Godfrey Pembroke adds Tasmanian advice practice
MLC-backed dealer group Godfrey Pembroke has added Tasmanian-based advice and accounting firm Collins SBA to its ranks.
Collins SBA chief executive Michael Spinks said his firm's decision to switch to Godfrey Pembroke from Genesys stemmed from Collins SBA's acquisition of local wealth advisory firm Aequis in January.
"We acquired a business with about $1 million of recurring revenue from a wealth business that was part of the MLC group [Garvan]," Spinks said.
"In bringing those two businesses together we had to make a decision about which would be the best licensee to partner with," he said.
The decision was made to join Godfrey Pembroke due to shared values, the fact that Aequis had a lot of intellectual property with MLC, and the new licensee's promise that Collins SBA would be the only Godfrey Pembroke-branded business in southern Tasmania.
According to Godfrey Pembroke general manager Peter Smith, Collins SBA is the ninth practice to join the dealer group in the last 12 months.
"2012 was a year of growth for Godfrey Pembroke, with a number of quality practices joining the network. I'm delighted to see this trend continue in 2013 with Collins SBA coming on board. For the first time, Godfrey Pembroke now has more than 210 financial advice specialists located throughout Australia," said Smith.
He said practices tended to join Godfrey Pembroke because of its broad advice model, supportive adviser environment and strong practice management tools.
The dealer group's "transparent fee model" was also attractive to many practices, he added.
Recommended for you
ASIC has accepted a court enforceable undertaking from a Perth-based company auditor who failed to adequately conduct multiple audits on an advice firm that receivers say has $100 million missing.
After a brutal month for adviser numbers, the net loss for June now stands at more than 100 advisers, but the financial year is still on track to end in positive territory.
Two advice platforms have been identified by Adviser Ratings as standouts for efficiency as time-pressured advisers become evermore fickle in their platform selection.
Private wealth manager Escala Partners has increased its alternatives allocations to more than a third in the past three years, describing the asset class as offering “fertile ground” for diversification.
