Affinia Expands Into Licensee Services

TAL-owned financial advice group, Affinia, has extended its advice offering into the provision of licensee services aimed at independently operated financial advice businesses.

Head of Affinia, Marcus O’Sullivan

The new service – Affinia Access – will provide a series of packages which include a white-labelled Australian Financial Services Licensees (AFSL) infrastructure, compliance and advice resources, marketing and business development support and access to professional development courses.

Licensees would also have access to preferred technology pricing, investment and super research, acquisitions and adviser recruitment support, an annual AFSL review and consulting around professional stands, and handling breaches and complaints.

Head of Affinia, Marcus O’Sullivan said the launch of the service would allow AFSLs to operate independently in providing advice under their own license and brand but rely on the resources of Affinia to help with the running of the licensee.

“Being a financial planner and operating a licensee are very different roles requiring different skills and expertise. For this reason it is important for AFSLs to partner with dealer-to-dealer services to assist them in navigating the regulatory environment,” O’Sullivan said.

“Simply outsourcing compliance audits does not always mean the licensee is meeting their obligations. That’s why we partner with AFSLs to help them manage their licensee and responsible manager obligations,” he added.

“The Affinia community is a team of highly experienced individuals with a mix of licensee management, advice, commercial and technical skills. Through Affinia Access we are equipping AFSLs with sound advice infrastructure, professional standards frameworks and management strategies to create a service offering suited to the specific needs of their business and clients,” O’Sullivan said.