Promina to merge dealer groups under Camwal brand
TwoPromina owned dealer groups — financial planning advice focused Cameron Walshe and life risk advice orientatedGuardian Financial Planning— are to be rolled into one dealer group, and operate under the single overarching brand of Camwal.
The merger is a bid by the groups to improve efficiencies and build economies of scale while retaining their separate branding within the market, according to Camwal strategic project manager Tony Powell.
“Currently we expect to keep the two brands operating in their slightly different markets but to grow both brands under the one common dealership,” Powell says.
The group has applied to theAustralian Securities and Investments Commissionfor an Australian Financial Services licence.
“We’ll be combining the back-offices of both businesses in a bid to achieve economies of scale, while presenting two brands to the market,” Powell says.
Cameron Walshe has 35 traditional financial advice planners under its banner, while Guardian, which sprang into being in 2001 as a life risk adviser dealer group, has 130.
Camwal also incorporated AdaptIT’s Adviser Resource Centre technology platform into the Guardian business last week.
In addition, the group is also close to announcing an alliance with an undisclosed insurance broker to meet its clients’ general insurance needs. The alliance, according to Powell, is due to the firm accepting that it cannot, by itself, offer the full range of services clients may need.
“Clients have expectations about what financial planners can deliver but it’s becoming increasingly difficult to be all things to all people,” he says.
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