Another AFSL folds into bigger dealer
Only weeks after dealer group WB Financial cancelled its Australian Financial Services Licence (AFSL) and folded into CBA-owned Financial Wisdom, another business has come forward with a similar move.
Troy Edmondson, who runs Queensland-based boutique financial planning practice Business & Estate Planning Specialists, announced he would be handing in his AFSL and joining TAL-owned Affinia.
He cited compliance obligations as the reason for this move.
“After holding the licence for a number of years, the compliance obligations were taking me away from running a specialist insurance and estate planning practice; I want more time with my clients, not less,” Edmondson said.
“The new Affinia group, backed by TAL, takes care of the licensee obligations and provides the service and support that both myself and my team need so we can clearly focus on giving high quality advice to our clients,” he added.
Affinia general manager Craig Parker said providing a new home for Edmondson’s business aligned with the dealer group’s strategy of partnering with “like-minded risk professionals”.
“We are serious about our network enjoying a seat at the table and having a voice on the continued design and evolution of Affinia,” Parker added.
Edmondson said having an open approved product list and not being aligned with one of the big four institutions was what attracted his business to Affinia.
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, two female advisers have discussed why women may be detracted from seeking advice and the impact of the gender imbalance in the industry.
ETF provider Betashares has launched a global bond ETF as investors pour billions into cash and fixed income ETFs.
