Glenhurst makes push into Sydney market
Melbournebased financial planning groupGlenhurst Corporationwill move into the Sydney market after being joined by a major actuarial group, boasting $1.3 billion in funds under advice through self-managed super funds (SMSFs).
SMA Consultants, based in Sydney, specialises in SMSFs, and according to director Don Fraser, the company is believed to have produced or amended more SMSF trust deeds than any other in the country.
The new group will continue to operate under its own name, but the planners within the operation will operate under the Glenhurst name.
“We have been looking at adding value to our services, rather than offering just the legislated superannuation advice,” Fraser says.
The addition of the new group builds on the existing relationships already held by Glenhurst, which has 147 accounting groups throughout Australia using its actuarial services. It also recently added four proper authority and life brokers to the team, based in Melbourne and Sydney.
Glenhurst Corporation chief executive Tony Kofkin says this latest move adds additional services to the company’s existing range and has flagged further growth in the northern states.
“We are looking to expand our Premier Advisor services further in New South Wales and Queensland and obviously in Melbourne. We are currently in negotiations with a number of large accounting and planning groups who see value in becoming part of a group that charges a flat fee rather than a percentage of earnings,” he says.
According to Kofkin, Glenhurst is also planning to work in a joint venture with a fund manager to develop its own products.
Recommended for you
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.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
