AFSL specialist snags Entireti head of advice risk

Self-licensing firm My Dealer Services (MDS) has welcomed a senior risk and compliance director, as it continues to expand self-licencing initiatives while restructuring roles within the business.

Viki Whitehead has joined as advice and Australian financial services licence (AFSL) compliance manager from Entireti after serving as its head of advice risk for two years, leading a team of six risk professionals.

In her new role, Whitehead will strengthen MDS' commitment to drive growth for advisers and AFSLs to improve client outcomes when compliance is embedded correctly.

MDS said this approach brings differentiation and confidence for the company's 135 AFSLs and 450 advisers who manage more than $20 billion in funds under advice.

Whitehead brings more than 25 years of experience across financial services in Australia and the UK, specialising in financial advice risk, regulatory compliance and governance within AFSL environments.

Prior to Entireti, she served as the monitoring and supervision manager at Clearview Financial Advice and held related roles at Aon Hewitt Financial Advice and MLC earlier in her career.

MDS director and founder Alexander Euvrard said Whitehead joined MDS at a time of steady growth when new initiatives were being explored.

"While we are developing exciting new areas of growth within the business, we will not lose sight of our core function - compliance. Viki's appointment is a clear statement of that commitment, and her depth of experience will strengthen the support our AFSLs and advisers rely on every day," he said.

"MDS has maintained leadership in the self-licensing space over the past year by facilitating 30 percent of new AFSLs in the country and hosting the first Self Licensing Summit open to all financial advisers.

"Across the industry more than 30% of Australian financial advisers now operate within a self-licensing model and interest in the model is growing because of its obvious benefits of greater control and freedom. Viki will play a key role in MDS continuing to prosper in this environment."

Whitehead added: "I am delighted to be joining such a well-established industry segment leader at a time of great growth potential and to be taking on a role that will have such a positive impact on our AFSL and adviser clients."

Meanwhile, MDS head of strategy Ashley Mahadeea said in the coming months, MDS will launch further strategic solutions, providing adviser members with even more choice and efficiency gains.

"MDS will continue to invest significant effort in researching and vetting best-of-breed solutions across the marketplace and stepping up advocacy for the self-licensing model in the face of concerted opposition," Mahadeea said.

MDS recently urged Treasury to assess the Financial Services Council's proposal to lift levies paid by licensees, noting an advice practice could face an increased levy of up to 950% under some proposals.