James McCowan, a former regional manager for Queensland and NSW with IOOF's Lonsdale Financial Group, has obtained a licence and established a new business on the NSW north coast.
According to a statement published on social media, Mr McCowan officially launched Lismore-based Wealth Management Matters yesterday, indicating an intention to become a dealer group and authorise third parties.
“We have built WMM focused on what matters most to us – supporting member firms do what they do best - helping clients achieve their goals and objectives,” the statement said.
The former IOOF staffer launched the new non-aligned group because he and his colleagues were “frustrated by the failure of large institutions to deliver solutions that were client-focused” according to the newly-launched WMM website.
According to ASIC data, former Lonsdale authorised representatives Robyn Hatch and Tony Bazzana of WCA Wealth Management are now operating under the WMM licence.
Chartered Accountant Graham Smith is also listed as a director of both WMM and WCA on their respective websites.
The new licensee’s emergence follows the revelation of tensions between authorised reps of Lonsdale and the dealer group’s owner over research and APL restrictions.
IOOF group general manager, wealth management, Renato Mota, denied the allegations, telling ifa “there is no conflict”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
21 Nov 2017DomaCom strikes deal with Moody’s AnalyticsBy Staff Reporter
21 Nov 2017Netwealth lists on ASXBy Tim Stewart
21 Nov 2017Perpetual announces departure of CEOBy Staff Reporter
21 Nov 2017Hub24 announces upgrades to platformBy Jessica Yun
20 Nov 2017Coalition senator renews royal commission pushBy Killian Plastow
20 Nov 2017Victorian practice joins EldersBy Staff Reporter
- view all