Tucker returns to advice with new non-aligned firm
Former NAB Wealth and MLC chief executive Steve Tucker has launched a new private wealth management firm in partnership with former JBWere chief executive Paul Heath.
Tucker, who left MLC in March 2013 will be chair of the new firm — Koda Capital — while Heath will take on the role of chief executive with the new firm being privately funded by private equity and former wealth industry executives.
Tucker said Koda Capital would provide "a complete wealth management solution for high net worth individuals, families, and not for profit organisations" and would focus on needs-based investment strategies, financial planning, inter-generational wealth transfer and advice and advice within the philanthropic space.
"We will charge clients transparent fees for our services, without any commission for selling them into products that may or may not suit them. This enables us to genuinely put our clients' interests first at all times", Tucker said.
Heath said the firm would not take on corporate or institutional clients and both its corporate structure and private wealth management focus would allow it to remain free of structural conflicts of interest and to provide impartial, fee based advice.
"Our key professionals will own equity in the new business. We believe that a culture founded on the principle of partnership, combined with an opportunity to be an owner of the business, will be very attractive to those advisers who want to be at the vanguard of a new, respected direction for the profession," Heath said.
"Our sole focus on private wealth management will ensure that all of our resources can be directed towards advice that is tailored to the specific needs of our clients."
The two former NAB executives will be joined by Grant Samuel Private Equity founder Andrew Rothery and former General Counsel for JBWere, Goldman Sachs JBWere and Goldman Sachs Australia Lisa Gay who will take on non-executive director roles with the firm.
AUTHOR
Jason Spits
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025 with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
