AFSL ownership forging separate industries

Non-aligned financial advice and advice given under bank-owned operators are moving towards representing separate industries, according to an award-winning financial adviser.

VISIS Private Wealth adviser and winner of Rookie Adviser of the Year at the 2014 ifa Excellence Awards, Stephen Godfrey, said that the difference between the two is so staggering that he believes they are almost unrelated.

“I see a case where we’re moving towards having two completely separate industries. We’ve got one that’s bank and aligned and then we’ve got independence,” Mr Godfrey said.

 

“I believe there will be a time where you can’t even look at them as the same industry really.”

While some have sounded a death knell for non-aligned and boutique advice, Omniwealth managing director Matthew Kidd said its future is “well and truly alive”.

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“If you think about it, only a year or two ago we were reading in the papers how it is going to be the big institutions, the bank-aligned groups that are going to take over the world when it comes to taking over advice, and the small independent boutiques are going to struggle to keep up,” Mr Kidd said.

“I now think it’s completely the opposite.”

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