Unknown road for Merc advisers
Financial planning groups, Bleakleys and Advisor are undergoing a major restructure that could see the two merging and a number of the practices spinning off into other groups or going solo.
A source close to the groups also claims that the Mercantile Mutual-owned Bleakleys/Advisor practices would be based on the east coast only, throwing into doubt the future of the West and South Australia branches.
However, head of the groups' financial planning networks, Mark Spiers, says the company wants national representation.
"The business is about growth not about retraction, to pull back would be considered regressive," Spiers says.
"While I can't say it won't happen any comments are pure speculation."
A spokesman for Mercantile says there will be "closer integration between Bleakleys and Advisor that will take advantage of synergies" but stopped short of confirming a merger.
Money Management understands that the two planning businesses will also change their focus to concentrate solely on the accountancy and professional markets.
Spiers, says the company is in the process of developing a rolling three year plan for the whole group that will look at a range of issues.
"Like many other adviser groups we are looking at how to service the professional market," Spiers says.
"But we won't know the final outcome until the plan is complete and signed off by ING in Amsterdam."
He says the ultimate structure of the financial planning groups under Mercantile Mutual control would probably be known and approved by ING by the end of September this year.
Earlier this year Mercantile placed all its distribution and dealer group networks under a new entity, the Adviser Management Group, with the aim of centralising administrative activities.
At the time the head of the Adviser Management Group, Les Clayton, said the company was "keen to have a range of solutions available to advisers".
"The one thing we don't want is a one size fits all approach," Clayton said.
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