The former New South Wales BDO Wealth Management team has joined Fitzpatricks Private Wealth.
According to Sidney Lim, the former managing director of BDO Wealth Management NSW, the decision to join Fitzpatricks Private Wealth came after an extensive search during the past year.
He said the decision had been based, in part, on Fitzpatricks' advice approach and the investment management approach via Fitzpatricks subsidiary, Atrium Investment Management.
The NSW and Victorian BDO member firms were expelled from BDO International in March, with the parent company citing "unreasonable risk".
BDO International chief executive Martin van Roekel said in March that the financial stability of the Victoria and NSW BDO member firms was "in contrast to the rest of the BDO firms in Australia, which are performing extremely well".
Fitzpatricks Financial Group managing director John McMurdo said BDO NSW was the fifth practice to join Fitzpatricks this calendar year.
"Our group has grown from $1.25 million in funds under management to approaching $2 million since the beginning of the calendar year – both organically and with other member firms joining Fitzpatricks," McMurdo said.
