Q – If an Adviser places their clients SMSF or MDA on a Retail Platform, will they be subject to the role of the in – House or independent Trustee plays?
A – APRA have no jurisdiction over SMSF/MDA, so negative… but they and the Adviser will be subject to the rules and antics of the Platform Manager.
As pointed out yesterday, the Trustee is NOT the potential problem as they must act in the best interests of consumers….as with the callous discriminatory action against Interprac Advisers, it was the platform managers Macquarie and Netwealth who banned them.
The only way to neutralise the Platform Managers behaviour is to have legal agreements in place allowing Adviser access to the platform/clients and Trustee.
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
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