In a statement released on Wednesday, Haywood Financial Management’s Scott Haywood said the practice had resigned from MLC-aligned dealer group GWM Adviser Services, following “long consideration” around the impacts of the dealer group’s sale to IOOF.
“This sale has been in the works for some time, which has given us time to reflect on what we might do,” Mr Haywood said.
“We have made this decision because we feel IOOF is not a good fit for our business or our clients in the long term.”
Mr Haywood, who is known as ‘The Finance Guru’ from his appearances on radio stations 2GB and 3AW, said his practice would move to non-aligned dealer group Interprac Financial Planning, owned by listed financial services firm Sequoia Financial Group.
Sequoia’s wealth arm has had a strong year of acquisitions in the advice space, having picked up Yellow Brick Road’s wealth business as well as the advice arm of stockbroking group Phillip Capital.
Sequoia managing director Garry Crole told ifa Mr Haywood was expected to come on board at Interprac within the next two months.
“On being approved he has resigned from his previous AFSL, so now the process is for them to release him and arrange the transfer of his customer base to us after the normal opt out provisions that take place,” Mr Crole said.
“I expect given the other NAB/MLC advisers that have joined us in recent months that will take one to two months in transition, so he is still at the current AFSL until then.”
He said Sequoia was aiming to fill a similar role in the non-aligned space to fellow listed dealer group Centrepoint Alliance, and was targeting “premium planning practices” such as Mr Haywood’s.
“We want to provide advisers a licensee that can support their business in all areas of their self-employed positioning,” Mr Crole said.
“This includes employing high level compliance staff, high level practice development staff, administration support, paraplanning access, IT and technical support as well as offering access to SMSF administration, outsourcing support, legal document establishments, general insurance and ASX equity clearing.”
Sounds like a beat-up for this show-pony.
He has applied, and been accepted to a new AFSL within 24hrs of deciding that its what he wants to do.
It either means that:
– This has been in train for a while and has nothing to do with IOOF & therefore not protest.
– Its a beat-up and he is just doing it to get some sway with his new AFSL;
Also, Its not like MLC was the grand high poobah. How much remidation are they paying vs. IOOF aligned AFSL.
I hope he isn’t getting a ‘spotters fees’ on practices that come across
Hi Doc, Appreciate the concern for the benefit of the industry. We were told MLC was for sale in 2018 and we would all have to find a new home. I have not been offered and will not be accepting any money to stay with MLC/Ioof or any fee to join or requit, so no spotters fee. No beat up just dont want to go to another product aligned license.
From his website
google it
Scott Haywood BBus, Dip FP, Dip FS, CFP®
Managing Director | Financial Adviser Authorised Representative of GWM Adviser Services Limited
Scott became a Certified Financial Planner™ (CFP®) in 2000 and commenced giving advice as an Authorised Representative in 1997. Scott specialises in wealth creation strategies for individuals, personal financial planning, personal superannuation, self managed superannuation funds and risk insurance for small to medium businesses.
Well done Scott on finding a licensee who is happy to appoint you free of charge as long as you bring across plenty of MLC advisers with you and promote them. This is not a breach or a conflict as your friends and advisers who trust you are not clients. So it is OK. Any licensee who also bought Yellow Brick Road is the place to be for all high level advisers.
The media are not very good at doing their research. Try finding his actual educational qualifications. NOTHING TO BE FOUND! I do hope we don’t have another Sam Henderson on our hands.
Barefoot’s has a few popular media slots also. Wouldn’t call him a ‘top adviser’ on that measure alone…
Sam Henderson was popular also…
If you are going to label something, define the label first please IFA.
Scott must be a very capable man indeed. In a single day, after learning of and being outraged by the MLC/IOOF merger, he has managed to undertake the due diligence to research and join a new licensee. I suspect not. Scott’s ‘move’ is more motivated by self promotion than any real outrage.
I like this quote: “Sequoia was aiming to fill a similar role in the non-aligned space to fellow listed dealer group Centrepoint Alliance.”
That anybody would aspire to share the same role as Centrepoint is quite funny.
Well, until you realise we’re just looking at the perpetuation of the same rent-seeking behaviour from businesses keen to profit off advisers efforts without adding any real value.
All thanks to the protection of an outdated and ludicrous licensing system.
But, yeah, sure, great press release everybody.
What makes Scott a top MLC adviser? His own say-so?
Fum? Revenue? What’s the measure?
I’ve never seen him nominated or recognised as a “Top MLC adviser” in the 10 years I’ve been aligned. To my knowledge he never received the Garvan award.
I don’t recall seeing him at the Barrons conference that a number of MLC advisers were invited to attend.
A media slot doesn’t make you the best – just ask Sam Henderson.
Good old tall poppy syndrome is alive and well isnt it? I don’t know the bloke but why even question this? To what end? This is why we are so fractured, we sit in the corner and throw stones at each other, grow up bud, jealousy is a curse, advisers need to stick together not stab each other in the back at the first opportunity.
I don’t believe we should stick together. Its’ the sins, the lack of personal accountability of some advisers to make an extra buck that has lead to Australians being turned away from advice. The only way to reverse this over regulation is to call out any adviser that places their own personal financial gain ahead of their clients. I’m not saying anything about this Adviser as I don’t know them, but I’m replying to your comment about “sticking together”.
Interprac sure sound like a destination afls.
this is Sequioa trying to pump up their share price
This is news??