Paragem signs-up second client
Boutique dealer support and services company Paragem has signed up its second client since it was launched in May by former Sealcorp head, Ian Knox.
Newcastle-based financial planning firm Novatax have entered an alliance with Paragem to review their business model and advise on the competitiveness of its arrangements with service suppliers.
Novatax claims to have more than 500 clients and $200 million in funds under advice.
The deal follows Paragem's strategic alliance in August with advice group, Boutique Financial Services (BFS) to access dealer support services and platforms.
BWS is a subsidiary of the Boutique Group, which was formed in August by the amalgamation of Tony Bennett's Benwest Investment Services and Lifestyle Financial.
Meanwhile for this latest deal, Novatax principal Kevin Doyle says the group is trying to “improve its economies of scale through a broader relationship with Paragem at a time of escalating industry compliance and regulatory costs”.
“The scope of the appointment is to review and advise upon all market options, including the benefits of scale made available through Paragem’s business model,” Doyle says.
Confident of “announcing further appointments during the next month or two”, Knox says he’s been in discussion with a “number of groups and individual’s looking for licensing facilities during the course of the year”.
“There’s a groundswell of interest occurring as people are increasingly become aware of Paragem's value proposition, which includes reducing costs for them,” Knox says.
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.
