Bennelong signs former Macquarie Private advisers
Boutique planning group Bennelong Wealth Partners (BWP) has signed four veteran Macquarie Private Wealth (MPW) advisers to the group providing them with a minority equity stake as they set up their own stand-alone practice.
The addition of the four planners increases the number of authorised representatives working under the BWP licence to 10 after the planning business was launched in January 2014 and creates a presence for the group in Sydney and Melbourne.
Former Macquarie Private Wealth advisers - Jeffrey Wrightson, Stephen Thaxter, Chris Forrest and Nina Kazmierczak - have formed Sovereign Wealth Partners with BWP, chief executive Will Davidson stating the four partners would hold around 75 per cent of the equity while BWP will have a minority stake of 25 per cent in the Sydney practice.
Wrightson and Thaxter are long serving MPW advisers having worked with that group for 15 and 24 years, respectively.
Wrightson said MPW had "been a good home, but now the time is right for us to start our own boutique wealth management business and focus on the increasing needs and aspirations of the growing number of high net worth clients".
Davidson said the four advisers were of a high calibre and BWP expected to sign similar teams in other locations with negotiations currently underway with a group of advisers in Brisbane.
BWP is owned by the Bangarra Group, which was previously named the Bennelong Group having changed its name from 1 July 2015, and was developed as in incubator for boutique financial planning busineses.
According to BWP it will continue to target senior high net worth advisers currently employed with investment banks and private banks and provide them with tools and financial backing to develop their own non-aligned businesses.
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