Former New Star planners launch Adelaide boutique
Adelaide financial planning practice New Star Securities has sold its book of clients, worth $60 million in funds under management, to two of its former planners for an undisclosed amount.
Directors Tony Cafarella and Steven Wood will operate the book under the name of their new boutique Designer Wealth Solutions from September 1, likely under the Wealthsure Financial Services dealer group brand.
Cafarella, formerly principal of Homecorp Financial in Adelaide, and Steve Wood, formerly a paraplanner with Adelaide Genesys dealer group Halpin Financial Services, worked together at New Star earlier this decade.
Wood said that while the new boutique would “initially concentrate on servicing the New Star book, discussions were already underway with two or three other Adelaide practices to enter into joint ventures”.
The boutique would be “targeting mum and dad investors, and those close to retirement, rather than following the new boutique trend to high-net-worth investors”, he said.
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