Mercer loses top advisers to Hillross
Three of WM Mercer’s biggest hitters will leave the group and set up operations under the Hillross banner.
Greg Fagan, David Murray and Adam Davenport, who have collectively about $300 million under advice, have decided to leave Mercers to set up a small boutique business of their own.
The trio operated out of Mercer's head office in Melbourne and AMP, which owns Hillross, says it is highly likely the three will remain in Melbourne, as it sees plenty of business for Hillross in that market.
AMP says the three are keen to pursue business as self-employed planners. However AMP could not confirm if the three planners would retain their clients until further discussions had been concluded.
Mercer says it is not surprised to see the trio head off given the changing landscape of the financial planning industry.
In light of the move, Cameron Hagger, who has been in charge of Mercer's NSW financial planning practice, will take on the role of head of financial planning in Melbourne.
Mercer will also seek to fill the other position through internal recruitment, which is currently underway.
AUTHOR
Jason Spits
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