Melbourne-based dealer groupGlenhurst Corporationwill embark on an aggressive expansion push over the next 12 to 18 months by hiring up to a dozen new planners to service clients sourced from the purchase of life registers.
Group chief executive officer Tony Kofkin says the dealer group plans “to buy a number of significantly sized registers from retiring life agents and hire over 10 salaried and bonus advisers”.
Kofkin says a large number of senior life agents have become disillusioned with the industry given the legislative burden now being placed on them in order to continue working in their profession.
The purchase of the client registers will enable the group to service investors beyond the high-net-worth clients it currently has listed on its books. At present, minimum investment with the firm is $500,000.
“By appointing these in-house salary-based advisers, we will be able to cater to investors who have lesser amounts to invest,” Kofkin says.
The group has 21 planners (19 of whom operate on a franchised basis) operating across four states — NSW, ACT, Queensland and Victoria. The lion’s share of these advisers are Victoria-based, Kofkin says.
Glenhurst has $1.6 billion in funds under advice, with $300 million of this managed internally on behalf of some 270 clients.
The group’s internal operations consist of Kofkin, two planners and six full time paraplanners.
Glenhurst provides advice on insurance, estate planning, financial planning (which includes listed and unlisted equities), property and mortgages.
