AAS unveils financial planning intent
By Mike Taylor
TELSTRA-owned Australian Administration Services (AAS) is set to throw its hat into the financial planning arena in what would be a first for a back-office administration firm.
AAS managing director Stuart Kochinski says the company has established a financial education and planning business with Money Solutions as part of its strategy to offer a broader range of services to clients.
He says the initiative was something that evolved last year and which, although in its early stages, is starting to produce results for AAS.
Kochinski acknowledges that financial planning and education services have not previously been regarded as core services for administrators, but says that in some respects administrators are a logical place to look and the group has taken steps to increase its foothold in the market.
AAS swooped to acquire the back-office business, ChallengerSuperannuation Services earlier this month and just weeks after being acquired by Telstra, won a key five-year administration mandate with Christian Super from Mercer after a nine-year tenure.
The new business of Christian Super and re-signing of REST Super in December for a further five years places AAS in a comfortable position and Kochinski says a financial planning service is something that will not only be on offer to AAS’ administration clients but to employers generally.
“We see it as part of a growing trend towards providing different types of services, which we find people need as they are confronted by life’s milestones,” he says.
AUTHOR
Mike Taylor
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
