CEO of defunct Calliva forms consultancy
Calliva Group, one of the boutique financial services companies that grew out of the boom years, was a victim of the global financial crisis (GFC) and its impact on structured products.
Calliva Group originally comprised of a structured products business, a superannuation advice business and a superannuation lending business for self-managed super funds.
The superannuation advice business was sold at the end of 2007 to Mark Bouris to become Yellow Brick Road Wealth Management.
In September 2008, the Royal Bank of Scotland pulled the funding for Calliva’s superannuation lending business, while the structured products business (which was focused on repackaging Nomura products) fell victim to the GFC.
Former Calliva chief executive Vince Scully said the business had effectively been run off, because all that is left is the clean energy fund (which will mature in 2014) and a book of superannuation loans.
Scully said since the demise of Calliva he had been consulting through his new business, Blackwattle Capital.
Blackwattle Capital is a product structuring and distribution consultancy.
Scully has also been working with Super Loan providing broking advice on superannuation loans, as well as technical support to financial planners and accountants who are advising SMSFs.
AUTHOR
Caroline Munro
Recommended for you
The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its accessibility.
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue.
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
