CAR for Investment management of Stocks, Futures, Options globally

[Clinton]

I am looking to start my asset management business next year and need to become a CAR.

My experience and currently i invest in Stocks, Options, Futures both in Australia and US. Interactive Brokers is my choice of broker. I was a previous Financial planner, and then grew into this field due to the managed investment recommendation list. So i have experience in SOA, advisory etc, and dont really require a full service license overhead support.

How do i go about finding a License who i can get a CAR from? I know asic has a list, but how do i then find a list of brokers or license holders in Australia? so i can then go through and check their licenses.

I know what areas i plan to be active in have the business plan and also have solid systems and track record. Its just finding someone who will set me up as a CAR seems to be the hard part.

[Andrew Ham]

Hello Clinton,

 

Thank you for your question.

 

As you mentioned, ASIC maintains a register of Australian Financial Services licensees showing their authorised representatives.  However there is no simple way to identify licensed businesses with the authorisations you require.  You may or may not find that licensees on the ASIC register are willing to appoint authorised representatives.

 

The best course may be to seek potential leads from industry bodies, but you will otherwise need to rely on your own network.

 

Becoming an authorised representative is a big decision and there are several things you need to consider.  We would recommend that you familiarise yourself with the issues we set out in Holley Nethercote’s paper, “Authorised Representative Agreements – The Essential Terms”.  You should also consider obtaining your own legal advice to confirm the authorisations you require.  This will ensure that the AFS licensee you identify as a potential partner not only has the necessary authorisations, but is a good cultural fit for, and can effectively support, your business.  You should also bear in mind that there are some financial services that only a licensee can provide.

 

As licensees are responsible for the compliance of their CARs you may find that they will require you to fit in with their model when it comes to the support they provide.

 

Please feel free to contact our Financial Services Team for further information.

 

Author: Andrew Ham (Senior Lawyer)

Co-contributor: Greta Walters (Law Clerk)

 

[Kevin Lacey]

Hi Clinton,

Feel free to reach out to me regarding this as I will be able to help you with utilising our unique AFSL licence that has access to  everything you will require.  This includes ongoing training, support, national branding and even our call centre for all of your clients.  We also teach you about how to get leads and build your business from the ground up.

Kind Regards

Kevin Lacey – kevin@firstindex.com (0457 380 484).

 

[Author]

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