as well as the fact that they operate a clean model which is not aligned to any financial institutions,” DMCA director and strategic adviser Tania Tonkin said.
“They were able to show us how their tech solutions improve the advice delivery process, which will enable us to operate more efficiently as a result.”
Count Financial chief advice officer Andrew Kennedy said the two new additions were “high quality firms with reputations for being client-focused”.
The news comes following IOOF’s recent completion of its purchase of MLC, and its announcement that around 80 per cent of advisers the institution had targeted to move across from MLC advice groups would be joining IOOF.
DMCA director and strategic adviser Tania Tonkin love to hear from you on how Count operates a clean model when the Count FSG v 20.1 sets out its conflicts and alternative remuneration
Laughable this rubbish from Count. Dig deeper, plenty of conflict there with aligned SMA offers etc. Plus that ‘client first’ rubbish is just that. Its profit first, shareholders second and reflected in steep licensing costs which are only going one way.
Count are enticing these new practices with fee holidays for 1 or 2 years, which is the same as writing them a cheque for $40K – $100K depending on size & number of advisers. So no different to old days of big corporates doing the same. Many of these will be using Count as a stepping stone to self-licensing while getting a fee holiday while they do the prep on their AFSL application.
I wouldnt be happy if I was an existing Count practice if I was still paying full freight….
Yawn
Both toxic train wrecks as per the RC outcomes
Its only a trickle so far … the MLC/IOOF departure floodgates are still another 18 to 24 months away …
yes this is true as they have frozen the existing MLC licensee fees for those practices for 2 years……. then the fees will go up to match the new fee rises being imposed on all of the “other” IOOF brands NOW which in some cases is 250% to 300%.
[b]So the floodgates are opening now and will stay open for the next 24 months is more like it!!![/b]
And there will be more