Hartley Poynton chases Merrill Lynch advisers

Perth-based financial planning businessHartley Poyntonhas potentially bagged up to 70 of Merrill Lynch’s private client advisers following its distribution deal with Merrill Lynch.

Under the agreement,Merrill Lynchwill distribute initial and secondary public offerings and retail investment products through Hartley Poynton.

A research agreement has also been agreed in principle which will give Hartley Poynton private clients and advisers access to Merrill Lynch’s Australian and international equities and fixed income research.

While Hartley Poynton’s chief executive officer Tim Moore says the primary focus of the deal was on the corporate relationship between Hartley Poynton and Merrill Lynch, he says the deal presents a “fantastic opportunity” for the now redundant Merrill Lynch advisers.

He says the move is a bonus for advisers who wish to work for an Australian company and access research and global funds since other local brokerage based groups don’t offer the same global opportunities or are not Australian.

In an official statement by Hartley Poynton, Moore confirmed the company was offering Merrill Lynch Financial Consultants and their desk assistants continuing employment.

“Hartley Poynton is in an ideal position to provide a level of continuity for clients and advisors,” Moore says.

Moore says there are no negatives for advisers looking to sign up with them. He says they will not be forced to sign a contract that locks them into the company for a designated period of time.

He says Hartley Poynton will be rolling out presentations to the advisers at Merrill Lynch tomorrow and Friday, but is not certain how many will sign up.