Self-licensing demand continues
My Dealer Services (MDS), a consultant to independent financial advisers, has seen a significant increase in demand for advice practice principals seeking to operate under their own AFSL.
In a statement released yesterday, MDS chairman Don Wiggins said the demand for self-licensing is being driven by a number of factors, including “dealer group dissatisfaction” as well as a thirst for flexibility and independence.
“MDS expects that once FOFA is bedded down; and the realisation that it is manageable could provide the motivation for advisers to part with their often rigid licensees, and provide advice under an AFSL that is more appropriate to the needs of their clients,” the statement said.
The news follows comments made by a panel at last week’s Wraps, Platforms & Masterfunds conference that a resurgence of independents is likely.
Will there be a post-FOFA IFA resurgence? Have your say in our latest straw poll.
Viridian vows independence after Westpac exit
Viridian Financial Group has vowed to maintain its independence from Westpac, wi...
CBA could retain advice business: Morningstar
A longer-term revision of the merits behind the Commonwealth Bank’s demerger o...
Class action against former AFSL finishes
Around $1.5 million has been paid to about 200 investors in one of multiple clas...