Chifley strikes second client deal with Monitor Money
ChifleyFinancial Serviceshas struck a deal withMonitor Moneyfor the latter to take on board 180 clients with $35 million in funds under management.
Chifley financial planning general manager Terry Malpass has confirmed the group is writing to clients to notify them of the shift but would not disclose how much the deal is worth.
The move is similar to events earlier this year when Chifley sold $100 million of client files to Monitor Money for $4.25 million.
The planning group is compelled to write to clients under conditions set out in the Privacy Act and has given clients three weeks to respond to the move, beyond which date it will consider the clients to have given implied consent and transfer their files to Monitor Money.
Malpass says the action is legal and does not contravene the Privacy Act and Chifley has made a number of efforts to notify clients of the impending shift.
He says the reason for moving the clients to Monitor Money was that Chifley would no longer support some investment products currently on its books after the departure of a number of planners earlier this year.
In a letter to clients, these products are named as the Chimes Plus range, which is a badged version of Assure, the Monitor Money wrap account.
However, those clients who choose to remain with Chifley will also be moved into new product offerings, with Malpass saying investments would be closely aligned with those offered by the planning group’s part owners, the Local Government Super Scheme and Energy Industry Super Scheme.
Chifley and Monitor Money have maintained a standing relationship for a number of years stemming back to when Chifley had no advisory staff of its own and used Monitor Money planners to provide advice.
As such, Monitor Money planners were issued with dual proper authorities to service clients within both groups. However, Chifley removed the dual authorities for the Monitor Money planners early this year.
AUTHOR
Jason Spits
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