Mawson signs 50 to new group
Financialplanning dealer groupMawson Securitieshas signed 50 life advisers to its fledgling second dealer group, Aurora Financial Planning, which offers financial planners a flat rate fee model with a limited range of services.
These initial sign-ups to Aurora, which kicked off in August, are predominantly life advisers who had a multi-agent relationship withTower.
However, according to Mawson director and acting chair of Aurora Robb Musgrave, the group is pitching to all life advisers and 100 more advisers are slated to join the group by the end of its first year of operation.
Under the flat rate fee model, advisers will pay $1,000 per month and receive back-office, brokerage and compliance services from Aurora, while also having access to the platforms used by the Mawson group, which includeNavigator,Asgard, Masterkey and Tower’s Arc.
The fee model will also see advisers receive any commissions going to the dealer group as part of product sales.
Advisers will have to supply their own business premises and staff, professional indemnity insurance and marketing capabilities, and will have access to a limited product range under the deal.
Musgrave says the arrangement is an outsourced back-office model but depends on advisers being self-sufficient and PS 146 compliant.
The group is fully owned by Mawsons but Musgrave says there will be opportunities for advisers to take equity stakes in up to 50 per cent of the business. The stakes will be based on production and profit for each adviser over set time periods.
In a bid to generate more interest in the new group, Aurora has hired Tower NSW sales manager Errol Rabaud to promote the group to advisers.
Aurora Financial Planning is not linked in any way to Aurora Funds Management, the group set up by Alastair Davidson and Richard Matthews after their departure fromChallenger, but is named after the boat of Australian Antarctic explorer Douglas Mawson.
AUTHOR
Jason Spits
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