Wealth manager ‘outgrows’ Godfrey Pembroke

Independent wealth management group Arnheim Gillard has ended its business relationship with Godfrey Pembroke and teamed up with financial advisory and stockbroking group Shadforths, claiming the split was due to “outgrowing” Godfrey Pembroke.

Arnheim Gillard’s decision to align with Shadforths marks the end of a 20-year relationship between Arnheim Gillard and Godfrey Pembroke.

Arnheim Gillard principal Phil Gillard said the decision to part ways with Godfrey Pembroke came after an extensive 18 months review, as well as consideration of another six or seven dealer groups.

“There were a whole lot of factors that culminated over the years. We looked at six or seven other dealer groups. It took us 12 to 18 months, and we were close to signing with another group,” Gillard said.

“We were trying to get an aligning for the vision of our group, and Shadforths aligned with the better fit.”

Gillard said the move to Shadforths reflects the group’s plans to improve its client offerings with portfolio reporting and direct access to a strong stockbroking firm.

He was adamant planner and staff numbers would not be affected. “This hasn’t been motivated by trying to reduce staff numbers. [Our] major focus was trying to get better access to research; delivering our service to our clients in a better manner. We feel that we’ve outgrown Godfrey Pembroke,” Gillard said.

Shadforths chief executive officer Nick Bedding said the alliance also marks expansion for his group, with the new partnership becoming the Tasmanian based group’s second Sydney venture in 12 months. Last year Shadforths entered the Sydney market through a joint venture with Taylor Shadforths.

Shadforths has 90 employees with more than $3 billion of clients’ funds under advice.

Arnheim Gillard has a team of quality professionals servicing 180 client groups and holds more than $300 million in funds under administration.