Godfrey Pembroke breakaway
Four of the most powerful practices within the Godfrey Pembroke stable are poised to go out on their own with a new dealer group under their own licence.
Four of the most powerful practices within the Godfrey Pembroke stable are poised to go out on their own with a new dealer group under their own licence.
To be called the Berkley Group, the new dealership will open its doors on March 15 with 15 advisers, 50 support staff and about $1 billion under advice.
The core of the departing group consists of nine advisers who have been together since Pembroke Financial Planners — a forerunner to the Godfrey Pembroke group — was formed about 15 years ago.
They are Jim Clegg, John Hobbins, Greg Pride, Peter Maxwell (Sydney), Roger Hancock and Denis Vanzella (Canberra), Tim Marshall (Brisbane), Malcolm Allen and Michael Francis (Toowoomba). Six of these advisers were part of the G7, as they called themselves in the mid 1990s, a powerful adviser grouping within Godfrey Pembroke.
“Our practices have developed in a similar way and with a similar philosophy. We are all friends and we often swap notes,” Clegg says.
The deal follows last year’s $40.6 million purchase of Godfrey Pembroke by MLC, a nation-wide group which has about 140 advisers and about $3.5 billion under administration.
Lend Lease Adviser Services chief executive Steve Tucker says the amount of business moving across is not substantial.
“It’s not anything that we are worried about,” he says.
Clients can choose whether they want to remain with Godfrey Pembroke or they can move across to Berkley.
Both Lend Lease, which owns MLC, and Berkley say the decision to leave was by mutual agreement because of differing business model and future visions.
Clegg says Berkley will continue to do business with MLC, making use of its master trusts and other services.
Rodney Adler’s financial services company, FSB, has taken a “minor” stake in Berkley. But Clegg says there have been no moves yet to uncover any potential synergies between Berkley and other planning groups in the Adler stable.
He adds that his group has had a long association with Adler whose former company, FAI, took a major stake in Pembroke Financial Planners about 14 years ago.
Meanwhile, former managing director of Zurich Australia, Andy Small, has been made Berkley’s chairman. The group has also hired Glen Castensen, who was previously Godfrey Pembroke's group manager of broking investment services.
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