Van Eyk retains AP post restructure
By Craig Phillips
The recently merged Associated Planners Financial Services and Garrisons Financial Planning dealer groups have signed a lucrative long-term contract with van Eyk Research for the provision of managed fund and share research to advisers.
The first research deal for the combined groups, which will be called Genesis Wealth Advisers from March 1, is another coup for van Eyk in the face of growing competition in the research space.
The five-year contract is a renewal of existing contracts for both Associated Planners and Garrisons — with the added option of using van Eyk direct share research.
The deal adds to other recent signings by the research house. In the second half of 2004, Commonwealth Bank of Australia, Westpac and Count all opted for van Eyk over other participants in the market.
“From our perspective the key is that with the sort of money we’re paying we don’t want any ‘wishy-washy’ subjective commentary, we want objective opinion about what it is our advisers are going to be recommending to clients,” Genesis deputy managing director Andrew Creaser said.
Van Eyk managing director Stephen van Eyk said he was particularly pleased with the agreement, given Associated Planners is the research house’s oldest client.
“It’s good for a group to show faith in you for so long and especially a group that has come so far, and to sign up for five years under its new ownership structure is a particular boost to our confidence,” van Eyk said.
Creaser said the group had considered other players in the market but opted to remain with van Eyk.
“We did look at other options in the market but thought that van Eyk was still as good a value proposition as anything out there. At this point in time it made sense to continue with van Eyk, but we may consider other providers down the track,” he said.
On the direct equities side, Genesis also uses Lonsec and a panel of house brokers.
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