Media

Individual licencing BOLR & platforms – the future for the financial industry is still filled with challenges says Paul Tynan

Whether it be the start of a new financial or calendar year, the issues confronting the financial services industry, especially the advice sector, are all the same and actually increasing and intensifying with the vacuum of leadership and direction so clearly evident said Connect Financial Service Brokers CEO Paul Tynan…

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Accountants and planners’ expectations continues to fuel sale and exit inertia says Paul Tynan

Mature age accountants and financial planners are continuing to defer the sale of their practices in the erroneous expectation that their business will attract a higher price amongst a growing pool of prospective buyers said Connect Financial Service Brokers (Connect) founder Paul Tynan…

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Financial Observer Article: Industry must find place for older advisers

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Money Management Article: Pyramid business model hampers potential

The financial services industry’s progress and potential is being hampered as vertical integration models are an extension of the pyramid business model that dominates the corporate landscape, a financial services executive believes…

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The pyramid business and government models just don’t work says Paul Tynan

Although the New Year is now well underway, the debate that vertical integration leads to poor quality of advice and advice that is not in the best interest of clients has continued without a break said Connect Financial Service Brokers (Connect) CEO and founder Paul Tynan…

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Malaysia & SE Asia could provide workable life solutions for retirees impacted by new Assets Test says Paul Tynan

The rude shock many seniors will wake up to on January 1 2017 as the impact on pensions and benefits are realized as the result of changes to the Age Pension Assets Test will have financial planners inundated with calls said Connect Financial Service Brokers (Connect) CEO Paul Tynan…

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Institutional financial planning business model is dead – what about the future asks Paul Tynan

History will judge institutional ownership of financial planning in Australia as a venture that failed to live up to expectations says Connect Financial Service Brokers (Connect) CEO Paul Tynan as a number of the industry’s largest players head for the exit and begin to shut down their advice arms.

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Mature accountants & planners exiting industry accepting ‘fire sale’ prices for businesses says Connect CEO Paul Tynan

Connect Financial Service Brokers (Connect) CEO Paul Tynan has observed a disturbing and growing trend of mature age accountants and financial planners putting their businesses on the market in a last minute hope for a quick sale as the result of personal and financial health issues and then having to accept ‘fire sale’ prices for their lifetime of work and endeavour…

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Accounting and planning sectors losing the War for talent – new business models emerging in response says Paul Tynan

Connect Financial Service Brokers (Connect) CEO Paul Tynan has observed that both the professional services sectors of the accounting and financial planning industries are facing similar challenges with operational and ownership models being challenged in the modern era to firstly attract new entrants and secondly to entice them into becoming self-employed business owner entrepreneurs…

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Financial services tectonic plates have shifted irreversibly – now is the time to act says Connect CEO Paul Tynan

Connect Financial Service Brokers (Connect) CEO Paul Tynan has observed that although many within the financial services industry proclaim the world is changing and they are embracing the new era by adapting their respective corporate, dealership and advice models they are doing so reluctantly with the hand brake fully engaged whilst slightly pressing the accelerator…

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Demand for accounting and planning practices is still high …but new trends emerging says Tynan

Connect Financial Service Brokers (Connect) CEO Paul Tynan has observed that nationally there are still more buyers than sellers for accounting and financial planning businesses – a trend that has been consistent for the past five years.

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Paul Tynan cautions accountants to beware & consider options carefully as not all licensee offers are the same

Much has been written about the accountants’ exemption, which allows accountants to give advice on SMSF’s coming to an end on the 1st July 2016 and the new requirements they will need to adhere to if they wish to continue servicing clients within a compliant AFSL framework…

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The great intergenerational transfer of wealth is not going to happen says Paul Tynan

Much has been written and predicted in Australia and globally about the great intergenerational transfer of wealth and financial assets by the Baby Boomers to their children and heirs but sadly for many the reality will prove an immense disappointment said Connect Financial Service Brokers (Connect) CEO Paul Tynan.

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Succession, generational indifference and technology are just the beginning of challenges facing accountants

Succession and retirement planning for the accounting profession has never been more important and at the same time as difficult as it is at present said Connect Financial Service Brokers (Connect) CEO Paul Tynan…

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Advice education retirement & a new tech era has arrived – common sense transition solutions are needed says Tynan

Commenting on the current debate about advice education standards, Connect Financial Service Brokers (Connect) CEO Paul Tynan says that it has been coming for years…

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Advice industry won’t be alone in dealing with change in 2016 and beyond says Paul Tynan’

As another year comes to an end, Connect Financial Service Brokers (Connect) CEO Paul Tynan strongly recommends advisers to quickly forget about the ‘good old days’, FoFA and the Life Insurance Framework (LIF) and focus on the big issue of attaining appropriate education and industry qualification standards that will be coming into effect in 2016…

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The advice industry needs ‘One Voice’ it’s time for the associations to merge’

After attending the AFA and FPA National Conferences, Connect Financial Service Brokers (Connect) CEO Paul Tynan says that over his 30 plus years of experience he has seen lots of change in the advice industry but nothing compares to the current situation…

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Adviser recruitment and placement has changed…industry insight and experience a must says Tynan

The critical and strategic importance for dealer groups and advisory practices to utilise the skills and services of industry professionals when recruiting advisers was brought home to Connect Financial Service Brokers (Connect) CEO Paul Tynan during a recent assignment…

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Foreign Investment is needed by Australia – but Government must continue to be vigilant’

Connect Financial Service Brokers (Connect) CEO Paul Tynan points to the recent issue of property investments in Australia by foreign investors and says it has highlighted the importance of having trusted advisers to help monitor the legality and structure of these property deals…

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Tynan reports M&A increase in accounting practices – in contrast ‘valuation shock’

Connect Financial Service Brokers (Connect) CEO Paul Tynan has confirmed that his organisation has seen a significant increase in merger and acquisition activity within the accounting sector since the start of 2015…

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Advice profession continues to weather unprecedented ‘perfect storm’ with many unable to respond

Connect Financial Service Brokers (Connect) CEO Paul Tynan has referred to the current situation confronting the financial advice profession as the ‘perfect storm’ where advisers are unable to fulfil expansion or exit aspirations whilst simultaneously wearing the blame for bad advice even though this has been an industry issue for decades…

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Accounting businesses under pressure as Gen X and Y baulk at equity / succession offers

The traditional accounting business model based on a partner infrastructure is under pressure as X and Y generation accountants baulk at taking up equity in these practices said Connect Financial Service Brokers (Connect) CEO Paul Tynan…

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Paul Tynan announces new Connect ASEAN business dedicated to linking Australian and ASEAN SMEs

The lack of commitment by Australian SMEs to engage commercially with fellow overseas business owners – especially with those from the economies of SE Asia has been the underlying motivation for Connect Financial Service Brokers (Connect) CEO Paul Tynan to undertake a new business initiative Connect ASEAN that will operate under the Connect group of companies…

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Higher qualifications are one solution…but who is going to teach the educators?

Connect Financial Service Brokers (Connect) CEO Paul Tynan welcomes the current moves to increase the education standards, knowledge and technical skills of advisers, but asks who is going to teach the educators the actual life experiences associated with running a small business in the real world? These skills include marketing, the sales process and closing, the art of asking for referrals, networking, entrepreneurial skills, persistence, resistance and business development…

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2015 will be a positive year – if you accept change!

As the financial services industry returns for another year, Connect Financial Service Brokers (Connect) CEO Paul Tynan says the sector can look forward to a positive 12 months as the building blocks are in place for growth…

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Another year ends for financial services sector…and it is still “Work in Progress”

Reflecting on 2014 Connect Financial Service Brokers (Connect) CEO Paul Tynan has described it as another year of “work in progress” that has left an everlasting imprint in the financial services landscape…

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The new Relationship Manager – a key position needed now for financial practices of the future

A very different and much needed role will be required by the financial planning industry as it moves to increase the education levels for both new entrants and current advisers said Connect Financial Service Brokers (Connect) CEO Paul Tynan…

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Financial Sector Needs to Seize the Moment & Focus on International Opportunities

The current environment could not be better for Australian entrepreneurs and business people – especially those in the financial services sector to seize the moment and capitalise on the commercial and investment opportunities that are rapidly emerging within the economies of Asia said Connect Financial Service Brokers (Connect) CEO Paul Tynan…

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IT can’t replace personal touch

The technology, advice and education that support the Australian financial services sector have seen lots of change over the past 20 years. But the legislative framework and consumer awareness have struggled to keep up…

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Financial Advisers Continue to Endure Exit Planning Paralysis

Connect Financial Service Brokers (Connect) CEO Paul Tynan continues to observe financial advisers persist with an emotional attachment to their businesses as they sidestep and avoid facing the real issues for their reluctance to engage and implement succession and exit planning strategies…

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Driving 12,500kms in search of a Succession Plan

Connect Financial Service Brokers (Connect) CEO Paul Tynan has just returned to Melbourne having completed a 12,500km ‘boys adventure’ to outback Australia. The trip was planned over two years with the goal was to see as much of Australia’s iconic sites, outback pubs, stations and this country’s unique natural beauty and grandeur…

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Tynan reviews financial year – consumer continues to be unintended short term casualty in battle for advice

Connect Financial Service Brokers (Connect) CEO Paul Tynan has reflected on the 2014 fiscal year and the financial services sector and described the past 12 months as one of continuing evolution that will result in a future of consolidated advice driven by regulation, vertical integration and the need to control Australia’s ever expending retirement assets…

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Practice owners continue to base business sale price expectations on bygone years

The price expectations of financial advisers are no different to those of any vendor that is about to sell a prize asset (whether it be the family home, car or business) said Connect Financial Service Brokers (Connect) CEO Paul Tynan. They see the value through their own eyes and in doing so, are creating a major issue for themselves…

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Asian Opportunities for Business Beckon – But Australian Entrepreneurs Need to Learn Connection Skills

Following a recent trip to Malaysia, Connect Financial Service Brokers (Connect) CEO Paul Tynan can personally attest that the commercial opportunities for Australia are definitely in Asia as the region’s middle class grows and fuels demand for a broad range of our country’s services and products…

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Australia’s underinsurance problem – The answer continues to be ignored

Industry research consistently shows that Australians don’t have sufficient levels of insurance to protect themselves, their families, businesses and list goes on and on. It’s written about in the trade magazines, researched and economists estimate it in dollar terms and yet the reason and the factors for this lamentable and disturbing situation are there for all to see…

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FoFA reform pause a surprise for many – Government & industry must get it right!

Connect Financial Service Brokers (Connect) CEO Paul Tynan added this voice to the many that responded to the news that the Federal Government had decided to ‘pause’ the FoFA amendment process. Like others in the industry, Tynan agreed that the legislation was far too important to rush and additional comment and scrutiny would ultimately be beneficial for all…

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That word ‘sales’ – is it dead or being revitalized?

The mere mention of the words ‘sales’, ‘selling’ or ‘salesperson’ in financial services and it immediately generates a vision of a negative stereotype from a bygone era where a pushy, commission focussed, fast talker enticed unsuspecting consumers into buying products or services said Financial Service Brokers (Connect) CEO Paul Tynan…

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Adviser Hardship & Impact Lost in FoFA Grandfathering Stalemate Debate

As the grandfathering issue steadily tracks towards a resolution that will satisfy most parties, Financial Service Brokers (Connect) CEO Paul Tynan says that although grateful his call for a balanced industry centric approach and outcome to the debate has been heeded, it has been the Adviser that has suffered the most during the recent stalemate…

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Life is about balance – A lesson for Industry and Government

Connect Financial Service Brokers (Connect) CEO Paul Tynan says that through all the commentary and opinions currently being expressed by industry in relation to the Federal Government’s proposed changes to the FoFA legislation, what is really needed is a balanced approach and outcome…

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Industry Will Again Get Sale, Mergers & Acquisitions Wrong in 2014

Irrespective of the countless articles that have been written and published on strategies to ensure that sales, mergers and acquisitions are successful and realize their potential, Connect Financial Service Brokers (Connect) CEO Paul Tynan is certain that the financial service industry as a whole will again get the process wrong in 2014…

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Year in Review 2013 and Year to Come 2014

Reflecting on 2013 Connect Financial Service Brokers (Connect) CEO Paul Tynan has described the marketplace as one that has been filled with shifting dynamics that will be the source of countless conversations during the Festive Season about FoFA; the new Federal government; the spectacular comebacks and flameouts; the unexpected dismissals and the ‘Lazarus’ like re emergence of old faces; business closures, mergers and buy outs; and so on ad infinitum…

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A year in review and looking ahead

With the end of the year approaching, there will be conversations over Christmas drinks about the new government, unexpected legislative changes, mergers, business comebacks and failures and the like…

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Total recall: the data necessity

The absence of efficient client relationship management (CRM) systems and processes will dramatically lower the value of a business…

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Yes We Can Better Serve Clients with Accountant Financial Planner Partnerships

Reflecting on the ‘Yes We Can’ slogan that swept President Obama to power in the 2008 US election, Connect Financial Service Brokers (Connect) CEO Paul Tynan believes that more Financial Planners and Accountants can work together collaboratively in service delivery relationships and structures to provide a more comprehensive offering for their clients…

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Merged planning/accounting firms offer better value

Heightened consumer expectations and demands together with changes to licensing and legislative requirements will bring accountants and planners together, according to the chief executive of specialist business brokerage, Connect Financial Service Brokers, Paul Tynan…

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Tynan urges planner-accountant collaboration

Connect Financial Service Brokers chief Paul Tynan has encouraged financial planners and accountants to “get with the times” and establish more collaborative business models…

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Advisers plus accountants equals better service

“It’s time” was the successful slogan of the Australian Labor Party in the 1972 federal election. It heralded a new era of change in Australian politics that was characterised by collaboration and consultation. Similarly, it’s time for financial advisers and accountants to work closer together to provide the very best advice to their clients…

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Industry Exit Predictions Failing to Materialise-‘Fussy’ Buyers Seeking Value

Industry predictions of large scale exit by financial planning business owners leaving the sector have not materialised as principals find themselves in a holding pattern…

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Connect to help fill M&A knowledge gap

Connect Financial Service Brokers will expand its services in order to fill a significant knowledge gap in the area of mergers and acquisitions…

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More buyers than sellers in practice market

Gloomy is the best description for the marketplace at present as practice owners find themselves in a holding pattern, unable to sell or transfer their businesses to potential new owners due to the uncertainty around the final version of the Future of Financial Advice legislation…

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Kenyon Partners changes name to Connect Financial Service Brokers

Kenyon Partners Chief Executive Officer Paul Tynan has announced that the company will change its name to Connect Financial Service Brokers (Connect) effective September 1st to better reflect the company’s role and marketplace offering in the post FoFA era…

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Power Play – ASIC or Lobbyists to Determine Shape of Industry?

Ian Knox – Managing Director of Paragem

The planning industry is teetering on a moment of truth which will shape the ownership of advice for years to come. It’s not the boring ‘scale’ debate that so many commentators talk about and it makes things quite interesting and different this time…

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