Australian Financial Services Licensing (AFSL) Forum

This topic contains 1 reply, has 2 voices, and was last updated by  David Court 3 years, 4 months ago.

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  • #5099 Reply

    licencefx
    Member

    Can anyone tell me what AFSL licence conditions you would need to be a model manager on a platform such as powerwrap? You would not be giving advice as you do not talk to clients/ provide clients with an SOA. Another financial advisor woudl recommend their clients invest in the models you manager. As you are just acting as the model manager, I do not think it is even your “model” I think it falls under powerwrap licence conditions, you are just appointed to click the buy and sell button inside your mandate? below are some links to the PDS and APL for easy reference.

    http://powerwrap.com.au/docs/smartwrap-spa-apl20170619.pdf

    http://powerwrap.com.au/docs/smartwrap_super_pds_20160701.pdf

     

     

    #5161 Reply

    David Court
    Member

    Thank-you for your question.

     

    We are quite familiar with this type of service and you will either require an AFS Licence to provide personal financial product advice to the relevant platform provider (i.e. Powerwrap)  or be appointed as an authorised representative under the AFS Licence of another person (which could be the relevant platform provider).

     

    The type of authorisation required under an AFSL Licence or representative appointment is dependent on a range of factors, including any agreements in place with the relevant platform provider.  We strongly recommend you seek appropriate legal advice before providing a model portfolio service.

     

    At Holley Nethercote, we provide expert and practical legal services and would be happy to assist.  Please feel free to contact our financial services team if you require further assistance.

     

    Author: David Court (Partner)

    Co-contributor: Diana Lawrence (Law Clerk)

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Reply To: Licence Requirements

Your information:


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