FAQs

View a list of MCAs Frequently Asked Questions below.

 

A. You control your practice.

MCA does not interfere with your practice in any way.

MCA will not become involved in your practice other than as it is required to do under the Corporations Act. Annual compliance audits are required, but these are non-intrusive and, if possible, are conducted at a time that suits you.

There are no product pushes, monthly budgets or meetings with "Business Development Managers." MCA does not impose any restriction or requirement on the way you run your practice. MCA's only concern is that you comply with the Corporations Act, and gives every support needed for you to do this.

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A. Many accountants and financial planners will be shocked to discover that they do not own their own clients, at least as far as investment advice is concerned. The dealer owns their clients!

The CPA website has this to say:

"Who owns the client and ongoing revenue - From a strictly legal point of view, you are only a representative of the licence holder and the relationship the client has is, therefore, with the licence holder, not you. Even if your relationship with your clients is such that they follow you, your licence holder still has the ability to restrict access to client files and information if you leave. You may be restricted in how you contact your clients if the relationship between you and your licence holder breaks down."

MCA's proper authority documents makes it clear that you own the client. MCA's access to the client and the client records is limited to the level of access required to ensure compliance with the Corporations Act.

If you decide to stop using us we cannot contact your client except if this is necessary to comply with the Corporations Act.

This is a fundamental position. You own your clients, not MCA. It is your business, not MCA's.

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A. No. There are no product pushes.

MCA does not push any products and does not require its authorized representatives to push products either. It is completely up to you how and what you market to your clients. Apart from an approved product list, we do not interfere with your practice in any way.

Subject to you complying with the Corporations Act and other relevant legislation, you are free to run your financial planning practice as you see fit. There are no minimum monthly targets, quotas or standards for you to achieve. There is no pressure whatsoever from us. It is over to you as to what you want to do with your practice.

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A. Branding Issues

 

The Corporations Act requires you to disclose the details of the AFSL to all persons to whom advice is provided. The Corporations Act also requires the AFSL holder's details to be more prominent in any marketing documents. This can confuse clients and make it appear that your firm is secondary in the relationship.

MCA makes sure your clients always understand that you are the primary advisor.

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A. No.

 

There is no minimum level of business.

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A. MCA is not interested in funds under management.

If you already have funds under management with another ASFL holder they can stay there, or they can be transferred to MCA. If you decide to transfer them to MCA we rebate 100% of any commissions paid to us back to you.

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A. You can. It's your choice. We will not pressure you to do this.

And we will handle your funds under management with a rebate of 100% of any commissions paid to us back to you. That means you will make more from a fund under management orientated practice with us than you will with other ASFL holders.

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A. Contact Terry O'Brien on 03 8682 09134 to arrange a no obligation meeting at our Victorian office.

Terry O'Brien
Suite 2
3 Colemans Road
Carrum Downs, Victoria 3201.
Phone:    03 8682 9134.
Mobile:   0400 142548

Joe Grogan 
Suite 2
3 Colemans Road
Carrum Downs Victoria 3201
Phone: 03 8682 09134
Mobile: 0404 765404

 
 
 
 
 
 
 
 

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© 2016 MCA Financial Planners

ADDRESS

Suite 2, 3 Colemans Road
Carrum Downs Victoria 3201

CONTACT US

Terry O'Brien terry@mcafinplanners.com.au

Phone: 03 8682 9134

Joe Grogan

joe@mcafinplanners.com.au

Phone: 03 8682 9134

MAILING LIST

MAP