Managed portfolios fit for post-FOFA
Australian Unity Personal Financial Services (AUPFS) clients will now have access to three multi-asset managed portfolios as part of a new range of managed portfolios added to the Federation Alliance platform.
Federation Alliance chief executive, Alan Kenny, said that initiatives for driving efficiency were the key to moving forward in a post-Future of Financial Advice (FOFA) environment.
"In a post-FOFA world, advisers need to be even clearer in relation to meeting their obligations," he said.
"There is a place for both institutional and independent platform models — the key for us is to give our advisers and clients the choice."
AUPFS chief executive, Steve Davis, agreed that efficiency of service and delivery should be the key target for advisers and planners moving forward.
"The administration for advisers significantly increased under the FOFA regime," he said.
"Helping advisers operate a more efficient practice is now even more important."
The launch of the new portfolios coincides with the recent unveiling of Federation Super and its addition to the AUPFS approved product list. The portfolios were now available as separately managed accounts (SMA) on the Federation platform.
"The SMA provides advisers with a streamlined way of providing consistent and transparent portfolio construction and rebalancing solutions to clients," Davis said.
"The Federation platform [is] a unique offer in the platform market."
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.