Snowball names McCormick as consultant
Well known financial services figure and previous head of research atBridges, Dominic McCormick, has signed up with advisory group Snowball, as an investment consultant.
As part of his new role McCormick will chair the group’s investment committee and be closely involved with portfolio design, and fund manager selection and review for the group.
McCormick will work alongside Michael O’Riordan and general manager, Andrew Levy who have been with Snowball since the group began operations in 1999.
He says his main focus would be to develop strategies that are suited to retail investors for their super and other long-term savings.
“My emphasis will be on portfolios within Snowball’s super and wrap account products that are practical and not just theoretical, placing a greater emphasis on absolute return and spell out clearly what investors can expect from their investments,” McCormick says.
The inhouse financial planning arm of Snowball, CIS, will also supply feedback and information in the development of these strategies according to McCormick.
Snowball managing director Tony McDonald says the group will still purchase external research as it is needed but with the addition of McCormick, the research emphasis will be on adding value to the basic research already available to provide better products for clients.
“Although we cover the mainstream funds and investments, our prime focus will be on working smarter to provide practical solutions for people by packaging innovative funds that utilise more flexible managers and investment strategies,” McDonald says.
McCormick will also engage in a limited number of other consulting arrangements along his Snowball role but McDonald says this would benefit the group as it would allow McCormick to approach his responsibilities at Snowball from external perspectives.
The addition of McCormick rounds out a busy six months for the group which introduced its own wrap account in November, pitched at wealth accumulators, DIY super funds and corporate super funds.
At the time, McDonald said the online investment account could be used with a range of investment products and would be integrated with face-to-face advice through Snowball subsidiary CIS and would be available to advisers from other dealer groups.
In September last year, the group also changed its business structure with Fleet Capital purchasing all the shares and options of Snowball, resulting in a capital boost for Snowball and Fleet becoming the holding company for Snowball.
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Jason Spits
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