Modest advice entry by CPA Australia
The foray by major accounting group, CPA Australia, into the financial planning dealer group space appears to be off to a very modest start, with the Australian Securities and Investments Commission (ASIC) register revealing only five separate representatives for CPA Australia Advice Pty Ltd.
When CPA Australia announced the launch of CPA Australia Advice, there were suggestions that it could become the home to more than 1,000 authorised representatives and advisers but, to date, it appears to be reflecting the generally slow take-up of licensing by accountants.
At the time of announcing the move towards establishing a licensee, CPA Australia chief executive, Alex Malley, was reported as saying that the organisation had received close to 600 expressions of interest from people both inside and outside the industry.
ASIC granted approval of the CPA Australia Advice Pty Ltd Australian Financial Services License in April.
Malley said at that time that the planning group expected to be operational from 1 July.
Recommended for you
Global investment manager BlackRock has signed an agreement to manage $121 billion for Citi Wealth clients in almost 100 countries, the latest development in its wealth management plans.
Colonial First State has launched a small-cap fund with Wellington Management, its third fund with the US investment manager.
Pacific Current Group is to lose its chief financial officer and non-executive director, prompting the asset manager to consider a board restructure.
Northern Trust Asset Management has promoted co-chief investment officer Michael Hunstad to president.
