Affinity Group launches Brisbane practice
Affinity Group is completing the next stage of its expansion agenda, opening a Brisbane office and increasing its funds management to more than half a billion dollars with the 50 per cent purchase of Brisbane-based Hillross financial planners.
Affinity Wealth founder and senior partner, Keith Jones said the Sydney-based boutique was in a strong position for growth off the back of its 50 per cent purchase of Brisbane-based Hillross which would see Affinity expand to Queensland.
“Hillross agency was well established under Paul Hocking, a long time and highly respected affiliate,” Jones said.
“Paul has grown an impressive business in Brisbane with a very loyal client base and when the opportunity came to move to Affinity, it was a natural progression for both businesses.”
Affinity said Hocking would remain at Hillross, with Sydney-based partner, Kate Golder, to manage business operations in the Brisbane office from January.
Commenting on the growth of Affinity as a boutique, Jones, who has held his position with Affinity since 1993 said prior experience in a dealer based model had affirmed his view on the “onerous” nature of compliance.
“By operating under our own licence, Affinity…has the flexibility to recommend products to our clients and provides a far more streamlined service while operating under the same rigorous compliance measures,” he said.
“While there are advantages to being aligned with institutional dealer groups, we found these arrangements were often inflexible and the administration and compliance burden was often onerous.”
In addition, Jones said dealer groups had less flexibility and limited offerings for clients.
“These are opportunities which are simply not available through retail investors, including large bank-owned dealer groups,” he said.
“It gives us greater access to wholesale investments and preferential treatment for share placements.”
Recommended for you
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “gamechanger” for a fund’s demand with advisers.
Asset manager Janus Henderson has made two acquisitions in the ETFs and emerging markets space as it takes strategic steps to meet client needs.
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.