Financial planning groups Professional Investment Services New Zealand (PIS NZ) and Newpark Financial Services have announced plans to merge, a move that will create one of the largest advisory groups in New Zealand.
The merged company will have more than 250 financial advisers and 130 accountancy firms throughout the country.
PIS NZ general manager David Keys will head the newly merged group while Newpark chief executive officer Darren Gannon will become head of life risk business.
PIS chief executive officer Robbie Bennetts said PIS NZ had been performing strongly in recent years and it was looking to take the business to the next level.
“The merged group will create huge benefits for clients and the new entity itself through the strong synergies between the PIS NZ and Newpark companies,” he said.
“Newpark has a strong focus on risk products while PIS NZ very closely follows the PIS model, with an emphasis on working with accountants, advisers and risk writers to provide a holistic financial services solution for New Zealanders.”
According to Bennetts, the new group will create critical mass and economies of scale for the new company as the New Zealand marketplace enters a critical juncture, with the Government due to introduce new financial planning laws.
