ISG to merge into newly formed Centrestone
InvestorSecurity Group(ISG) owner and director Robert Keavney has teamed up with Malcolm Turnbull to launch a new planning group aimed at the high-net-worth end of the market.
The group, to be called Centrestone Wealth Management, will purchase ISG outright and incorporate it with P&A, a risk insurance business run by Jon Pillemer and Roy Agranat.
P&A has concentrated on the life and risk side of the planning industry and according to Keavney, currently holds an insurance portfolio of more than $1 billion.
However, the full transition of ISG into Centrestone will still be in the hands of the group’s advisers, who are being made offers on an individual basis to join the new group.
Any offer put to the planners will include cash upfront and ongoing payments at defined periods and, dependent on the long-term success of the group, planners may also receive a capital bonus.
The planning group will be held by a parent company, Centrestone Wealth Management Group, with Turnbull taking on the role of chair and Keavney sharing the role of chief executive with Michael Pillemer.
Ownership of the group has been divided between around 30 high-net-worth individuals, some who are clients, with no institutional owners involved in the launch of the group.
ISG’s shift into the group comes six months after it purchased back a 50 per cent stake of the group from Perpetual. However, Centrestone planners will continue to use Perpetual’s master trust.
AUTHOR
Jason Spits
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
