Small groups still flourish
Thisyear’s only breakaway group, Vector Financial Consultants, is too small to score a place in the Top 100.
Set up in February by 11 former Godfrey Pembroke planners, including big writer Rob Taggert, the group has since acquired another planner and despite missing out on a place is nevertheless doing well.
A 50 per cent joint venture between Financial Services Partners (FSP) and the planners, Vector has $500 million in funds under advice (FUA) and 4,500 clients. FSP is also an investor in two Top 100 groups, NOW and Inscorp, as well as Kingston Capital.
The growth of last year’s high-ranking breakaway groups, Premium Accounting Group and Avenue Capital Management has steadied. Although Premium moved down a few rungs to position 52 (from 43 in 2001), the group has grown funds under administration from $940 million to $1 billion — not bad given current market conditions.
Avenue, which made its debut appearance in 2001 at number 52, also slipped a few places to number 58, but increased funds under administration from $650 million in 2001 to $780 million this year.
Newish player, Matrix also did well from an FUA perspective, growing the coins in the coffers from $800 million in 2001 to $1 billion in 2002. The group grew advisers from 56 to 73 although it maintained a fairly static position on the Top 100 table, polling at number 43, down one rung from the previous year.
The Berkeley Group, which broke away from Godfrey Pembroke in 2000, slipped from position 70 in 2001 to 82 with approximately the same number of planners (down one from 2001 to 24). It did not disclose funds under administration in 2001, but this year reported $1.6 billion.
—Julie Bennett
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.
