{"id":603628,"date":"2026-04-14T15:14:21","date_gmt":"2026-04-14T15:14:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/603628\/"},"modified":"2026-04-14T15:14:21","modified_gmt":"2026-04-14T15:14:21","slug":"aiofp-seeks-bulwark-to-megalomaniac-platforms","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/603628\/","title":{"rendered":"AIOFP seeks bulwark to ‘megalomaniac’ platforms"},"content":{"rendered":"

Home<\/a> > Financial Planning<\/a> > AIOFP seeks bulwark to \u2018megalomaniac\u2019 platforms<\/p>\n

\"Mike <\/p>\n

Mike Taylor<\/p>\n

Managing Editor and Publisher<\/p>\n

14 April 2026<\/p>\n

\"Soldiers<\/p>\n

The Association of Independently Owned Financial Professionals (AIOFP) wants to re-enter platform white-labelling in what it says is a move to reassert the fact that financial advisers should have undisputed ownership of the relationship with their clients.<\/p>\n

And at least a part of the basis for the AIOFP\u2019s approach is what it perceives as a bid by the major platforms to assert virtual ownership of those clients via their terms and conditions.<\/p>\n

Reinforcing his organisation\u2019s position, AIOFP executive director, Peter Johnston directly referenced a communication from platform company Netwealth to advisers in which it declared \u201cUpdated Adviser Terms and Conditions\u201d which included asserting Netwealth\u2019s rights to communicate directly with clients.<\/p>\n

In the face of this AIOFP has been looking to reintroduce its white-labelling approach last used more than a decade ago, with a decision to be made around a parter tomorrow (Wednesday).<\/p>\n

He said AIOFP members had strongly support re-establishing a White Label and that two potential firms had been identified as suitable as managers to provide a Foundation Wrap service.<\/p>\n

Johnston has asserted that the Netwealth changes to terms and conditions represents a threat to adviser ownership of their clients.<\/p>\n

\u201cFull credit must go to the Heine Family for their brutal honesty, they have not \u2018sugar coated\u2019 the circumstances \u2013 once your clients go into the NETWEALTH structure you have zero rights and they own and control your clients,\u201d Johnstone said in a message to AIOFP members.<\/p>\n

\u201cThis outcome will affect the future valuation of your practice if your clients are not under your direct control which is precisely why they sought your advice in the first place. Why would a prospective purchaser of your business pay top dollar if you do not control\/own your clients and they are at the total mercy of ruthless Managers?\u201d his message said.<\/p>\n

Johnston said in reference to the Netwealth terms and conditions changes \u201cIt also appears Netwealth have now assumed the role of your practice\u00a0quasi Regulator\u00a0and\u00a0compliance manager\u00a0with demanding access to your practice so they can feel comfortable dealing with you whilst taking control of YOUR clients and their cash!\u201d<\/p>\n

He claimed many retail platform operators \u201chave transformed from being a Profession service provider into an institutionalised group of megalomaniacs\u201d.<\/p>\n

The Netwealth communication with advisers which has concerned Johnston stated:<\/p>\n

\u201cWe\u2019ve updated our Terms and Conditions to reflect our current business processes and regulator expectations of platforms (like Netwealth) in monitoring adviser conduct, fee practices, product distribution, operational risk and investment governance oversight.<\/p>\n

What is changing?<\/p>\n

Changes made to the Terms and Conditions will provide Netwealth with:<\/p>\n

\u2022
\nthe express right to communicate directly with clients where needed \u2013 ordinarily we will let you know prior to doing so,<\/p>\n

\u2022
\nclearer rights to request adviser to provide advice records (if needed for governance purposes),<\/p>\n

\u2022
\na right to ask for formal attestations covering matters such as adviser oversight, fee charging practices and related controls,<\/p>\n

\u2022
\nthe ability to suspend or limit user access (including to address fraud and scam risks), and more clearly reflect DDO obligations\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Home > Financial Planning > AIOFP seeks bulwark to \u2018megalomaniac\u2019 platforms Mike Taylor Managing Editor and Publisher 14…\n","protected":false},"author":2,"featured_media":603629,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[228279,45,49,48,133,228280,65989,131,132,70446,228281,228282,206957],"class_list":{"0":"post-603628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-aiofp","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-finance","13":"tag-fofa","14":"tag-netwealth","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-platforms","18":"tag-royal-commission","19":"tag-white-label","20":"tag-wrap"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/603628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=603628"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/603628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/603629"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=603628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=603628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=603628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}