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
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
