The ASX-listed business is 12 months into “completely changing” its business model, from one that wholly owns firms within its network to one that takes a minority stake.
At the moment, the business is in the process of selling down equity in firms where it has a majority stake.
Countplus chief executive Matthew Rowe said the business has significant interest in firms with an SMSF service line, given the market demand for financial advice and retirement-centric services.
“I can see a time where, for every $100 a firm brings in, $60 of that will be from accounting and $40 of that will be from financial planning and SMSF services. We see it as a growth area,” Mr Rowe told SMSF Adviser.
Mr Rowe sees “huge” unmet needs for advice – particularly related to tax, superannuation and financial planning – in the small business people market.
Countplus recently hired the ex-CEO of the Bentleys accounting network, Mark Chapman, as chief operations officer. He is behind much of the face-to-face network relations, including training and development.
“He is currently meeting with the managing principals of every one of our firms, to do a deep dive into their key priorities,” Mr Rowe said.
Perhaps they are diversifying their income stream away from Orphan Advice Clients obtained by advisers leaving Count and clients not signing positive consent forms. We wonder why grandfathered commissions are being banned. Here is your reason.
please go to this link: http://www.deakin.edu.au/courses/find-a-course/business/financial-planning
and watch the video presentation by Adrian Raftery specially listening to 1:29 – 1.34
it will go a long ways to explain, hurry before they take the link off
ha ha nice one, “work for accountants is drying up” classic raftery.
he tells the CA institute he doesn’t think CA’s need more study, he then tells financial planning students there is “guaranteed work ” for them, and then says in the same video work for accountants drying up
not just classic, [i]classique[/i]
there might be very few accountants left in the SMSF space after the fasea educational requirements are implemented, as many accountants been grandfathered and do not even have a first degree, let alone have a related post graduate degree.
as far as trusted adviser status, I, as an adviser am about to be legally recognized with the term financial planner/adviser restricted to those like me who are suitably qualified and licensed (multiple post grads i might add).
whereas the term “accountant” in Australia is not subject to any legislative or other enforceable restriction so let’s talk soon chums
“SMSF Advice” is absolutely, positively…low hanging fruit for ASIC.
Section 961J requires that an advice provider should not act to further their interests or those of their [u]related parties[/u] over those of the client when giving the client advice. In complying with this obligation, advice providers should consider what a reasonable advice provider without a conflict of interest would do (RG 175.375, 376).
Countplus confirming the longheld belief that accountants only recommend SMSFs to bolster their fee base. Accountants are no different to the vertically integrated financial planners they love to denigrate. The so-called ‘trusted advisers’….
and I like the line “huge” unmet needs for advice ‘…have they been reading the RC? Speaking of, they should be roped in with accountantas recommending SMSF for control and freedom of investment to only open a CBA aligned Wrap platform. Whats the point? Fills the pockets of platforms, banks, Count and charges SMSF an extra $10k in Wrap fees for the privledge. This is scandal they need to look at…