NAB has confirmed it has been assisting a number of firms aligned to its Godfrey Pembroke licensee obtain their own AFSLs, as another major practice leaves the dealer group.
According to ASIC records, at least six advisers left Godfrey Pembroke last month when their Tasmanian advice firm Collins SBA began operating under its own licence.
This follows NSW practice Praescius Financial Group moving to its own AFSL in July after more than 10 years with the NAB-aligned licensee, taking at least 10 advisers with it, ASIC data shows.
A NAB spokesperson told ifa yesterday that the bank had assisted Collins SBA in the AFSL application process and continues to work with Praescius as part of a partnership program.
“We have worked with Collins SBA this year to support them through their licence application. They remain a valued partner of NAB,” the spokesperson said.
“Praescius has its own licence, but continues to work closely with NAB and Godfrey Pembroke via our Licensee Partnership Program”.
Collins SBA managing director Jonathan Elliot said the decision to become self-licensed was partly inspired by the firm's participation in the Implemented Portfolios study tour to New York in 2015, during which he realised the importance of independence and technological innovation.
“We also provide accounting services and concurrently moved our server-based and proprietary software to cloud-based open API software so that we can have an integrated IT ecosystem across financial planning and accounting,” Mr Elliot told ifa.
“A year ago we couldn’t have done this, but with advances in technology and a focus on where we want to be - given what I learned in the US with open API systems - we’re getting there.”
Do you know more about this? [email protected]
The professional body for the stockbroking and financial advice industry has called on the government to “urgently” review the ASIC levy model. ...
The Association of Financial Advisers (AFA) has confirmed the appointment of a new chief executive. ...
FPA chief executive Dante De Gori has announced he will step down from his role at the end of 2021. ...