New adviser group formed in Perth

Perth-based Saw James Capel’s two most senior financial advisers — Kevin Payne and Patrick Horneman - have left to start their own company.

Perth-based Saw James Capel’s two most senior financial advisers — Kevin Payne and Patrick Horneman - have left to start their own company.

Called Financial Pathways, the new venture opened its doors this month and is ex-pected to have $60m under management by the end of this year.

In October, international banking giant HSBC Securities upped its stake in Saw James Capel from 50 per cent to 100 per cent, precipitating the departure of Payne and Horneman.

Payne says the pair have noted a growing demand in the West Australian markets for independent advisers who are free of corporate restrictions.

“Because of that, we decided not to remain under the wing of a big institution which had its own financial products,” he says.

“We believe our independence will be a big attraction. West Australians value per-sonal relationships ahead of the company.”

Financial Pathways’ founding members will be joined by Edward Rihari, a former Challenge Bank manager who was running his own financial consultancy called ER Corporation. Talks are also underway with other advisers.

Financial Pathways has already established strategic relationships with financial service providers including Fiducian Portfolio Services, Cavendish Superannua-tion, Aussie Mortgage Masters, ShopRite Enterprises and several key accounting firms.

“Once people come to us, they will not need to go anywhere else. If we cannot solve their problem, we will find someone who can,” Payne says.

Before joining Saw James Capel, Payne launched Westpac Life in WA and was with Trust West. Prior to that, he gained international banking experience in South Africa, Scotland and New Zealand. Horneman was previously with MLC and Western Pacific Portfolio Planning.