Alafaci gets an offer too good to refuse
Dominic Alafaci has departed HSBC to form a financial planning business with one of the pre-eminent names in Melbourne stock broking, EL&C Baillieu.
A number of other staff from HSBC's Melbourne financial planning business have joined Alafaci at the joint venture, to be called Collins House Financial Services.
The four other advisers joining him are Lindsay Gardiner, Jeff McLachlan, Bev Manallack and Daniel Keisler.
Alafaci was hired by HSBC about two years ago to set up the Melbourne financial planning operations for the group which had a team of nine advisers at the time of his departure. He also made headlines earlier this year when he was named as a runner up in the Money Management Financial Planner of the Year award.
Both Alafaci and EL&C Baillieu have 50 per cent stakes in Collins House. EC&L Baillieu's George Varlamos will be chairman of the group while Alafaci will be the group's managing director.
According to Alafaci, EC&L Baillieu's expansion into financial planning was driven by the desire to provide a broader service to its clients. Prior to the new venture, clients were recommended to external financial planners who also used other stockbrokers.
Alafaci stresses his departure from HSBC was not acrimonious, saying the opportunity "was just too good to refuse".
"HSBC has been very professional throughout this whole process and I leave them in high regard," he says.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
