Industry elder statesman, Godfrey Phillips OAM, has joined financial services co-operative, Australian Financial Advisory Network.
A release from Queensland-based AFAN notes Phillips, a 46-year risk specialist adviser who has decided not to undertake the Adviser Exam, has brought his business into the AFAN network in order to prolong his career and his service association with his clients.
The basis of the AFAN value proposition lies in its alternative solution for risk specialist advisers across Australia who are either unable to, or have elected not to, successfully complete what was the FASEA adviser exam by the end of 2021, or for some of those among the 882 remaining advisers who have an exemption to practice until 30 September 2022.
Under the AFAN model, the risk specialist adviser continues to serve their current client base in a consulting capacity, in return for sharing trailing income with the financial services co-operative (see: ‘Plan B’ Offer for Risk Specialists).
According to long-time industry contributor and AFAN Development Manager, Mike Donohue, the move to AFAN is a win – not just for Phillips in extending his career – but also for his clients “…because they’re not being sold off to someone they don’t know, and being part of a financial co-operative means that they will now have easy access to a wide range of services including financial planning advice, estate planning, general insurance advice and mortgage advice.”
I’ve now got a strategy and a process…
From Phillips’ own perspective, he says he has found an option that works for him and his clients: “I can still retain the enthusiasm for assisting my clients,” he says, adding, “I’ve now got a strategy and a process. I don’t have to worry about my compliance and regulation and can just be that client facilitator, doing the best job I can to introduce my clients to the AFAN team”.
AFAN has released a brief video interview with Phillips, which presents the rationale behind this move. Click the image below to view the video:
Godfrey has been a leading light in the Industry for many decades, he has always been there for anyone who needed help and spent countless hours working to make things better for everyone.
The end result and unintended consequences of over zealous Regulation, is what has happened to Godfrey and thousands of experienced Advise practitioners who were cajoled down a path that they knew would not work and ignored by vested interest groups that did not listen.
Thank goodness Godfrey can still continue to be involved with his clients, pass on his experience and stay in this Industry that desperately needs guidance from people who have practical knowledge and who can help guide the Industry back onto the right path.
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