Kingston Capital sheds financial planning arm
West Australian investment manager Kingston Capital has given up its financial planning arm to Financial Services Partners (FSP) following a restructure of the business implemented in mid-January.
Eight authorised representatives have now joined FSP, which has held a 20 per cent shareholding in Kingston since its inception.
Chairman of Kingston Capital Warren Killen said the main reason for separating its advice function from its funds management business was reducing the cost of providing support to financial planners.
“There is a cost for providing all the financial planning services. We’ve simply looked at [what that is costing] us versus what we could get it for on a larger scale at FSP and it was cheaper,” Killen said.
Killen’s Perth-based practice is among those newly associated with FSP and will operate as Kings Park Securities, while the Geraldton business will trade as Financial Services Partners Geraldton.
Adviser-generated income will not go to Kingston, but the revenue loss will not be significant, according to Killen.
"We’ll be authorised representatives of FSP but our clients will remain on the Kingston platform for portfolio administration services,” he said.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
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.
