Centrestone boosts risk business
TheCentrestone Wealth Advisorygroup has significantly bolstered its risk advice capabilities through the appointment of two specialist risk advisers. It is also actively seeking acquisitions to further increase its $1.3 billion in life insurance funds under advice.
“We’re in the process of talking to select boutique private banking, mortgage and life broking businesses about the liability [risk] side of the business,” Centrestone joint chief executive officer Michael Pillemer says.
The group last week appointed former risk research firm Life Research executive Andrew Harris, and this week will appoint formerTowernational relationship manager Elke Richardson, to augment its risk operations.
However, Pillemer stresses the group also has a specific strategy in place to grow the overall business.
“We’ll continue to build both our advisory and planning businesses through a process of very selective acquisition, and we’re looking to acquire four financial planning businesses and two risk adviser businesses a year,” he says.
Pillemer says the appointments build on last year’s acquisition of risk advice firm P&A, which merged into the group when Centrestone was established in July 2002.
P&A executives Jon Pillemer and Roy Agranat joined the Centrestone group at the time and with the latest additions, the group now has four solely risk focussed professionals on board.
Pillemer says the risk side of the business has experienced significant growth over the past 12 months, with life insurance funds under advice up 35 per cent to more than $1.3 billion.
The group also has more than $1 billion in funds management assets under advice with 15 advisers providing advice on this side of the business.
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