Arthur Andersen flexes new arm

Arthur Andersen has unveiled a new financial planning arm offering fee-for-service charging for clients.

The new arm, Arthur Andersen Personal Financial Management, comes under the umbrella of Arthur Andersen Private Client Services and will operate out of the group's Sydney, Melbourne, Brisbane and Perth offices.

Arthur Andersen partner and a director of the new venture, Graham Reeve, says the group saw an opportunity in the financial planning industry for a high quality fee-for-service product, and one that provides clients with ongoing advice that joins with their tax advice.

Reeve says that while the group does already advise clients on the best way to structure their affairs from a tax point of view, up until now clients still had to go elsewhere for advice on investments.

"We prefer to have a totally transparent service where we charge an up front fee for the plan, coupled with a fee based on funds under advise," he says.

"Then all commissions and other incentives are taken out and either rebated to the client or taken out of the equation completely, so clients know exactly what they are being charged."

Reeve says the group had to choose the staff for the new venture carefully. Staff members with skills in more than one industry area were high on the group's lists.

Former William Mercer and KPMG planner, Del Morrison joins the group as the manager of the group's Queensland office.

Arthur Andersen partner Andrew Wright has been named as the manager for the Sydney office while Caroline Bell will manager the group's Melbourne office.