Risk Company Updates

Venture Financial Advisers joins Count Financial

As MLC Wealth merges with IOOF, another advisory firm moves out of the dealer group. Venture Financial Advisers has now joined Count Financial, joining Ascent Private Wealth.

BT retires grandfathered life commissions

Commissions are to be discontinued on several life insurance products that were offered inside master trusts and superannuation funds, in line with the January deadline for grandfathered remuneration. There will no longer be commissions on Protection Plan policies offered via the Westpac Master Trust or SuperWrap with a commencement date of before 22 June 2012.

CBA opens Amsterdam office

After obtaining a new licence, the Commonwealth Bank (CBA) is entering into the European institutional investor market. The new subsidiary is the Commonwealth Bank of Australia (Europe) N.V, opening from June 2021.

Insight Investment Partners launches tech dealer group

Sydney financial advice firm Insight Investment Partners is launching a tech-based dealer group offer, IIP Dealer Group. Managing director Anthony Lyon and director Christopher Fellas are running the new offering. The new dealer group will be underscored by the proprietary iComply2 software, which is licensed out to advisers. So far, IIP has signed five financial advisers and is preparing several more. A flat licence fee is $25,000 plus professional indemnity insurance and an iComply2 fee to allow continued improvements to the software. There are pricing tiers.

US wealth manager buys up Australian financial advice firms

Focus Financial Planners, a US-based NASDAQ listed company, is building its advice network in Australia with several purchases. Focus bought Brady & Associates Group, Link Financial Services Group and the Westwood Group, all of which will join Connectus Wealth Adviser network, also recently purchased by Focus. Focus already owns Escala Partners and MEDIQ Financial Services, however, these two firms will operate under a different model, remaining separate to the Connectus Wealth Advisers network.