MySolutions wants independence for advisers
MySolutions Group has decided not to transfer mortgage advisers' aggregation from The Mortgage Supply Company to Astute Financial following a disagreement over the new regulatory regime.
Wednesday, September 25th 2019, 2:56PM 
2 Comments
Nicola Smee
MySolutions' mortgage adviser network will not move across from Mortgage Supply to Astute, after Astute asked members to operate under its FAP licence.
The network wants adviser businesses to operate with their own FAP licence, rather than underneath an aggregator's.
The Auckland business is recommending advisers choose a group where they can take their own FAP and "retain their independence".
Astute Financial declined to comment.
MySolutions argues adviser businesses with their own FAP will have greater control over their CRM and compliance under the new regime.
Nicola Smee, director of brand and communications at mySolutions, said: "We had to look around the NZ mortgage market, as we were wanting advisers to retain their independent choice and unfortunately Astute were insisting that Mortgage Advisers had to belong to their FAP going forward, which didn’t suit our culture."
Kevin Smee, CEO of mySolutions, wants advisers to "steer their own ship and be in control of their own destiny”.
From November 4, mySolutions will ask members to self-licence under their own business name. It will host bi-weekly training and webinars around the country to help advisers.
Keith Kerr, an executive director at mySolutions, and a mortgage adviser, said he was "pleased" he could remain an independent FAP.
"Falling under someone else’s group FAP is going to cause extra stresses that I don’t need at this time as all members under an aggregators' FAP can be unfortunately tarred by one rogue adviser in their group. It’s a shame that other mortgage aggregators appear to be bowing down to the banks," Kerr said.
MySolutions says it will provide a "supportive home" for new advisers and imminent retirees under Solutions Broker Group.
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Comments from our readers
When you look at the law, it is black and white, and the approach to self-govern is the smart decision presently.
The reality is as much as there is noise about operate under this FAP or that FAP, those FAP's still need to prove that they qualify to be a FAP and they still need to gain a full licence from the regulator.
Which is to say, they may be let in for a transitional licence, but they may not gain the full licence expected, and that is the key issue here, not the learner licence in between.
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Solutions has been a great experience for me since I joined a few months ago for Risk, and New Park for Mortgages. Great solutions all round.