BGL Corporate Solutions has signed a deal with financial services group Yellow Brick Road (YBR) which would allow its accountant clients to become YBR franchisees and provide broader financial services.
Under the arrangement, BGL's clients would gain YBR's branding and in conjunction with YBR be able to provide services including financial planning, investments, insurance, managed accounts and retirement planning, BGL managing director Ron Lesh told InvestorDaily.
"BGL sees this arrangement as an industry-changing proposition for accountants," Lesh said.
"Previously, accountants had been forced to become authorised representatives of dealer groups to provide financial services. At the same time they have lost control of the client to the dealer group.
"This arrangement changes all that. From BGL's perspective, it means the firm can assist its clients to provide financial services and in the face of legislative change form new self-managed superannuation funds."
Under the deal, OneVue would provide the BGL firms that chose to become YBR franchisees with solutions including managed accounts.
The service began its rollout from yesterday and Lesh said he expects strong interest from BGL's accountant clients.
"We know that only one third of our clients are either licensed or have relationships with a financial planning group," he said.
BGL had around 6000 clients, Lesh said.
