Sealcorp to drop PACT brand as dealers groups merge
Sealcorpdealer groupPactwill be rolled into its sister dealershipSecuritorlater in the year in a bid to sharpen brand focus and respond to the changing needs of its accountant licensed proper authority holders.
“There has probably been a blurring of the two groups. We launched Pact over 10 years ago to focus solely on accountants, but we’ve had a lot of accountants since also wanting to join Securitor. There no longer seems to be the desire to have an accountant only financial planning group,” Sealcorp director of distribution and sales Dan Powell says.
Powell says the Financial Services Reform Act requirements and a move to focus the group’s brand strength through one channel also influenced the decision to merge the two dealerships.
“We’re moving to a new licence and rather than change two licences, it’s probably more cost efficient to look at one. We also want to grow customer awareness of our dealer group and to do that across two groups is a little self defeating. To get economies of scale on brand it makes more sense to have the one brand,” Powell says.
Feedback from Sealcorp’s adviser network is supportive of the move, according to Powell.
“We will be adopting the Securitor name as it’s well-known in the advisory industry and has a good brand name, so we don’t see any need to establish a new brand and the costs associated with it,” he says.
“At the end of the day, when you’re providing dealer group services which we do, then regardless of whether you’re an accountant or a financial planner, the fundamental services are the same, it’s just a question of additional support.”
Powell says financial planning is now a well-established business and the idea of catering solely to accountants isn’t as prevalent as 10 years ago.
Securitor has 292 licensed proper authority holders, comprising both advisers and accountants, while Pact has 188 individuals licensed, all of which are accountants.
Securitor also provides dealer group services to 43 other dealers and Powell says the merger of the two groups in Sealcorp will not affect these relationships.
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
