Top 10 most influential, 2004: Chris Cuffe and Ray Miles - the deal makers

It began in the spring of 2003, with an enquiry by Associated Planners Financial Services (APFS) about buying Garrisons.

APFS presumed the arrival of Chris Cuffe at Challenger Financial Services Group would lead the fund manager to consider offloading the Melbourne-based dealer group.

However, this option was quickly dismissed when it became apparent Challenger was reluctant to sell, and what followed, as they say, is history.

While the prevailing wisdom in financial services was that the days of big cheque book deals for financial planning groups were gone, Challenger’s $100 million play for APFS blew even experienced industry spectators out of the water.

But the deal carried a resonance beyond the $100 million price tag.

‘Distribution’ and ‘independence’ are not often comfortable bedfellows, and speculation was rife when the deal was announced that APFS, which had built up a strong brand in the market for being a well-run independent advice firm, would find itself somewhat constrained under the umbrella of an institution.

It just so happened the deal was struck around the time the Australian Securities and Investments Commission (ASIC) released a report claiming that institutions tend to push products onto investors.

APFS, in moving under the Challenger banner, attempted to remove any potential for such perception of its practices by including a charter of independence as part of the deal.

“A lot of the member firms were sceptical about maintaining independence — the ‘client first’ type attitude — but I think most of them are reasonably convinced that Challenger is serious about it too now,” APFS/Garrisons managing director Ray Miles said earlier this year.