Sealcorp to drop PACT brand as dealers groups merge
Sealcorpdealer groupPactwill be rolled into its sister dealershipSecuritorlater in the year in a bid to sharpen brand focus and respond to the changing needs of its accountant licensed proper authority holders.
“There has probably been a blurring of the two groups. We launched Pact over 10 years ago to focus solely on accountants, but we’ve had a lot of accountants since also wanting to join Securitor. There no longer seems to be the desire to have an accountant only financial planning group,” Sealcorp director of distribution and sales Dan Powell says.
Powell says the Financial Services Reform Act requirements and a move to focus the group’s brand strength through one channel also influenced the decision to merge the two dealerships.
“We’re moving to a new licence and rather than change two licences, it’s probably more cost efficient to look at one. We also want to grow customer awareness of our dealer group and to do that across two groups is a little self defeating. To get economies of scale on brand it makes more sense to have the one brand,” Powell says.
Feedback from Sealcorp’s adviser network is supportive of the move, according to Powell.
“We will be adopting the Securitor name as it’s well-known in the advisory industry and has a good brand name, so we don’t see any need to establish a new brand and the costs associated with it,” he says.
“At the end of the day, when you’re providing dealer group services which we do, then regardless of whether you’re an accountant or a financial planner, the fundamental services are the same, it’s just a question of additional support.”
Powell says financial planning is now a well-established business and the idea of catering solely to accountants isn’t as prevalent as 10 years ago.
Securitor has 292 licensed proper authority holders, comprising both advisers and accountants, while Pact has 188 individuals licensed, all of which are accountants.
Securitor also provides dealer group services to 43 other dealers and Powell says the merger of the two groups in Sealcorp will not affect these relationships.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
