Storm Financial client book up for sale
The receivers of Storm Financial have appointed specialist financial planning business broking firm Kenyon Prendeville to sell the failed group's remaining client book. Kenyon Prendeville director Alan Kenyon said the group's brief is to "find the ideal advisers nationally or locally, to assist Storm Financial clients with managing their investment portfolios into the future".
Kenyon said Storm funds under management are currently estimated to be $500m with clients in Cairns, Townsville, Mackay, Rockhampton, Redcliffe, Brisbane, Gold Coast and Sydney. In June 2007 the group reported having 14,000 clients with $4.5 billion of funds and loans under administration.
Many Storm Financial clients have been in an advice vacuum since the company entered administration in January.
Bill Buckby, a partner of KordaMentha in Townsville, appointed Kenyon Prendeville, Kenyon said.
Kenyon said the brief covers the 10,230 remaining clients of Storm, those who have not already gone to other advisers, and a total of $500 in funds under management, $957 million in cash accounts and $414 million in margin loans.
AUTHOR
Recommended for you
With less than 5 per cent of Dixon Advisory complaints closed, AFCA has detailed how it is dealing with systemic issues, known as batch matters, through a consistent yet case-by-case approach.
For financial advisers and business owners seeking to run a top advice firm, Adviser Ratings has shared the characteristics of these leaders from top firms focusing on “scale, specialisation and sophistication”.
As Stephen Jones cites the new class of qualified advisers as a way to reduce legislative complexity in advice, the FAAA’s Sarah Abood says its members still have qualms with the idea and its naming.
CFS has shared key strategies for advisers to use for their varying different demographics with a focus on building relationships rather than transactions.
