Regulatory changes do not spell doom and gloom for small to medium-sized planning businesses, the head of Linear Asset Management said.
"The commentary that FOFA is going to impose such heavy burdens on small to mid-sized businesses that they are going to go out of business is incorrect," Linear managing director Chris Hipkin said.
He said Linear's platforms and others on the market could help planners seize opportunities that would accompany regulatory change.
"Small firms should fear not. There are applications and solutions out there for all sorts of businesses."
Hipkin said the same dour conversations took place when financial services reform came into being in 2003.
"At that time everyone was talking about getting out of business. Choosing a really good platform plus technology partner should mean FOFA is just a chance to re-engineer the business because there are plenty of opportunities still out there," he said.
Earlier this week, Linear unveiled a range of platform branding solutions aimed at small to mid-sized financial services firms.
Hipkin said the platforms would spur growth by lowering the cost of doing business, introducing new revenue streams and streamlining businesses.
"Dealers group can control the branding and the colour scheme as well as the investment menu in accordance with their own [approved product lists].
"It incorporates modelling functionality so they can do model portfolios; it incorporates a lot of things like integrating online processing, applications, instructions and workflow orders.
Hipkin said the range was cheaper than larger platforms with administration fees starting at 44 basis points.
"It's a much cheaper option than building it themselves or going to the bigger platforms."
Linear's platforms have about 30 dealer groups representing more than 1000 advisers. About a year ago, Bendigo and Adelaide Bank bought 24 per cent of the company.
