Establishing your own AFSL? Trick or Treat!

Exciting permanent position in Sydney in the “sale of advice” profession
August 14, 2018
Businesses for sale
Business for sale. Melbourne Outer Eastern Suburbs Based
November 7, 2018

Establishing your own AFSL? Trick or Treat!

Have you thought about what’s involved in becoming self-licensed?

This includes things like:

  • Applying to ASIC or other government bodies.
  • Setting up your own AFSL
  • Buying an already operating AFSL
  • Who will put together all the compliance and legal frame works?
  • How long will it take to either set up or acquire?

Think about who will manage your application process.

  • Work out if this is something you’ll attempt to do yourself.
  • Will you find a specialist in this field?
  • How much will it cost?

The application process can take up to 6 months to prepare the application and 6 months or more once submitted to ASIC. It’s something you’ll want to get right the first time.

It’s vitally important to set up with the business with a robust compliance framework, with policies and procedures that suit your business.

  • Can you afford the time, effort and money to write up that type of content?
  • Who will you appoint as a responsible officer?
  • What will their remuneration package be like?
  • Have you done a rigorous investigation of their background and credentials?

Consider who’ll will help you manage your:

  • Compliance and Audit
  • Financial Planning Software
  • Research and Technical Support.
  • Approved product list
  • Client management system

You’ll need to establish all these things. Is this something you have the time and expertise to manage?

Most importantly if this is the best use of your time.

Decide if you’d like to build relationships with service providers in each space or outsource to a licensing services firm.

Are there organisations that can help you? If so ask them what services they can provide and the investment for them.

How much help do you want?

Please tell us a little more about what you are considering by completing the following survey.

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