In today’s episode of The ifa Show, host Sarah Kendell is joined by Conaill Keniry, managing director of ifa Excellence Awards 2020 finalists Cobalt Advisers. Conaill unpacks his experience with getting his own licence for his advice firm and why he opted for the self-licensing option over a traditional dealer group after a lengthy research process.
Conaill also busts some myths around the self-licensing process and shares how removing layers of dealer group requirements led to a huge increase in productivity for his firm.
This guy is the reason why not to get your AFSL, the layers of compliance at the better licensees are what the regulator wants. The regulator does not want the adviser looking in the mirror at the adviser/compliance manager/research manager/ responsible manager.
Disagree. Only thing an AFSL does is tell ASIC who is responsible. The problem with our industry is advisers don’t take responsibility for their own advice. They think the dealer group is going to protect them. Why does an adviser need layers of compliance? Just give good advice, and document it. That is what the regulators actually want. Dealer groups want you to think the layers are necessary so they can charge you ridiculous fees. You’ve drank the Kool-Aid. It makes no sense that accountants, lawyers, doctors are treated one way, and advisers need their hand held. All advisers should be self-licensed.