Charterbridge Davey in rationalisation mode
High net worth client financial planning and dealer group Charterbridge Davey has shed its finance broking division and is planning to offload its property trust arm in a major rationalisation of its operations.
The planning group offloaded the finance division, Financial Directions, last week and is now in the process of assessing options to divest its interests in the property trust sector.
The move is part of a major restructure of the group just two and a half years out from its formation with the merger of the Davey and Charterbridge planning groups.
The restructure has cost the group three advisers and approximately 14 other staff in the past months, including the director of product management and former board member Neil Burnard.
Charterbridge Davey managing director Venn Williams says the rationalisation will move the group back to concentrating on its core business of providing financial planning advice, and away from the creation of products such as property trusts.
“We are now moving back into core advice. We are moving away from product manufacturing completely and also from the management of product manufacturing,” Williams says.
The group currently has seven advisers working across its offices in Sydney, Melbourne and Brisbane, focusing mostly on niche high net worth clients such as doctors, dentists and lawyers. However it also retains a number of other planning staff who also hold proper authorities.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
