Queensland financial planning firms merge in FSRA fallout
By Freya Purnell
Queenslandfinancial planning firms Gunther Doyle Griffin, Swan Financial Group and Brisbane-based Associated Planners have merged to create a new group, 4people.
The four individuals the name refers to are directors Greg Gunther, Adam Matthew, Greg Swan and Peter Audet, whileAssociated Planners Financial Services(APFS) managing director Ray Miles will serve as a non-executive director of the new entity.
4people has offices in Brisbane and Toowoomba, with 17 staff and over $150 million in funds under advice.
Chairman and principal Greg Gunther says the decision was sparked by changes required under the Financial Services Reform Act, which came into effect earlier this month.
“As part of the detailed process of applying for our new Financial Services Licence, we have often paused to question the way we do things. Costs continue to escalate to uncompetitive levels, particularly in such areas as professional indemnity insurance,” Gunther says.
“This has caused many financial planning firms across the country to sell out to larger institutionally owned groups like fund managers and insurance companies.
“However, such an approach does not fit with our beliefs and values to continue to provide more personal solutions for our clients.”
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