Some finding self-licensing attractive
With the issues around Future of Financial Advice (FOFA) and grandfathering having been resolved, financial planners are showing an increasing interest in operating under the own license arrangements, according to My Dealer Services associate director, Alex Euvrard.
According to Euvrard his company has recently assisted in submitting six applications from planners seeking their own licenses to the Australian Securities and Investments Commission (ASIC) and is receiving frequent inquiries about such moves
However he said that, by contrast, the number of enquiries received by MDS from accountants was significantly lower and this could only be a concern for the sector with the end of the accountants' exemption looming.
Euvrard said his company expected the situation would change rapidly in coming months as accountants realised that time was running out and RG146 qualifications would require a significant amount of time to complete successfully.
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