Evalesco director Jeff Thurecht said his firm is switching licensees in order to gain greater control of his business – something that is difficult to do within a larger dealer group network, he said.
“We no longer fit snuggly within the PIS model,” he said in a statement. “Their large scale processes have to be rigid to work across hundreds of advisers, and we’ve reached a point where we need flexibility and agility.”
Evalesco is a former winner of the PIS Practice of the Year accolade and has been a prominent member of the Centrepoint Alliance’s network, ifa understands.
AAN is owned and operated by its four member firms – Centaur Financial Services, Robina Financial Solutions, Guide Financial and now Evalesco – meaning that its representatives have “skin in the game”, Mr Thurect said.
Under the terms of the agreement, Evalesco will play an active role in AFSL management and will have a say in decisions such as software, platform and product choice, a change Mr Thurect described as a “luxury that can be limited under larger licensees”.
AAN was crowned Best New Licensee at the 2016 ifa Excellence Awards.
For more information on the 2017 ifa Excellence Awards and its finalists, please visit https://www.ifa.com.au/ifa-awards
Did some digging. Appears they didn’t jump too far, as their new Licensee AAN is through AAP, which is a subsidiary of, yep you guessed it, PIS aka Centrepoint.
Birds of a feather, seems they all like flocking together to keep the over rides firmly in place.
PIS practice of the year just means your weren’t pinged by ASIC – yet.
I think non-aligned simply means you aren’t owned by a product or an institution. Independent has a completely different meaning altogether. Many boutique licenses have their own MDA/SMA products that they prefer their clients go into, that’s part of their wealth management model. I think that’s fine if it’s the way that a firm manages their client’s wealth. No different from seeing a stock broker who prefers you use their direct equities model under their own broking platform for ease of transactions.
I don’t know anything about the new “non aligned” licensee they have gone too, but a question I have is in regards to some “non aligned” licensees that I do know about.
That question is – If your non aligned licensee has a negotiated rate card on the platforms they recommend and consistently recommends the same investments for everyone for example Dimensional , are they non aligned? I’m interested in peoples thoughts on what does non aligned really mean??
What does it mean if they don’t have a negotiated rate card and use the same platform for most clients??
What if a “negotiated card rate” results in lower costs to the client? Isnt that a client focused outcome?