Another prominent advisory group has joined the nationwide Best Advice Project, bringing the group’s collective pool of funds under advice to around $10 billion.
The Money Managers, founded by industry veteran Kevin Bailey in 1996, joins fellow Victorian-based advisers Heraud Harrison and Haintz Financial Services, Brisbane-based Planners Alliance, Sydney-based Guest McLeod and Arnheim Gillard, Perth-based Gannon Growden Schonnell and Keysbrook and Tasmania-based Shadforths.
The project, launched earlier this year, aims to organise and sponsor the development of a best practice model for use in individual financial advisory firms Australia-wide. Member firms also pool expertise and information technology.
The Money Managers operates several regional offices in Victoria and southern New South Wales and has around $1 billion in funds under administration on its wrap accounts.
Bailey, who is also a member of the Financial Planning Association (FPA) Conduct Review Commission and Professional Conduct Committee and the Australian Securities and Investments Commission (ASIC) Business Consultative Panel, has been a firm advocate for fee-based advice for many years.
He said he is looking forward to co-operating with fellow project members on honing investment processes and improving service to clients.
“The strength of these combined groups around Australia is formidable,” he said.
Project chief executive Tony Fenning said the project had moved into its second phase, namely a review of the ways in which member firms invest client funds.
“The early obvious gains [have been] implemented by most firms and we [have commenced] closer participation on meaty issues including incremental review of our current approach to investing client funds, both at a platform and funds management level. There are some fantastic skills inside the firms and in their external relationships for us to draw on.”
Project chairman Sam Gannon said he too was pleased with the momentum the project had gained over the past few months and that members were still exploring the possibility of forming a listed company.
