In an email communication dated 3 July, obtained by ifa, the association claimed that “large financial institutions” have waged war on “small accounting practices” and that the association’s advice entity, NTAA Advice, is the antidote.
Singling out AMP’s push into the self-managed superannuation space, the NTAA email said accountants were facing a “full on offensive, a blitzkrieg” which has allegedly been launched to “entice clients away from their most trusted adviser and into the arms of a huge financial empire”.
“Now is the time to resist this offensive,” the email stated. “The NTAA has assembled an arsenal for you to protect your clients and look after their retirement savings.”
The email then goes on to list the services offered by NTAA to assist accountants moving to new licensing arrangements as the accountants’ exemption comes to an end.
“We have an AFSL which you can join for only $250 a month and which won’t require you to sell any product,” the email states.
“For those that want to help clients plan their investments for retirement we will have a competitively priced investment platform solution available – this will only need accreditation with certain sections of a full RG 146 (which we have arranged to be available at a discounted price).”
Take-up of these services will make you “fully armed and ready to meet this threat head on”, the email claims.
The email reveals that several weeks before it launched a blatant public attack on the integrity of financial planners, the NTAA was privately marketing the services of NTAA Advice to its database.
The NTAA has still not responded to a request for interview.
Last mob that chased accountants and issued Authorised Rep certificates like confetti? what was their name….starting witha P and a shortened wee? yeah they had/have an EU sounds like NTAA know nothing….
Just came back from a seminar on the Coalitions view on Superannuation and their proposed changes. Not sure where the original invites went out to as was was invited from a platform to attend. To my surprise No accountants or NTAA however 99% of the Audience was Industry Fund employees and trustees. Biggest concern was this governments tinkering with super and the Massive Increase in SMSFs, also the Conflict of interest in Superannuation Trustee boards where they hold representation on trade unions as well as ISN funds. ONly one question on FOFA, no adviser bagging, seems alot of fear and angst from the left too. THought it was interesting to see the otherside
I think NTAA should be more fearful from Dealers probably like Count, GPS , Lonsdale etc…. than AMP dealers are just doing their job which is recruitment of authorised reps….. Its not good building wedges like the ISN market because things tend to backfire, especially when they dont comment back. I know my accountants are happy to pay extra to join our dealer because of relationship.
[quote name=”Lets Get Real”]Didn’t they also poach the former technical director from SPAA? They appear at least to be semi-serious so maybe you should be concerned.[/quote]
Yes they hired Peter Burgess (former SPAA Technical Director), spent $20M acquiring the SMSF administration firm Cavendish, spent between $10M – $30M acquiring a 49% share of SuperIQ, inherited Multiport with the AXA merger, acquired remains of Smart Super (ex Perpetual) clients and have spent tens of millions on branding, public relations advertising & seminars. AMP are therefore very serious about the SMSF space.
Ian, that makes sense as on recent performances I don’t think the NTAA would have anyone worth poaching…Certainly not one in this space..
AMP poached the former technical director of SPAA, not NTAA
Who is the NTAA? Who are the executives running this place? As a not for profit, there must be a Board. Who is on the Board? It seems to be almost a make believe faceless organisation at the moment. Anyone know a NTAA member who can shed some light on this mob?
Is this some sort of joke. Do the ntaa think that this offer is revolutionary. Completely delusional to think that an offer of a two bit platform and a budget AFSL will be such a ‘boon’. Where have the people running the ntaa been for the last 10 years or more. I think PI insurance will be tough to obtain given such an offer. Cant see how you could have any sort of systems and back up for the $250 per month. Why does the IPA publish this sort of rubbish. It makes me less inclined to read any of the articles and more inclined to put this feed direct to ‘Junk mail’. My last post wasn’t published obviously due to my critical observation of IPA for peddling what appears to be a placed advertising piece posing as content.
Didn’t they also poach the former technical director from SPAA? They appear at least to be semi-serious so maybe you should be concerned.
While I do not support the language used by the NTAA I am concerned about the financial institution push into the SMSF sector. AMP SMSF is an easy target given their recent high profile. You would have to question AMP SMSFs credentials when effectively all they have done is spend a vast amount of money acquiring SMSF administration businesses followed up by an enormous advertising and public relations campaign.
im starting to think IFA are no better than the ntaa. Turf war! What a load of rubbish. If they think this is where the debate and profession is at they have completely missed it. As if the answer is to bring a new platform and Afsl to market. This will sink like a stone and appeal only to the desperate bottom feeders that shouldn’t be in the profession anyway. Cheap rubbish offer be spoken about in what is becoming a rubbish publication. Keep this up and I will just hit delete when it hits the in box..
The NTAA is seriously delusional and need to get over themselves. Of course, being delusional and having an overblown perception of their place in the world, they probably believe they’re ‘rattling cages’ and ‘shaking-up the establishment’. Last week they were offensive and unprofessional, this week they just seem a bit of a joke.
I think that this article is silly, and I wish IFA wouldn’t waste our time by publishing it. The NTAA is using sensationalist language to turn commonplace business competition into some sort of personal grudge match. Meanwhile, the idea of some sort of war is going on between financial advisors and accountants seems to be promoted by IFA also by making their ridiculous diatribe available to a mass of readers. If anything, these two groups are more in bed with one another than they’d care to admit – they’re both manufacturing an argument over clients before any advice, good or bad has been given. Our business is about personal relationships and trust, so the whole question is moot. The only thing people get for rolling around in mud with pigs is dirty.
This is what it was all about. NTAA are a pathetic self serving joke. Apart from seemingly declaring ACTUAL war on advisers, they then show their greed & lack of ethics by introducing yet another platform so ill trained accountants can offer “advice” to their clients!!??!Please NTAA how is that anymore professional that a bank advisers advice?? What about risk advice ntaa, do you think accounants get that?
Next week there will be another release from ntaa with other services!!! Very cheap and bottom line ploy to gain market. NO more oxygen for such a LOW level body. Most, if not all planners- planner/accountants and accountants have more respect for each other and will continue to do so and work in harmony. Let ASIC sort this mob out when the time is right, unfortunately-if past history is an indication- it will be toooo late for the suckers who followed this mob. New slogan for the ntaa- trust me- I’m a tax agent and have 146 training !!!!
NTAA attacking Financial Planners one week and marketing to accountants to join their AFSL AND sell their inhouse Investment Platform…I fail to see how recommending investment products to an SMSF Trustee will require only certain sections of full RG146? Looks like seeds are being sown or the next batch of rotten apples.
Seems accountants can have vested interests as well. Why else would they be setting up a platform if they were truly independent, it would not be needed seems a product focus. My experience in the past is that some accountants are interested in their clients well being which I applaud others in how much in fee’s they can generate, I refuse to deal with this type of so called professional. Seems the attack on Planners is just a marketing ploy its a shame non aligned planners have been professionally defamed. It seems the NTAA are trying to lead their membership down the wrong path. Planners are not accountants and Accountants are not planners you need to be one or the other both are unique professions you cannot be all things to all people and do it well.
Perhaps we should stop giving oxygen to a clearly self interested group who have no interest in professionalism or in promoting the benefits of financial services to consumers
Wow, are these guys suffering adverse effects from prescription medication (or otherwise)or are they just plain loopy? I had found their press releases offensive, but now it just provides my daily chuckle. I do feel bad for the professional accountants out there who are stuck with these people as their mouthpiece though. Incredibly embarrassing.
And $250 per month? That won’t cover the cost of insurance let alone compliance, training, research and prac development.
Well now fancy that!
Wow, had to check this was a financial services article and not Afghanistan related. More like Dad’s Army. Comical stuff
“Fully armed”, “arsenal” etc….Hahahahahaha, hilarious guys. Your answer is to sell one investment platform. Not even worth discussing where the issues are amongst all this. Pathetic, move on to the next debate. You just don’t get it. Go and get educated then come back later on.