van Eyk aims for 50 practices with advice exec hire
van Eyk will aim to recruit 50 practices in the next five years as it seeks to build a boutique financial planning group under the banner of van Eyk Advice.
As part of that push, former RI Advice chief financial officer David Flynn has joined the licensee as van Eyk Advice operations manager.
van Eyk chief executive Mark Thomas, who first raised the push into the advice space late last year, said the recruitment of Flynn was necessary before the group went in search of suitable practices.
Flynn will report to van Eyk director and head of strategy Paul Bray, with his recruitment coming ahead of the announcement of the licensee’s first foundation practice.
Flynn stated that both van Eyk Advice and the foundation practice had reached an agreement and entered into implementation work on the move.
The practice, which will move across from another licensee, was under a confidentiality arrangement and further details would not be available until the conclusion of the deal.
However Thomas said van Eyk’s licensee would be targeting practices with round $100 million in funds under advice.
These practices would have access to information supplied by van Eyk Research and practice management assistance through The Encore Group, which is also part of the wider group.
Back office and dealer services will be supplied by third parties. Flynn said the group would be establishing preferred partner relationships with industry suppliers.
Planners with the group will also have access to van Eyk’s portfolio construction asset consulting and multi-manager investment solutions. Thomas said van Eyk would consider equity partnerships with the practices in the future.
Flynn, who was previously head of operations for ANZ’s Aligned Licensees, will be responsible for the business operations and risk management of van Eyk advice. He will oversee its daily management while working with Eyk Advice’s practice acquisitions and recruitment manager Anthony Vaiente.
He will also take on the role of head of finance for van Eyk Research. Prior to working at ANZ, Flynn was employed by ING, Zurich and AXA Ireland.
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