Despite the ongoing obligations of running your own Australian Financial Services Licence, self-licensing can be a “ticket to freedom” and have untold benefits for your practice, according to boutique Quantum Financial.
“We control our own destiny,” Quantum Financial principal Claire Mackay told ifa.
“There are obviously obligations that come with having your own license, but we decide the direction of our firm and we decide how we provide a service to our clients,” Ms Mackay said.
While the company obtained its licence years ago, the fact that they continue to hold one is an important proposition for clients, Quantum Financial principal Tim Mackay said.
“From our clients perspective it means they can be sure that the advice they are getting is not being influenced by a product provider parent,” Mr Mackay said.
“It is all about providing advice that’s in their best interests without the taint of a larger organisation,” he said, adding that the AFSL means allows Quantum to be completely transparent in its service offering.
“The fees are transparent and fixed, up front,” Mr Mackay said.
“There are none of those volume bonuses or any of that stuff, that’s a given,” he said, “but the fact that there are no links to product providers, that is a big value-add from our clients’ perspective.”
Quantum Financial was established in 1994 by senior wealth advisor Bill Mackay and remains a boutique family business.
A former MLC Australia executive has become the national practice manager at licensee Wealth Market. ...
A new report has predicted there will be just over 13,000 advisers left by 2023, as the older practitioners who still dominate the industry retire in...
The managed accounts platform has signed on as a gold partner for this year’s Adviser Innovation Summit. ...