AIOFP partners to launch adviser protection program

The Association of Independently Owned Financial Professionals (AIOFP) is partnering with DASH to provide financial advisers with a new white labelling capability for platform access.

The Foundation Advisers Wrap will allow advisers to retain access to the platform while client assets remain in place, and denied access will only occur on a 'for cause' basis, including regulatory or disciplinary action.

All restrictions will apply only to the individual adviser, not the entire dealer group.

AIOFP chief executive Peter Johnston said the initiative is designed to restore confidence and protect adviser independence.

"Independent advisers are running small businesses. The ability for a platform to restrict access without cause creates a real and immediate risk to those businesses," Johnston said.

"Foundation is about putting that risk back under control - ensuring advisers retain access to the platform while their clients' assets remain in place."

AIOFP has also established Foundation Platform Services (FPS) to drive the rollout of the platform, which is positioned to generate revenue for the association. The revenue will be re-invested to enhance services, including the establishment of an adviser defence fund, AIOFP said.

FPS will be majority owned by AIOFP, with former director of Elevate Investment Managers Arthur Naoumidis appointed as chief executive.

Naoumidis said the model addresses a structural imbalance in the platform market.

"This is about resetting expectations. Advisers should not lose access to critical infrastructure due to decisions beyond their control," he said.

"In partnering with DASH, we found a group that not only understands the critical role of technology in modern advice but is committed to building solutions that put advisers and their clients first, whilst maintaining important governance infrastructure. Their alignment to this principle has been clear from day one."

Meanwhile, DASH executive director of strategy Darren Pettiona added: "Strong governance and clear standards are critical to the long-term sustainability of the advice industry. "Protecting end investors and ensuring high-quality advice outcomes should always be the priority."

"Advisers play a central role in delivering informed, personalised financial outcomes. Limiting their ability to operate, or inserting platforms directly into client relationships, creates friction and uncertainty - particularly at a time when access to advice is already constrained."

DASH cautioned recent actions across the market, including platforms restricting or removing adviser access and changes to platform terms that enable direct client engagement, are risks to the ecosystem and emphasised the solution aims to build more transparent, accountable, and technology-enabled frameworks to support all stakeholders.

The move follows recent decisions by major platforms, including Macquarie and Netwealth to withdraw access for InterPrac advisers.

"At a time when less than 10% of Australians receive financial advice, the industry should be focused on expanding access - not narrowing it," Pettiona said.

"Technology has a critical role to play in enabling better oversight, clearer audit trails, and stronger governance without removing advisers from the equation."