- Steve Tucker Launches New Venture;
- Midwinter Enhances Insurance Module;
- Mortgage Choice Boosts Adviser Numbers;
- IPA Calls for Increased Adviser Tax Training
Steve Tucker Launches New Venture
Former NAB Wealth Group Executive, Steve Tucker, has partnered with ex-JB Were CEO, Paul Heath, to launch a new, independent advice firm.
Called Koda Capital, the firm aims to provide private wealth management services that are independent and transparent, free from institutional ownership. Mr Tucker, who left MLC/NAB last year after 25 years of service, is the Non-Executive Chairman of the Group. Mr Heath is CEO of the new venture, and has recruited fellow JBWere alumnus, Andrew Rutherford, as COO.
Koda says it will offer clients wealth management services across four categories: financial strategy, investment strategy, philanthropic services and intergenerational wealth.
The firm is based in Sydney. Click here for more information.
Midwinter Enhances Insurance Module
Midwinter has enhanced its AdviceOS software, introducing new functionality to its insurance modules.
Among the enhancements are the introduction of more detailed information on insurance premiums, such as the total cumulative premium through the life of the policy, and new functionality that enables products to be ordered by ‘total score’.
A child trauma option within the insurance comparator and hybrid insurance policies which link covers inside and outside super will also shortly be added.
Midwinter said it was currently working closely with Rice Warner to add substantial enhancements to all of its insurance modules over the next three months.
Mortgage Choice Boosts Adviser Numbers
Mortgage Choice has appointed its 40th financial adviser, following the launch of its financial planning business two years ago.
The mortgage brokerage said the appointment confirmed that it was on track to meet its target of 60 advisers by June 2015.
Tania Milnes, General Manager Mortgage Choice Financial Planning, said one of the benefits of partnering with a mortgage broking franchise is that wealth accumulators are coming through the door seeking home loan advice every single day.
“Our financial advisers are currently enjoying more leads than they can handle, which is why it is so important for us to continue our strategic recruitment,” Ms Milnes said.
“At Mortgage Choice Financial Planning, we are looking for that new generation of advisers who bring the necessary qualifications and experience and who also have the ability to speak with customers in a way they can relate to.”
IPA Calls for Increased Adviser Tax Training
The Institute of Public Accountants (IPA) is calling for higher education requirements for advisers providing tax (financial) advice.
The Tax Practitioners Board (TPB) has issued its proposed guideline (TPB(PG) 04/2014) that sets out the definition of a course in taxation law. The course forms part of the requirements that need to be undertaken by registered tax (financial) advisers. The TPB proposes that the course should include the equivalent of one taxation law unit.
However, the IPA has argued that the proposed one semester of tax law is inadequate.
“Once a tax (financial) adviser is registered with the TPB, the adviser will be permitted to give tax advice covering any tax matter, provided it is in the course of providing financial advice,” explained IPA CEO, Andrew Conway. “We therefore believe the duration of a course in Australian tax law should be of sufficient breadth to equip a tax (financial) adviser to adequately advise the public on tax issues.
“Simply put, the proposal of a one semester unit in tax law is inadequate unless the scope of advice is significantly restricted in line with the level of training.”
The TPB has advised the guideline will become final once formal drafting and Parliamentary tabling processes have been completed.
