A number of Australian wealth managers have stepped up the level of communication with their financial advisory network in light of the passage of the federal government’s advice reforms.
National Australia Bank-owned MLC, AMP and ANZ Wealth are among a list of companies that have established dedicated lines of communication to ensure regulatory change is not only heard but also understood among their advisers.
MLC yesterday announced the launch of a new Future of Financial Advice (FOFA)-dedicated website for advisers wanting information about the reforms and how they will impact on their business.
The online support centre would be updated as new regulatory details were released, MLC said.
“Since launching the pilot site in early March, there has been a 45 per cent increase in the number of advisers utilising the various tools available on the site,” the company said in a statement.
MLC advice and marketing executive general manager Richard Nunn said the website was designed for MLC’s “aligned and salaried adviser networks . but will also provide information on key changes and their impacts to IFAs (independent financial advisers)”.
The site includes an overview of the FOFA regulations and a timeline, MLC’s view of potential impacts on the industry, and details on what MLC is doing to help advisers comply with the regulations in terms of business development and marketing support.
MLC’s advisory network includes Godfrey Pembroke, Apogee Financial Planning, Garvan Financial Planning, MLC Financial Planning and NAB Financial Planning.
An AMP spokesperson said the financial services giant had been actively involved in communicating with its advisers on “an array of industry issues”.
“We like to keep our planners up to date and that includes the regulatory changes, which is important for the industry and our adviser and planner network,” the spokesperson said.
AMP’s advisory network includes AMP Financial Planning, Charter Financial Planning, Axa Financial Planning, Hillross Financial Services and ipac Securities.
An ANZ Wealth spokesperson said while the bank did not have a dedicated website for FOFA, it provided regulatory updates to advisers through its business development managers and explained the implications for the advice businesses.
In July last year, ANZ Wealth’s advice division, OnePath, rolled out FutureReady, a program to support advisers in a post-FOFA environment.
Two months later, OnePath launched a further FOFA-related program to support its aligned dealer group advisers.
ANZ Wealth’s advisory network includes millennium3 Financial Services, RI Advice Group, Financial Services Partners and ANZ Financial Planning.
On 22 March, the lower house of Parliament passed the FOFA reforms by a vote of 60 to 56.
As reported by InvestorDaily, Financial Services and Superannuation Minister Bill Shorten presented 18 amendments to the first and second tranches of FOFA, but, as expected, opt-in spurred the most robust debate.
