Shadforths co-operative set for official launch on July 1
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The longstanding 'Best Advice Project', a trial co-operative of 12 separate advice firms, will officially operate under the single brand Shadforths Financial Group from July 1 this year.
Tony Fenning, chief executive of Shadforths Financial Group, said it was decided to "officially take the Best Advice Project business forward from July 1 this year within a single brand, Shadforths Financial Group Limited.
"Beyond that date we will progressively be rationalising the participating (firms) over the next year or two so we end up with one stronger business rather than 12 underlying firms.
"Essentially we will be centralising the back office services, as currently the firms need to separately report to [the Australian Securities and Investments Commission], separately maintain compliance manuals, as well as training and other control and supervision procedures," Fenning said.
The move was facilitated by the merger of Victoria dealer group The Money Managers and WA firm Keysbrook Financial Services with Shadforths in November last year, the last of the firms in the Best Advice Project to do so.
That brought to 12 the number of firms to merge with Shadforths after their trial participation in the Best Advice Project, which was established in 2007 as a best practice financial planning co-operative.
The other firms in the co-operative include Arnheim Gillard, Gannon Growden Schonell, Guest McLeod, Heraud Harrison, Douglas Wenck, Ellwood Barry McPherson, Kilkenny Rose, and Haintz.
In exchange for their shares in their individual companies, directors of each of the 12 merged firms received a proportional share representation in Shadforths Financial Group.
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