Beacon planners encouraged to sign up to defence trust
The new dealer group established by Peter Daly, Beacon Group, will encourage its planners to sign up to a new trust established under the auspices of the Association of Independently Owned Financial Professionals (AIOFP) to contest legal action by the Australian Securities and Investments Commission (ASIC) or the Financial Ombudsman Service (FOS).
Daly confirmed to Money Management today that Beacon group would be encouraging its planners to sign up to the trust, which was modeled on the protections provided by the Police Association to its members and was likely to cost advisers a dollar a day.
Daly, who is also the chairman of the AIOFP, said it was unlikely the trust would move to contest every case but would certainly do so where it believed it was warranted.
Daly said his new dealer group Beacon group, represented a "house of brands" that would traverse planning, accounting, mortgage and finance and property — something which would allow it to differentiate itself based on offering a holistic service.
The group already boasts 170 planners and Daly pointed to negotiations afoot for further acquisitions.
The brands falling within the Beacon Group are the FinancialLink Group, Interactive Mortgage and Finance and B Property group.
Daly said the group's web site would go live early next month and that it had already developed an Approved Product List and model portfolios.
Recommended for you
As YTD financial adviser growth approaches parity with 2023, Wealth Data’s Colin Williams is optimistic that adviser losses will be less severe than 2024 due to increasing steadiness in the profession.
Employers should not panic if remuneration budgets are too stretched to offer salary bumps, according to two recruiters, as staff say they are also attracted to a greater work-life balance when accepting a promotion.
AZ NGA subsidiary Nestworth, which recently acquired the financial advice business of Australian Unity, has appointed a former senior Insignia executive as CEO.
ASIC has flagged the 2022 case of RI Advice as an example of the need for cybersecurity measures within a financial services firm as chair Joe Longo warns a cyber attack "is almost inevitable".