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”.
Only 5 years too late to set up a profitable dealer group – well done!
Do you honestly think that the remaining people at Lonsdale aren’t in on this?
At least this guy has done what so many advisers don’t have the guts to do. Too many advisers are more comfortable complaining about their licensee, and the industry in general, than showing they have the actual knowledge, commitment and bravery to set up their own AFSL and be accountable for their future. It’s far from easy to correctly set up and run an AFSL for you own business – if you want to do it properly. Let alone set it up to provide services to other advisers.
I disagree. It’s not difficult to set up your own AFSL and it’s farcical to propose they’ll be providing services advisers can’t manage or arrange for themselves. They’re just attempting to become the institution they purport to dislike.
IOOF, AMP etc and other platform / product manufacturers are conflicted in the advice space. We will see more and more of these spin offs as clients demand non-conflicted advice.
hahaha “nothing to see here” eh renato?? ioof fails to learn the mistakes of the banks with their dealer groups and will end up in the same hot water methinks
Good to see these parties thrashing it out via press release. Off to a real classy start guys.