Norwich Union today announced the launch of n-able – a new service providing independent financial advisers with all the "back office" benefits of a large dealership without the constraints of ownership. Specifically, n- able will help small to medium size adviser groups deal with the impact of the Financial Services Reform Act (FSRA).
Norwich Union today announced the launch of n-able – a new service providing independent financial advisers with all the "back office" benefits of a large dealership without the constraints of ownership. Specifically, n-able will help small to medium size adviser groups deal with the impact of the Financial Services Reform Act (FSRA).
The move is an acknowledgment of the very real impact that the FSRA will have on smaller, independent financial advisers – in particular the process of applying for an Australian Financial Services Licence (AFSL).
N-able offers advisers "hands-on" support in the process of applying for AFSL – including preparing proofs and lodging an application. It also offers a range of compliance, training, product research, income management and regulatory technical advice such as priority news updates, calculators and strategy papers.
“Speaking with independent financial advisers about the impact of FSRA compliance on their businesses, it was obvious that there is a real need for this kind of support in the small to medium-size dealer group market.
"In addition to existing dealers requiring support, other advisers may decide to fragment away from institution-owned dealer groups and apply for their own licence. N-able provides the kinds of research and compliance support that larger institutions offer – allowing advisers to maintain their independence without compromising on the quality of their back office support.
"N-able is designed to support IFAs with a pay-as-you-go service. They’re not 'locked-in' to our products simply because they use this service – n-able offers access to a suite of services by a range of suppliers including Integratec, Accent, Adviser Solutions, PlanTech and Dealer Management Systems,” said Allan Griffiths, group director of distribution.
“The strength of n-able lies in its 'menu-style' product offering. Customers choose only the services they need – creating a research and compliance support service that is tailored to their business needs. Unlike other services that provide a standard offering, customers pay only for the services they require and use,” Allan said.
Because of this flexibility to package a tailored offering for clients, n-able is a competitively priced service. Cashflow control allows customers to spread payments easily throughout the year.
For further information, please contact:
Simon Morgan
Group General Manager Public Affairs
(03) 9829 8892
0407 966 632
Note to editors:
- Norwich Union Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life. Portfolio Partners, the funds management arm, is aligned with Morley Fund Management in the UK. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Norwich Union Australia is part of Aviva plc, the world’s seventh-largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva’s principal business activities are long-term savings, funds management and general insurance. It has a market capitalisation of approximately A$34.4 billion at 13/01/03, worldwide premium and investment sales of more than A$76.6 billion from ongoing business and more than A$556 billion in assets under management. The group has 64,000 employees and more than 25 million customers.