As of 20 October, CPA Australia had only issued authorised representative status to 11 professionals, after its AFSL was approved by ASIC in April this year.
Since then, dealer group Dover Financial Advisers has decided to hold off on launching its independent AFSL, citing CPA’s lacklustre start as a reason.
“It suggests there is not much demand for an independent AFSL,” said Dover director Terry McMaster.
Instead, the dealer group will focus its energies on new projects such as an internal referral program, where Dover advisers can work together to expand their services and drive revenue.
Despite the slow take-off, CPA’s chief executive Alex Malley has remained publicly bullish on the association’s moves in the licensing space.
“We’re confident that the uniqueness of our offer is resonating – and will continue to resonate – in the marketplace,” he said.
In fact, Mr Malley has been staunch on the licensing offering from the time CPA announced it would enter the financial advice market.
CPA told AccountantsDaily earlier this year, even before the licence was granted, that the feedback from members had been “extremely strong”.
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