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Macquarie aims to broaden solutions in 2013

Macquarie Private Wealth is looking to expand the scope of its financial advice services and products in the New Year on the back of government regulatory change.

The move comes as the industry prepares for the introduction of Future of Financial Advice (FOFA) regulations on 1 July 2013.

"With change comes opportunity, and at Macquarie Private Wealth we believe 2013 will present a real opportunity for us to embrace these changes and broaden the range of tailored financial advice solutions we offer to our clients," Macquarie Private Wealth head Eric Schimpf said.

One of the changes the company is planning to implement on the back of the regulatory changes is an option for scaled advice in addition to its product suite.

"For Macquarie Private Wealth, this means giving our clients greater choice and access to new tools, technology and solutions, such as scaled advice, enhancing the service we already provide through our expert advisers," Mr Schimpf said.

Scaled advice or 'simple advice' is one of the key changes in the FOFA reforms package designed to enhance the availability of financial services.

While the impending changes have received a mixed response from the financial services industry, Macquarie Private Wealth said the FOFA regulations will benefit clients.
"The objective of these new regulations is to provide more Australians with access to quality advice," Mr Schimpf said.