A new business called The Principal’s Community headed by Kon Costas has been formed as an independent and dedicated self-licensed adviser service to support and meet the demands of self-licensed businesses.
The newly formed community evolved from the BT’s Practice Principal’s Community after BT and Costas parted ways following the Royal Commission as more advisers went independent.
Costas said: “I am thrilled by the opportunity to build on the existing foundations of the successful community and provide quality advice businesses the framework that facilitates the connectivity of business leaders to share insights, learning, challenges and opportunities.
“In addition, the community has a strong focus on the ongoing professional development of advisers where they gain fresh insights in advice strategies, and a better understanding of the practical application of the regulatory and legislative environment through our dedicated governance team.”
The BT Community had 134 members, authorising over 1,300 advisers with over $50 billion funds under advice, and comprised many of the leading advisory businesses from across the country.
Costas said he was confident that with his key team members joining him and promising continuation of services, coupled with the overwhelming support from the current community for the independent model, The Principal’s Community would attract businesses to join.
“Following the Royal Commission, requirements from AFSL [Australian financial services licence] holders have become much tougher, resulting in licence holders increasingly engaging with their peers for support and business insights into how to scale their businesses,” said Costas.
“Establishing a self-licensed model independent of an institution also removes conflicts of interest and risks surrounding breach reporting obligations and provides licence holders the services and support to evolve with the ever-changing landscape.”
A BT spokesperson said: “We have decided to close our Practice Principals’ Community from 10 December, 2021, to focus on our core platform’s capability, technical and strategy support through our technical team and a series of events and masterclasses planned throughout the year.
“We wish Kon and his team all the very best with his new venture and look forward to engaging with The Principals’ Community.”