- Licensee Offering ‘Instant’ Advice Businesses;
- Countplus Subsidiary Makes First Acquisition;
- Boutique Licensee Partners with Midwinter
Licensee Offering ‘Instant’ Advice Businesses
Dealer group GPS Wealth is positioning itself as a way for accountants to start delivering financial advice to clients in just 90 days, including advice about life insurance.
The group, which provides licensing and compliance services to over 100 financial advisers and 70 accountancy firms nationally, offers a range of different licensing options for accountants. One option is a limited authority with a two-day RG 146 course.
“There’s a misconception that accountants have to offer comprehensive investment advice from the outset but many start small with life insurance and lending before gradually expanding into other areas of wealth management such as holistic strategic advice and estate planning,” said GPS Wealth co-founder, Greg Holman. “It all depends on the individual practice and their clients’ needs.”
Mr Holman said the benefits of combining traditional accounting and financial advice weren’t only financial but allowed accountants to satisfy their duty of care to clients by raising awareness about their potential need for life insurance, income protection and TPD cover.
It also enabled accountants to put a fence around their clients and remove or reduce the need for them to go elsewhere for advice.
“In an increasingly competitive environment, accountants who can provide more than tax advice and accounting services but a complete, integrated wealth management solution under one roof will become indispensable,” he said.
Countplus Subsidiary Makes First Acquisition
Advice389, the newly-established Countplus subsidiary, has completed its first partnership agreement with financial advice firm, Hunter Financial.
Advice389 was opened in May 2015, and is led by former Aon boss, Pierre Kraft. Mr Kraft said the business model was founded on the belief that a shared equity model means partner firms stay independent, but have access to capital, corporate best practice and a network of peers and advice leaders.
In looking for advice businesses to partner with, Mr Kraft said that his team had evaluated a number of firms on the basis of strict criteria, including professionalism, the quality of their business model and their ability to grow.
“That’s why we are so pleased to announce this first partnership with Hunter, because it really sets the standard for future partnerships with other financial advice firms,” Mr Kraft said.
“Hunter has been growing very well organically, but is looking to step up to the next level, with help from Advice389. Our role is to facilitate that growth by investing in the business, while at the same time allowing Hunter to retain its branding and entrepreneurial control,” he added.
Boutique Licensee Partners with Midwinter
Boutique financial services company, Merit Wealth, has partnered with Midwinter to rollout AdviceOS to its adviser network.
Merit Wealth is a boutique financial services company that bridges the gap between accountants and the financial services community. The group opted for Midwinter’s software to optimise the network’s advice generation process and simplify reporting procedures.
“Today’s announcement is another key component of Merit Wealth’s strategy of providing our dealer group’s advisers and accountants with high quality services that will directly assist them to increase productivity and maximise the potential of their client service activities,” said Director of Merit Wealth, Garth McNally.
Managing Director of Midwinter, Julian Plummer, added: “We are delighted to be partnering with Merit Wealth, providing them with tools which will allow them to enter the future of financial advice confidently and seamlessly. This is a pleasing confirmation of our AdviceOS cloud based strategy. By implementing AdviceOS throughout its network of advisers and accountants, Merit Wealth will proactively manage the advice provided from a licensee point of view in real time.”
