‘Autonomy’ from Westpac behind Integral launch
Integral Private Wealth principal David Simon says he will be able to help his clients better as an aligned adviser than when he was a salaried adviser within Westpac.
Speaking to ifa following the announcement that he had established his own Securitor-aligned business last week, Mr Simon said he will have a greater sense of “autonomy” working in his own business than he did while in Westpac.
The new business, while being licensed through Securitor, could be a lot more “nimble” and have a “greater level of decision making” when it came to assisting clients than when Mr Simon was working in the bank, he said.
“That greater level of autonomy to serve my clients and serve my clients the best I possibly can – that for me is the difference compared to if I was a salaried employee,” he said.
While “all options were on the table” in terms of licensing his business – including obtaining his own AFSL – Mr Simon said the “familiarity” of Securitor was the best option for him.
The resources, tools, systems and processes that came with licensing through the Westpac dealer group also added to the “attraction”, Mr Simon said.
Responding to comments from the advice community concerning his decision to describe his business as having an “independent focus”, Mr Simon pointed out he has made it obvious Integral Private Wealth is an aligned practice.
“It should be clear to people that I am an aligned and institutionally connected practice,” Mr Simon said.
The defence follows comments from advice veteran John Hewison, who accused Mr Simon of seeking personal advantage from "hyper-sensitive" industry debate over vertical integration and independence.
Online ‘dating’ app launched to find perfect planner
The FPA has launched a dating app style service to match Australians with a plan...
BDO partners with Nod
BDO has partnered with Nod to deliver better and more efficient statement of adv...
Super funds closer to forming investment giant
VicSuper and First State Super are one step closer to consolidating, with a lead...