Raine and Horne pushes into planning
Real estateagents have made another high level push into financial planning with the launch by the Raine and Horne real estate group of Raine and Horne Asset Management (RHAM).
RHAM, formed as an alliance between Raine and Horne and dealer group Pacific General Securities, plans to have a minimum of one authorised representative in each of its 450 offices.
To date, 63 Raine and Horne real estate agents have completed the Diploma of Financial Planning (DFP) 1 to become PS 146 compliant and 20 per cent of offices are ready to operate as financial planning centres. Another 60 are currently working through the DFP.
Products to be offered by RHAM financial planners will come through Pacific General and include managed funds, complying and non-complying loans, and a BT badged wrap account called EasyStreet.
RHAM has given itself five years to have the business fully implemented.
The move into financial planning by RHAM is similar to that of the Suncorp Metway owned real estate agency LJ Hooker.
In 1998, LJ Hooker began a large scale initiative, called LJ Hooker Moneywise, to establish financial planners into all its franchise offices.
However, just five franchises were set up and the venture was ultimately disbanded 18 months ago.
Recommended for you
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
Lower fees and trustworthiness are the top factors enticing unadvised Australians to seek a financial adviser, according to Fidelity International, common across all generations.
