Godfrey to head new Tower group

Well known industry figure John Godfrey will become the chairman of Tower’s new dealer group, Goldridge.

The new group is the result of a partnership between a number of financial advisers and Tower and will operate nationwide in New Zealand as an independent financial planning company.

The group will begin operations with 13 principal advisers who will also be shareholders in the group which Tower says currently manages more than NZ$270 million.

According to Goldridge managing director Daryl McAlinden the planners have all made the move over from Tower to the new group.

"A situation occurred where these planners wanted to work within their own group but also maintain the close links they had with Tower, so the partnership was formed," McAlinden says.

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As a result of this McAlinden says Goldridge will make use of Tower's size and scale for support and services. It has also set criteria for new planners joining to be highly successful planners with extensive industry experience.

However, the group will limit its planner intake to six newly qualified planners in the next twelve months and all new planners will be required to take a shareholding interest in the group.

Godfrey is best known for founding the planning group Godfrey Weston in 1981 which then went on to become Godfrey Pembroke. There he held the posts of chairman and managing Director from 1981-1998 before the business was sold to MLC in 1999.

Godfrey, acting as the independent chair, will join co-directors Peter Hawes and David Samuel representing the advisers while Ralph Stewart, and Stuart Fish will represent Tower.