Client Wealth partners with super specialist
Boutique Queensland-based superannuation specialist AllMyFunds (AMF) and Melbourne-based financial advisory firm Client Wealth have formed a strategic alliance which they contend will help the former to grow its client base and enable the latter to take advantage of AMF’s popular superannuation service.
The alliance means Client Wealth, which has six Melbourne offices, will be able to use AMF’s unique superannuation system, which effectively transforms retail funds into industry funds, and AMF will be able to use Client Wealth’s financial services licence.
AMF managing director Wayne Robinson said the deal would afford the company immediate exposure to the Melbourne market and to the Sydney market in the long term.
AMF’s superannuation system transforms retail funds into industry funds by returning all commissions paid to the client in exchange for a flat annual fee.
Client Wealth adviser Ron Chapman described the deal as a win-win for both parties.
“There are a lot of similarities between the two companies. We are both heavily focused on growth while getting the best for our clients.”
Client Wealth was formed in November last year by a team of advisers who have made a strategic decision to remain equal shareholders in the company. Chapman said the firm had capped its number of shareholders at 30 in an effort to maximise client service.
Recommended for you
The ongoing adviser shortage is a key driver behind advisers’ increased use of ETFs and managed accounts, according to an industry expert, fuelled by the need for cost and efficiency savings.
A business consultant believes there is a proven correlation between advice businesses that develop and commit to a clear business plan and those that see higher profit outcomes, but only when done correctly.
Advice technology solution intelliflo has launched an integration with fintech firm FAYBL to introduce AI capabilities across the intelliflo office offering to boost efficiency.
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
