Shadforths expands into Sydney
Independent financial planning and stockbroking firm Shadforths has established its presence in the Sydney market after entering into a joint venture with Taylor Bowring Financial Services.
Shadforths chief executive Nick Bedding said apart from geographical location, Taylor Bowring’s culture was the main reason the two organisations had formed a partnership.
“The two main advisers there have a very strong client-centric focus and uphold our ideals in terms of education standards and the quality of advice,” he explained.
The joint venture takes the number of planners associated with Shadforths to 42, which is in line with its overall growth target.
“In 2002 we developed our strategic plan and that saw us at 46 advisers by the end of 2007. It was also budgeting for seven locations. At the moment we have 42 advisers and we now have five locations,” Bedding said.
Shadforths aims to achieve further expansion through additional joint ventures and acquisitions and is looking to consolidate its position in both the Sydney and Melbourne markets.
“Our model is not to have lots of small operations all over the country. Our model is to have larger offices in key geographic locations,” Bedding said.
Taylor Bowring, to be known as Taylor Shadforths, can now draw on the support of Shadforths’ back-office technology and research capabilities with the integration of the two firms administrative systems already complete.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
