Koda Capital s Paul Heath
As the CEO and co-founder of wholesale advice outfit Koda Capital, Paul Heath always had a “well-formed” views about the firm he wanted to create.
Independence and client centricity were at the heart of the vision he shared with co-founder Steve Tucker. But while the two concepts are “fantastic marketing terms”, Heath had another use for them.
“Independence actually allows us to run a really scalable model,” Heath said at the recent
Professional Planner Best Practice Forum.
“If you remove the conflicts of interest and hire really good people who want to do the right thing, it’s actually hard for them to do anything other than the right thing.”
The domestic managed account market will evolve towards customisation in the same way that the market in the US has according to Blackrock head of model portfolio solutions, Josh Persky.
Speaking at
Professional Planner‘s Best Practice Forum recently, Persky said the trend to customisation is highly likely to “break out” at both a product and service level if it follows the same pattern as that reported by the Blackrock team in North America.
On a product level, he explained, the development will lead to managed accounts being tailored much more acutely to the particular needs of the individual.
“We’re talking hyper personalization, very much moving from a one size fits all to a one size fits one,” Persky said.
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Speaking at the AFCA members’ forum Thursday morning, deputy chief ombudsman June Smith explained how AFCA was reassured by recent court decisions that its fairness jurisdiction can, at times, supersede the law.
“There are now a number of court decisions involving AFCA and its predecessor schemes… where the courts have been clear that AFCA and predecessor ombudsman schemes have a fairness jurisdiction and about how it operates,” Smith said.
“These court decisions have affirmed that AFCA can apply a fairness approach to determining complaints, while having regard to relevant legal principles and law, but not be required to strictly apply legal principles/law in accordance with its rules and the contractual tripartite arrangement between AFCA, its members and complainants.”
Story Wealth s Anne Graham and Rob Jones from Peloton Partners
Financial adviser are selling themselves way too short according to Rob Jones.
The Peloton partners chief executive believes the inability of advice principals to charge sufficiently for their services is a “massive problem”, and while advisers may be brilliant at providing a service their inability or reluctance to demand appropriate recompense is holding the industry back from functioning in good health.
“After all the advancements we’ve made in this industry, the fact that we’re still living with very old, outdated and ineffective pricing models is a real issue for us,” Jones said on a panel at the