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NAB assists formerly aligned firms to obtain AFSLs

NAB assists formerly aligned firms to obtain AFSLs

Aleks Vickovich & Linda Santacruz
— 1 minute read

A number of financial advice firms licensed by NAB’s Godfrey Pembroke subsidiary have become self-licensed with support from the bank.

According to an investigation by InvestorDaily sister title ifa, Tasmanian firm Collins SBA, formerly an authorised representative of Godfrey Pembroke, has begun operating under its own AFSL, following a similar move by Sydney firm Praescius Financial Group in July 2016.

A NAB spokesperson revealed that the bank had assisted Collins SBA in the AFSL application process and continues to work with Praescius as part of a partnership program.

“We have worked with Collins SBA this year to support them through their licence application. They remain a valued partner of NAB,” the spokesperson said.

“Praescius has its own licence, but continues to work closely with NAB and Godfrey Pembroke via our Licensee Partnership Program.”

Commenting on the development, industry commentator and M&A specialist, Steve Prendeville of Forte Asset Solutions, said the bank’s strategy to assist formerly-aligned practices to get their own licenses is a smart one.

“The assistance by banks to get practices their own licences is a ‘win-win’,” Mr Prendeville said.

“The bank de-risks but maintains a relationship with the provision of dealer-to-dealer services and [potentially] FUM retention, while the practice has continuity of service but with greater freedom and enhanced client and management value proposition.”

Collins SBA managing director Jonathan Elliot said the decision to become self-licensed was partly inspired by the firm's participation in the Implemented Portfolios study tour to New York in 2015, during which he realised the importance of independence and technological innovation. 

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NAB assists formerly aligned firms to obtain AFSLs
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