SJP spawns dealer group
SJP Insurance has spawned a financial planning dealer group to house the group’s 200 life agents and brokers.
Strategic Joint Partners, the financial planning division of the Brisbane based life insurance group, has joined the Association of Independently owned Financial Planners (AIOFP), following its launch last November.
The group was invited to join the AIOFP by the association's Victorian president John McInerney. McInerney is also joint managing director of Strategic Joint Partners as well as being managing director of Melbourne sister firm Totally Independent Financial Planning (TIFP).
Strategic Joint Partners advisor and professional development manager Gary Weigh says the financial planning arm formed from the SJP insurance group due to demand from its 200 life agents and broker representatives.
"They wanted a dealership in the group, rather than having to go elsewhere or outsource," says Weigh.
Strategic Joint Partners joint managing director Kay Russell says growth in planner numbers has been "amazing". There are currently 10 planners on board with another five in the process of joining, and she says the group expects to have 30 by next June.
According to Weigh, half will come from inside the group and the rest will be external, attracted by the good package and opportunity to build their business.
"About 15 will be internal, moving back across from groups such as PIS or Grosvenor's to their insurance business with the SJP group," he says.
However Weigh says Strategic Joint Partners wants to stay small.
"We wouldn't want to go much higher than 50 planners at this stage, and will focus on building those businesses under Strategic Joint Partners," he says.
The group has also formed a strategic alliance with Adelaide based financial services company CFAS (formerly known as Corporate Financial Advisory Service), a licenced dealer supplying products to a network of about 50 accounting practices around Australia.
Weigh says Strategic Joint Partners will become the preferred financial planner to the network, cementing the groups national presence.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
