News in Brief

  • Sydney Firm Expands Into Risk Advice
  • ASIC Lifts Licence Conditions of Total Financial Solutions
  • AFA Inspire Tour Celebrates Fifth Year

Sydney Firm Expands Into Risk Advice

Cardena Private Wealth Director, Jonathan Kilborn

Boutique Sydney advice firm Cardena Private Wealth has expanded into providing life insurance advice following a 12 month partnership with risk specialist advisory group, MBS Insurance.

Cardena Director, Jonathan Kilborn said the expansion follows an alliance with MBS in which the latter provided personal insurance and related consultancy services to Cardena clients.

“For Cardena, it was an acknowledgement that personal insurance is very much a highly specialist and complex area that requires expert guidance to navigate the numerous providers, offerings, variations and options required to address the specific individual needs of HNW families, professionals and business owner clients,” Kilborn said.

Under the expanded relationship with MBS, Cardena, which is licensed through Fortnum Private Wealth, will offer business continuity insurance, income protection insurance, trauma, life, TPD cover at an individual and group risk protection level.

ASIC Lifts Licence Conditions of Total Financial Solutions

Additional licence conditions have been removed from Countplus owned advice business, Total Financial Solutions Australia (TFS) after the completion of a compliance conference review and remediation program.

The conditions, from ASIC, were imposed by consent on 25 September 2015 following instances of inappropriate advice by a TFS authorised representative, Brian Dobinson, of Redcliffe, Queensland.

Dobinson was permanently removed from the financial services industry, after ASIC found he failed to act in clients’ best interests (see: ASIC Wins Trio of Actions Against Advisers).

TFS also undertook a remediation program which resulted in $2,549,291 being paid in compensation to 522 clients, and also implemented a number of recommendations relating to the monitoring and supervision.

TFS Chief Executive, Andrew Kennedy said as a result of the compliance review the practices of the business had been overhauled and a new management team and board appointed.

AFA Inspire Tour Celebrates Fifth Year

Dianne Charman

The AFA will launch the 2018 Female Adviser of the Year Award as part of its fifth annual Inspire Roadshow which will visit the major capital cities during May.

The Roadshow, which will run from 10-16 May, will aim to develop more pathways for women to succeed as advisers and provide access to advice for more women.

AFA Inspire National Chair, Dianne Charman said the Association had seen an 30 per cent increase in female membership since the launch of the Inspire initiative, and the Roadshow and Award were some of the ways Inspire continued to support its twin goals.

AFA Chief Executive Phil Kewin said Inspire Community and the TAL Female Excellence in Advice Award were having an impact on the Association’s ability to create change in the industry by creating a platform to meet current and future needs in financial advice and the broader community.

Full details of Roadshow dates and times can be found here.