Bridges office makes a break for independence
By Barbara Messer
The Perthoffice of the Bridges dealer group is tipped to be striking a deal to gain an independent operating licence, although the branch is expected to retain a relationship with Bridges by continuing to use its dealership services.
Under the terms of the deal, it is expected that Bridges will allow the Perth branch to trade under its own licence, but a portion of the branch’s funds under management will continue to pass through the Bridges master trust.
Officials at headquarters in Sydney and at Bridges in Perth declined to comment, but did not deny rumours that the Perth office would become an independent operator.
“There have been many rumours since the Tower acquisition that some dealer groups wanted to move away from Bridges,” Bridges manager in Newcastle Peter Perkins says.
“The Newcastle branch has no intention of moving, though we have certainly been approached by other dealer groups,” he says.
It had also been rumoured that Bridges branches in Newcastle and Melbourne were working in conjunction with the Perth branch, but both offices confirmed toMoney Managementthey have no plans to break away from Bridges.
The speculation follows last month’s announcement that ex-Bridges executive Ross Johnston had left to set up an independent consultancy, called Fintech Solutions. At the time, Johnston toldMoney Managementhe felt Bridges’ market position had weakened since its acquisition by Tower two years ago.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
