Glenhurst enters administration
Melbourne-based financial planning firm Glenhurst Corporation has gone into administration.
A creditors meeting is due to be held today at the offices of the administrator, CJL Partners.
Glenhurst chief executive officer Tony Kofkin would not comment on the move, only confirming that the company was in administration.
He did confirm Glenhurst would be surrendering its Financial Services Reform licence shortly.
According to the Australian Securities and Investments Commission (ASIC) website, there were no authorised representatives on the licence, which was first granted in 2000.
Kofkin has been in the financial planning industry for many years, starting the company in 1991 as a National Mutual agent.
The dealer group became a multi-agent business with 20 advisers in 2000, managing $100 million in funds under advice.
By 2004, Glenhurst had grown to $1.6 billion in funds under advice and had 10,000 clients.
In recent months, Glenhurst has been named as a dealer group involved in selling Westpoint products and was facing a number of claims that were being dealt with by the Financial Industry Complaints Service.
It was also included in ASIC’s action against a number of dealer groups, which alleged that in selling Westpoint products the licensees “did not comply with their obligations under the conditions of their Australian Financial Services licences and under the law”.
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
