Former Guardian Advice practice joins Fortnum
Former Guardian Advice practice, Griffin Financial Services has joined non-institutionally owned dealer group, Fortnum Financial Advisers as authorised representatives after a detailed review of the market.
The move came after Suncorp Group closed its risk advice focused Guardian Advice and Suncorp Financial Planning businesses last year.
Principal of Sydney-based Griffin Financial Services, Scott Dawkins, said the firm chose Fortnum after a "very disruptive" period following Suncorp's decision to close its financial planning businesses.
"It was clear that we needed to join a profitable, independently-owned licensee with a broad approved product list and a firm commitment to advice for the long term," he said, adding that he was pleased with the autonomy given to advisers under the partnership within the limits of the professional advice framework.
"Fortnum is big enough to provide the services and support we need but small enough to be nimble, dynamic and adapt to change."
Fortnum managing director, Joel Taylor, said part of Fortnum's strategy was to recruit young advisers as well as mature advisers with established practices.
AUTHOR
Malavika Santhebennur
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
