- Infocus picks up fifth business
- AstuteWheel expands into South Africa
- ASIC suspends licence of advisory group
Infocus picks up fifth business
Financial planning group Infocus Wealth Management has purchased another business under its Infocus Group Succession Plan, bringing the total purchased to five since the plan began in 2014.
The plan creates an exit strategy for advisers licensed under the Infocus or Patron advice groups, which are operated under two AFSL’s held by Infocus.
Infocus, Managing Director and Chief Executive, Rod Bristow, said the plan was an option for advisers looking to exit the industry or for funds to aid further growth and had been part of the group’s strategy for some time.
AstuteWheel expands into South Africa
Client engagement software platform AstuteWheel has expanded into the South African financial advice market having been picked by around 35 advisers working across more than 20 practices.
AstuteWheel, Managing Director, Hans Egger said the South African financial advice market was facing similar regulatory change to that of the Australian market over the past few years and the platform filled a gap for practices looking for a better client engagement process to demonstrate to the value of advice to clients.
The group currently has 500 advisers using the software in Australia and has planned on reaching 100 advisers in South Africa in its first year of operation in that market.
ASIC suspends licence of advisory group
The Australian Securities and Investments Commission has suspended the Australian financial services licence of Melbourne-based Allegianz Pty Ltd for six months for failing to lodge financial statements, auditor reports and auditor opinions over consecutive years and failing to notify ASIC of this breach of its obligations.
Allegianz has held its licence since mid-2012 and provides specialised government, commercial and financial advisory services, with ASIC stating the annual lodgement of audited accounts was part of a licensee demonstrating it had adequate financial resources to provide the services covered by its licence and to conduct the business in compliance with the Corporations Act 2001.
