According to a statement to the Australian Securities Exchange today, listed platform manufacturer Investorfirst – which has rebranded as HUB24 Limited – has reached an agreement which will see NTAA members have access to the HUB24 investment platform.
Specifically the deal has been struck with an entity InterPrac Financial Planning – an Australian Financial Services licence holder which provides “adviser support including personalised SOA templates, financial calculators, software, research, paraplanning services and business development support” to NTAA member firms and has over 90 authorised representatives according to its website.
According to the ASX statement, InterPrac operates “under the auspices” of the NTAA and has also recently launched a separate AFSL under the name ‘SMSF Advisers Network’ – an entity which has also gained access to the HUB24 platform through the announced agreement.
The launch of a self-managed super fund-advice focused AFSL follows a hyperbolic email sent from NTAA executives to its members – obtained by ifa – which spoke of a “financial planning empire” and railed against AMP’s push into the SMSF sector as a “blitzkrieg” on small accountants.
The ASX statement also describes the NTAA as a “not-for-profit” organisation, counter to the argument made by Count Financial chief executive David Lane, reported by ifa last week, which called out the underlying profit motivation of the association.
Last month, the NTAA launched a scathing attack on the financial planning community – despite its oversight of InterPrac Financial Planning – which drew the ire of the financial planning associations and shadow minister for financial services Mathias Cormann.
There is no way tax agents and the majority will be able to provide ‘licensed’ advice given the onerous demands now in place since the introduction of the FOFA reforms. They don’t have the resource and won’t want to spend what is needed to successfully transition their businesses. This whole saga is a storm in a teacup and there are good reasons accountants got left behind over 20 years ago when the life industry took the bull by the horns and ran with the wealth management/financial advice industry. Accountants/tax agents are tax people. Reactive and after the fact. Better behind a desk in the corner than standing out front. There won’t be any new industries or starting again. If anything the current environment only highlights the days are numbered for these archaic cottage industries.
Seems the folks at the NTAA have been studying the tactics of the ISN. Throw as much mud as you can, conceal your real purpose, and seek raw commercial advantage behind a smokescreen of smearing most financial advisers, except those who are members of the NTAA.
And the NTAA claims they are non-profit
Whats next-another nasty TV attack on advisers using members funds
For the NTAA
“The lady doth protest too much, methinks.”
–From Hamlet (III, ii, 239)
pretty much sums up the duplicitous utterances from the NTAA
Does this now imply ntaa planners are “strangers” and should be avoided as they are “””planners”””. Should clients now only see reputable people such as CPA and ICA professionals. Hopefully ASIC gives them the attention they deserve and ensure they are fully compliant, fully educated and not a special breed. I am sure profit and greed are the motivators—not for profit?????- next they will re- badge as the church of ntaa- a not for profit religious charity and claim deductions.