Hartley Poynton chases Merrill Lynch advisers
Perth-based financial planning businessHartley Poyntonhas potentially bagged up to 70 of Merrill Lynch’s private client advisers following its distribution deal with Merrill Lynch.
Under the agreement,Merrill Lynchwill distribute initial and secondary public offerings and retail investment products through Hartley Poynton.
A research agreement has also been agreed in principle which will give Hartley Poynton private clients and advisers access to Merrill Lynch’s Australian and international equities and fixed income research.
While Hartley Poynton’s chief executive officer Tim Moore says the primary focus of the deal was on the corporate relationship between Hartley Poynton and Merrill Lynch, he says the deal presents a “fantastic opportunity” for the now redundant Merrill Lynch advisers.
He says the move is a bonus for advisers who wish to work for an Australian company and access research and global funds since other local brokerage based groups don’t offer the same global opportunities or are not Australian.
In an official statement by Hartley Poynton, Moore confirmed the company was offering Merrill Lynch Financial Consultants and their desk assistants continuing employment.
“Hartley Poynton is in an ideal position to provide a level of continuity for clients and advisors,” Moore says.
Moore says there are no negatives for advisers looking to sign up with them. He says they will not be forced to sign a contract that locks them into the company for a designated period of time.
He says Hartley Poynton will be rolling out presentations to the advisers at Merrill Lynch tomorrow and Friday, but is not certain how many will sign up.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
