IOOF breakaway group sets up AFSL

According to a statement published on social media, Mr McCowan officially launched Lismore-based Wealth Management Matters yesterday, indicating an intention to become a dealer group and authorise third parties.

“We have built WMM focused on what matters most to us – supporting member firms do what they do best - helping clients achieve their goals and objectives,” the statement said.

The former IOOF staffer launched the new non-aligned group because he and his colleagues were “frustrated by the failure of large institutions to deliver solutions that were client-focused” according to the newly-launched WMM website.

According to ASIC data, former Lonsdale authorised representatives Robyn Hatch and Tony Bazzana of WCA Wealth Management are now operating under the WMM licence.

Chartered Accountant Graham Smith is also listed as a director of both WMM and WCA on their respective websites.

The new licensee’s emergence follows the revelation of tensions between authorised reps of Lonsdale and the dealer group’s owner over research and APL restrictions.

IOOF group general manager, wealth management, Renato Mota, denied the allegations, telling ifa “there is no conflict”.