Koda Capital will fill the current “gap” in the market for independent, high-quality licensing services provided by “experienced professionals”, said Mr Tucker – a former CEO of MLC – and Mr Heath – a former CEO of JB Were – in a statement.
“As we considered the landscape of wealth advice, we saw a gap – that of an independent, high-quality firm, staffed by experienced professionals that serve clients in a manner completely free of the conflicts of interest which exist in many firms,” said Mr Tucker, who will serve as Koda chairman.
“We believe the wealth advice firm of the future is independent.”
The company will charge transparent fees with no commissions, Mr Tucker said, and will only service private clients.
Mr Heath said a key advantage of Koda is that it is not “aligned with or owned by a financial institution”.
Mr Tucker is also a non-executive director of listed investment company Westoz.
ahhh long live the management gravy train. You can only go so far on the illusion of doing something relevant outside the insto’s,
Too much censorships here IFA. Why do you let PC’s comments through all the time ??
A whole lot of self praise I see. “only service private clients”, so I wonder how that is so unique?
Coming from the depth of “crap in crap out” to suddenly see light. Poor past practices may be hard to correct?
If the trolls put half as much effort into thinking ahead rather than dumping their vitriol we’d all be better regarded. most of us are not interested in uneducated (can’t even spell for goodness’ sake!) views of dopes who can’t see more than a few feet in front of their own position. Tucker is neither the enemy or your friend. He is just responding sensibly to the landscape. Those who keep doing what isn’t working are almost the working definition of insanity…
I’m totally independent, have my own AFSL and I welcome any new players in that space. The more the merrier. And those who think commissions are OK and “independence is crap” should welcome one less competitor in their midst. Good luck. Happy New Year. BTW I hope you’re ready for the new GFC that’s been brewing for all of 2014 and about to hit us and our clients… But I doubt it.
way too much cynicism on here – even for IFA – having blokes of this experience and scale entering the independent space is bloody brilliant. might even consider joining meself if they let me keep my licence! ding dong vertical integration is dead
Someone from the dark side has seen the light. Good luck to them.
about as credible as Dr David Nitchke opening a centenarian longevity health club.
Classic, These guys are kidding themselves…thinking they are the savours of independent advice.
Well Mr Tucker, Sir or whatever title you think you would like to be called by, hear is some free advice from the real world. “People don’t care how much you think you know until they know how much you care”. And you matey, buddy, old pal, you couldn’t give to hoots about the IFA market when you were head NAB/MLC. So pls spare us the BS.
And this is different in some way to a other 1000+ existing firms???…Wheres the bucket…..!!!
Sounds like marketing grab for a new chocolate bar….
“we have kept the flavor, kicked out the salt, the fat, the sugar and packaged it in a green, non flattulating, biodegradable package made out of the toenail clippings of non gender specific space junk delivered by non polluting fairies…
They should sack their media jocks if this is all they can come up with.
what a load of BS your guys are the reason why the industry is full of product floggers, ex bank alligned/institution what you have seen the light. we have always been non aligned how you charge is irrelevant. Its the quality of advice and adding value to the client, not just to your FUM. So now everyone is non aligner and charging fees for service, so what the diff btwn 1% commission & 1% advisor fee??? are you taking comm on insurance?
Great work Tucks, you managed a product conflicted advice network for years, bagged independents like us now you jump on the bandwagon. And let the media circus begin!
Credibility 100%