The RG179 exemption ends today

Alex Burke,  Senior Writer,  No More Practice Education

Following on from the first part of our Thought Leaders series, “Building a better business model for financial advice,” we spoke to Luke Fitzgerald, Mercer's Wealth Management Leader in the Pacific Market, about what advisers can do now that the era of limited managed discretionary accounts is coming to an end. See him in action in our exclusive interview.

Broadly speaking, what can advisers do if they’ve been relying on limited MDA authorisation from their licensee?

Basically, you can buy a managed account off the shelf, partner to build one or build your own. Obviously, your other option is to go back to the world of SOAs. Which, as you know, brings with it an elevated operational undertaking if you’ve been working with clients under an LMDA structure up until now.

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