Queensland financial planning firms merge in FSRA fallout
By Freya Purnell
Queenslandfinancial planning firms Gunther Doyle Griffin, Swan Financial Group and Brisbane-based Associated Planners have merged to create a new group, 4people.
The four individuals the name refers to are directors Greg Gunther, Adam Matthew, Greg Swan and Peter Audet, whileAssociated Planners Financial Services(APFS) managing director Ray Miles will serve as a non-executive director of the new entity.
4people has offices in Brisbane and Toowoomba, with 17 staff and over $150 million in funds under advice.
Chairman and principal Greg Gunther says the decision was sparked by changes required under the Financial Services Reform Act, which came into effect earlier this month.
“As part of the detailed process of applying for our new Financial Services Licence, we have often paused to question the way we do things. Costs continue to escalate to uncompetitive levels, particularly in such areas as professional indemnity insurance,” Gunther says.
“This has caused many financial planning firms across the country to sell out to larger institutionally owned groups like fund managers and insurance companies.
“However, such an approach does not fit with our beliefs and values to continue to provide more personal solutions for our clients.”
AUTHOR
Freya Purnell
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
