ASIC approved CPA’s AFSL in April this year, following the group’s announcement in 2015 that it would launch a financial planning business and provide “pure and transparent fee-for-service” advice to consumers.
Since commencing operations on 1 July, only 11 advisers have become authorised representatives, according to ASIC records.
Mr Malley, however, told AccountantsDaily’s sister publication ifa that “there are a number of other advisers at various stages of the on-boarding process”.
“Since announcing our intention to establish CPA Australia Advice last year, we’ve been developing our business structure, getting our team together and working through the intricacies of our business,” he said.
“We have an ongoing and rigorous process of reviewing applicants who meet our criteria, and it’s important to be aware that not everyone who has expressed an interest will necessarily become an authorised representative.”
Overall, Mr Malley said he is happy with the direction of the licensee.
“We’re confident that the uniqueness of our offer is resonating – and will continue to resonate – in the marketplace,” he said.
CPA Australia Advice is intended to act as an alternative to the big banks and financial institutions. Its operations are said to be consistent with the Corporations Act definition of independence, and offer conflict-free services.
Mr Malley has been bullish on the licensing offering from the outset, telling AccountantsDaily earlier this year, even before the licence was granted, that the feedback from members has been “extremely strong”.