News

IMAP Renews Advisory Board – November 2016

 

Press Release
IMAP Renews Advisory Board - 7 November 2016

 

The Institute of Managed Account Professionals (IMAP) has announced a series of new appointments to its Advisory Board. This change is being made concurrent with Toby Potter, Chair of IMAP, moving to a more full time role with the organisation following his departure from his role as National Manager, Platform Strategy and Managed Accounts with IOOF.

 

The Advisory Board provides guidance to the IMAP management team on strategic direction, discussions with regulators and suitable topics and presenters for IMAP events. The Board is drawn from organisations that are representative of the broad spread of involvement in managed accounts including MDA Providers, platform operators, investment managers, advisory organisations and technology providers.
“There’s so much development occurring in the managed accounts area that it’s a real benefit for IMAP to have the advice and support of these very experienced industry professionals” said Potter.

Members of the Advisory Board are:
Adam Seccombe – Implemented Portfolios, Andrew Tracy – JB Were, Brett Sanders – Philo Capital, Dan Powell – OneVue, Ian Knox – Paragem, John McIlroy – Crystal Wealth, Sam Marshall – Iress, Steven Karrasch – Select Asset Management, Tom Bignill – Mason Stevens, Tom Glynn – DNR, Benjamin Abell – Colonial First State and Steve Thomas – netwealth.  

Also in Professional Planner on 9 November and again on 16 November 

 

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

Climate change in the managed accounts biosphere

Toby Potter Chair of IMAP today wrote an article in the current edition of Financial Standard.

The article, titled "Climate Change in the Managed Accounts Biosphere" draws parallels between manmade environmental change and its impact on the natural environment. 

Referring to ASIC and its update to the regulations, Toby ponders over which financial services species are likely to be environmentally favoured and which may be treated like an introduced pest, namely the Limited MDA – a species introduced in 2004 is to be eradicated by October 2018.

The banning order is going to force a bit of genetic modification on the AFSLs and advisers who have comfortably occupied this niche for the past decade or so.  Having had adaptation forced on them, these AFSLs and advisers are most likely to think about evolving into:
• An MDA Provider, or
• An external adviser to someone else’s MDA service , or
• An adviser on standard platform SMAs, or
• An investment manager on a platform that will offer their portfolios as customised SMAs

There are positive aspects of the regulations and ASICs new MDA regulations are strongly supportive of diversity of approach to the provision of MDA services. ASIC has recognised MDA services that are, for example :
• Operated on a regulated platform
• And / or with an external adviser who is responsible for an annual review
• And / or with assets held by a custodian or in client own name
• And / or with external, outsourced administration 

However, ASIC spoke at a recent briefing organised by IMAP to provide the background to their thinking about the changes to the regulations. it was made clear that when an AFSL applies to be an MDA provider, whatever variety of advice, administration, custody, investment management they propose to undertake, ASIC are intending to apply a common standard of expertise, resources and experience.

IMAP is preparing a strategic workshop to help AFSLs pick their way through the options because the most obvious – becoming an MDA provider – is likely to come with a compliance burden that is both onerous and expensive. Info on this workshop will be released shortly.

Click here to read the full article in this week's Financial Standard

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

IMAP ASIC MDA Class order Briefing

ASIC MDA Class Order briefing webinar and Video conference 

 

Following the release of ASICs Legislative Instrument for Managed Discretionary Accounts, IMAP held an important briefing for the managed account industry from our regulator ASIC along with a panel of experts to discuss the consequences.
 
Program

  • Introduction  Toby Potter, IMAP Chairman
  • Presentation from ASIC’s Tony Christie explaining timing and intent of the changes
  • Commercial consequences - Claire Wivell Plater, The Fold Legal in Sydney
    and David Court and Matthew Twomey, Holley Nethercote in Melbourne

 

Click here for a copy of the recent webinar / video conference delivered on October 26 2016 at the offices of Macquarie in Sydney, Melbourne and Brisbane

 

 

IMAP Investment Committee webinar

ASIC Investment committee webinar 

 

On 29 September 2016 ASIC released the updated Class Order for Managed Discretionary Accounts.
 
In this webinar IMAP provided an initial overview of the key changes that ASIC announce.
 
A more complete presentation, in collaboration with ASIC was held after this event.
 
The main focus of the webinar was on a panel discussion on the best practice for Dealer Groups in establishing and maintaining an Investment Committee, with particular reference to Managed Accounts.
 
Topics covered included:
 
• Objectives of an Investment Committee
• Independence vs in house membership
• Integration of the IC into the broader organisation structure
• What should be in the Charter / Policy Statement
• Monitoring and managing performance and risk metrics of the Managed Account investment programs
• Fees – what should a dealer group expect to pay for independence?
 
The presenters are all experienced in participating in Investment Committees for AFSLs with a wide range of authorisations from large and smaller dealer groups, MDA Operators, Responsible Entities for managed funds and stockbrokers;

• Angela Ashton - researcher - Evergreen Consultants
• Annika Bradley - Financial Services Consultant
• Gordon Quah Smith - Lawyer
• Dan Powell - Onevue 

 

Click here for a copy of the recent webinar of 5th October  2016

 

 

IMAP welcomes ASIC’s release of updated MDA Regulation

The institute of Managed Account Professionals (IMAP) has welcomed the release by ASIC of a long foreshadowed revision of the MDA Class Order. “The new version of Regulatory Guide 179 is easy to read and a clear and pragmatic response that makes it more likely that advisers will take up MDA’s because of the flexibility they allow in the advice process” said Toby Potter, Chair of IMAP. there are winners and losers from the update to the MDA regulations

Winners:
Clients and Advisers: Better outcomes from the implementation of advice
Advice AFSLs: Much clearer regulation and potential for a significant service enhancement
Limited MDA advisers: New path to formalising their services either in their own business or with an MDA Provider - new name for MDA Operators
Major Platforms: Now they have 2 years to come up with Plan B for their current limited MDA Advisers
MDA Providers : No NTA
ASIC: Good piece of regulation which shows they can respond to an innovative and evolving financial service / product

Losers:
Limited MDA Advisers: The old world is gone
MDA Providers: A large number of individually small changes to regulation which will probably be significant in aggregate and all to be implemented in a 12 month period.
ASIC Analysts: Dozens of MDA applications to be processed in 24 months
Toby Potter
Chair, IMAP

For a copy of the full media release click here 

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

IMAP Managed Account FUM survey

The Institute of Managed Account Professionals (IMAP) today released the 2016 version of the Managed Accounts FUM Survey.

“Managed Accounts have been growing rapidly” said Toby Potter, Chair of IMAP. “However, because they can be SMAs, or MDA’s or various other legal structures, it’s been hard to be sure just how much is managed in this way.”

“We’ve surveyed almost all the organisations who have a managed account service and we estimate the investment pool is now over $30 bn” Said Potter. “Separating this single total into the main types of service, the amounts invested are :

• SMA / MIS – where there is a PDS - $8.8bn
• MDA services - $10.2bn
• Other services such as IDPS Like, IDPS, other contractual arrangements - $11.9bn
• Total - $30.874bn

In addition, as part of the survey, IMAP has released a listing of the service offerings and contact details of the participants. This will also be included in the IMAP Managed Account Directory available on the IMAP website – www.imap.asn.au.

“For confidentiality reasons we are not releasing the FUM associated with each provider. They will release this if they want and of course some publicly listed organisations do this as a matter of course” said Potter

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it. 

Please email jane mcilroy to request a copy 

Managed Accounts - Important Update for MDA Operators

MDA services are operated under a specific Class Order (CO 04/194) originally issued in 2004. Using this Class Order nearly 200 AFSLs are authorised to provide MDA services. 

Because Class Orders have a limited life the MDA Class Order is due to "sunset" or expire in October 2016 and a recent parliamentary release confirmed this sunsetting. 

In the absence of ASIC action to extend or replace the Class Order all services operated under it would not longer have the protection it provides from meeting the requirements of the Corporations Act, such as an exemption from issuing a PDS. 

This would obviously create a major problem for MDA Operators. 

ASIC undertook a round of consultation in 2013 with a view to updating it in light of the way it is being applied in practice. 

In light of the imminent expiry of the Class Order, ASIC have advised that they expect to issue a new Class Order and updated Regulatory Guide in late July or early August. 

 

Toby Potter

Chairman

Institute of Managed Account Professionals

0414 443 236

IMAP Onevue webinar featuring Darlene DeRemer

"Robo advice + Disruption + block chain strategies and other disruption trends" 

US based Darlene DeRemer is well respected as commentator on influences and trends affecting financial services sector. More so, she’s on the board of ARK Investments which invests in disruptive technologies. She was a co-founder of Grail partners in 2005. Grail has worked on over 250 strategic transactions involving asset management businesses.

Aside from advising companies, she had 25 years working US financial services industry strategic marketing, product design and implementation of innovative service strategies with emphasis on outsourcing and technology stop

Click here to download the presentation (Part 1) and here for Part 2.

 

if you would like to view the webinar click on the following link https://youtu.be/d0i2dB_G1aY

And if you would like to download any of ARK Investment's white papers, click on the following link http://ark-invest.com/research-download

 

IMAP launches the Managed Accounts Directory

The Institute of Managed Account Professionals (IMAP) today announced the launch of the Managed Accounts Directory.

"The Directory has two main purposes" said Toby Potter, Chair of IMAP. "Firstly, it will be a complete listing of the organisations which provide Managed Accounts, such as platforms and investment managers, or services related to Managed Accounts such as technology, legal, research or compliance services. Secondly, the Directory will enable IMAP to publish regular, reliable data on the size and composition of Managed Accounts."

The Managed Account Directory has been developed with support from Hub 24 as Directory Sponsor.

"A standard listing in the Directory will be available to all organisations but for IMAP Subscribers a full listing will enable them to set out full details of their services and contact details."

"The Directory will capture a full list of Managed Account portfolios and the administrative platforms that they are available through. This will enable IMAP to publish regular releases on the size and composition of Managed Accounts. We are often asked how large the market is and I think many were surprised when our survey in February  this year showed it as a $13bn market. We plan the first release in March 2016 and quarterly thereafter" said Mr Potter.

"We are pleased to support the development of the Managed Accounts Directory" said Wes Gillett, Head of Marketing and Distribution Hub 24, "There has been a real need for reliable industry statistics for some time and we are pleased to see IMAP meeting this need. We will be supporting this and encouraging the managers listed on our platform to be involved also.

Contact

Toby Potter, Chair, 0414 443 236 This email address is being protected from spambots. You need JavaScript enabled to view it.

Jane McIlroy, National Marketing and Events Manager 0411420180 This email address is being protected from spambots. You need JavaScript enabled to view it.     

Media

Chris Hocking 0418 603 694 This email address is being protected from spambots. You need JavaScript enabled to view it.  

 Click here to view the Directory.

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