Adviser body guns for union super money
TheAssociation of Independently Owned Financial Planners (AIOFP) and Personal Choice Management (PCM) have combined to launch a new joint venture aimed at attracting industry and corporate superannuation funds.
The initiative, Personal Choice Industry (PCI), will aim to attract interest by offering trade unions and corporate funds a stake in the group.
“The intention is to create a unique equity participation vehicle where entities like trade unions and corporate funds can participate in the management revenue [of PCI],” says AIOFP chief executive Peter Johnston.
He says there is a perception in the market that unions control industry funds, however, while many of them do have representation on a number of fund boards, he says they do not receive any cash flow or income streams from such arrangements.
Directors of PCI include Perth-based AXIS Group manager Andrew Welch, Sydney-based Powell Capel Securities executive Keith Powell, PCM operations manager Dennis Ryan, along with Johnston.
Johnston says the start-up is in discussions with two of Australia’s largest trade unions.
PCM also has other ‘Personal Choice’ branded initiatives in the market, such as Personal Choice Retail and Personal Choice eWrap. Both are offered throughAsgardand useIOOF’s administration platform.
PCI itself will be outsourcing its administration operations in the first week of January, when it conducts a tender for prospective suppliers, Johnston says.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
