FOFA drives portfolio product demand
There is an increased demand for non-conflicted investment solutions with standard model portfolios “no longer making the grade” for financial advisers, according to Select Asset Management.
Non-institutionally aligned groups are seeking greater business certainty built on non-conflicted remuneration structures, according to Select chief executive officer Brendan Foley, with many dealer groups seeking innovative ways to remove or minimise their compliance risk.
Foley said such licensees have had “too few choices” as they seek a non-conflicted approach, adding that standard model portfolios and recycled approved product lists (APL) are no longer sufficient.
This demand for “conflict free” portfolio construction services has seen Select build momentum for its ‘FOFA-ready’ Customised Portfolio Solutions (CPS), according to the investment management group.
“We are offering financial planning licensees a way to build viable business propositions based on the most scrupulous ‘best interest’ principles,” said Foley.
Select stated it has partnership agreements with several financial advisory firms and expects more interest in its CPS from non-institutionally aligned licensees, with DMG Financial Planning becoming the most recent firm to sign on.
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