AZ NGA

The three-way tie-up highlights just how much the power dynamic has shifted across the advice landscape over the last decade, with advice ownership groups arguably superceding licensees in the pecking order.

Product distribution is still embedded in advice, but with banks out of the game expansive product flogging programs are no longer ubiquitous. Businesses are growing based on their advice proposition now, with investment products increasingly put to the side.

Michelle Levy said she was ‘puzzled’ by the government’s decision to conduct a consultation on the proposals handed down in the advice review, while industry leaders urged for the adoption of her reform suite.

AZ NGA moves on from dealer group model to take up a horizontally integrated strategy.