Boutique moves to next phase of expansion
Sydney-based specialist investment firm Next Financial has hired two regional distribution executives to take the group’s Australian equity, debt and derivative offerings to the external market for the first time.
The group has also opened an office in Victoria, with former Merrill Lynch Investment Management head of distribution Damien McIntyre joining to head up the operation from Melbourne.
Meanwhile, former National Australia Bank wealth management distribution manager Adam Weale has come on board to drive the group’s distribution strategy in New South Wales, Queensland and the Australian Capital Territory.
McIntyre will target high-net-worth planning-focused groups in Victoria, South Australia and Western Australia.
Next Financial’s core offerings are Individually Managed Accounts (IMAs) and structured products. It has a suite of four IMA model portfolios with around $50 million in funds under management and overall manages close to $500 million on behalf of clients.
“There’s been a lot of noise surrounding IMAs, so we thought it would be better to develop the products slowly and build up a track record before taking them to the broader market,” group managing director Peter Kennedy says.
“That’s really what the appointments are about. So we’re now looking to accessing high-net-worth investors through financial planning groups that service that part of the market,” he says.
AUTHOR
Craig Phillips
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
