Amid the mass exodus from institutionally-aligned advice, an industry body has found that a significant number of advisers are looking towards self-licensing.
Speaking to ifa, Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston said the association has received more than 800 enquiries over the past three months from institutionally-aligned advisers.
He said many of those advisers are either seeking assistance with getting their own AFSL, seeking a referral to a larger practice or wish to join an association that will act in their best interests.
“The FASEA issue has been such an emotional destructive rollercoaster, it has galvanised the advice community to the point where our board wants to create a new associate membership status for institutionally aligned advisers to join the AIOFP,” Mr Johnston said.
“They cannot of course use the logo or vote at our annual general meeting until they meet the full member status, but we will give them political advocacy and membership of our member protection fund for some security in these uncertain times."
Earlier this week, Mr Johnston said FASEA has negatively impacted the value of adviser practices as well as the mental health of advisers.
“To viciously play with adviser practice values, livelihoods and mental health is unforgivable,” he said.
However, Mr Johnston said that there is one good thing that has emanated out of FASEA: "The realisation that all advisers are under threat and we all need each other to survive and thrive."
He encouraged any institutionally-aligned advisers to attend the AIOFP’s upcoming Australian conference on the Gold Coast, running from 13 to 16 November.
He said that a ‘How to get your own AFSL’ session will be on the agenda, where there will be many current member groups on hand wanting to offer their licensing facilities to select from.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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