Aviva chalks up $250m badging deal
A 15 planner-strong dealer group specialising in advising school teachers is the next of a recent spate of advisory businesses to badge Aviva’s Navigator platform.
Aviva’s $250 million deal with Sydney-based First Capital, who have been offering financial advice to school teachers and their families since they were established in 1995, was completed last Friday at an official launch party in Aviva’s Sydney offices.
“Specialising in the school teacher niche made it a lot easier to narrow down our core client base and what they were after. And what Navigator was offering seemed to fit that client base much better,” said First Capital managing director Richard Tasich.
First Capital is the third dealer group in the last six weeks to slap its own label on the Navigator platform.
In June Aviva signed similar deals with British-owned HBOS’s Australian advisory business St Andrews and a $500 million badging agreement with Queensland based dealer group Infocus.
Aviva chief operating officer Grant Salmon said the badging arrangement with First Capital was in line with its strategy to do business with successful financial planning groups not aligned to the big four banks.
The white label deals come in what has been a busy year for the British based Aviva who have also increased their holding in Australian’s second largest dealer group, Professional Investment Services, to 26.5 per cent and more recently purchased a 25 per cent stake in Queensland boutique dealership Financial Technology Solutions.
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
