Broome takes it online
Marisa Broome has put her stake in Millennium Financial Planning group up for sale to go out on her own.
Marisa Broome has put her stake in Millennium Financial Planning group up for sale to go out on her own.
Broome has formed one of Australia’s first fully online financial planning businesses, called wealthadvice.com.au. The business provides financial planning solutions to clients without any face to face contact. All communication with clients is done via the Internet.
At the moment, Broome is advising the customer base she built up at Millenium but she is looking to expand in the near future.
Broome was a partner of Millennium since it began three years ago. She says she de-parted amicably from partner Laura Menschick in order to take a shot at the on-line ad-vice market.
“I had a desire to take the business to a different level. A level that focuses more on the technological side of things,” she says.
“There is a real belief that you can not practice real boutique financial planning by using e-mail. However, that is exactly what I plan to do,” she says.
Broome says many of her clients are young and interested in the technology age.
She already has an unrestricted financial planning advice license, however she has come across a stumbling block for online advice.
The Australian Securities Institute Commission (ASIC) says Broome and others provid-ing advice on-line must provide sufficient information to ASIC to state what will be pro-vided to clients and any prospective clients before the go-a-head is given.
However, Broome remains confident that her ‘brainchild’ wealthadvice.com.au will be operational in the next financial year.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
