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
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
