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Tower FAS advisers set up own group

A group of 13 Tower Financial Advisory Services advisers have set up a new planning firm called Goldridge.

Tuesday, May 22nd 2001, 6:28AM

A group of Tower Financial Advisory Service advisers have broken away from Tower to form their own advisory group called Goldridge.

The new group is the result of a partnership between a number of financial advisers and Tower and will operate nationwide as an independent financial planning company.

The group will begin operations with 13 principal advisers who currently managed more than $270 million. Tower will initially own 85% of the group but intends to sell down its stake.

Goldridge managing director Daryl McAlinden says the planners wanted to work within their own group but also maintain the close links they had with Tower.

As a result of this McAlinden says Goldridge will make use of Tower's size and scale for support and services. It has also set criteria for new planners joining to be highly successful planners with extensive industry experience.

However, the group will limit its planner intake to six newly qualified planners in the next twelve months and all new planners will be required to take a shareholding interest in the group.

Goldridge is being chaired by well-known industry Australian figure John Godfrey. Godfrey is best known for founding the planning group Godfrey Weston in 1981 which then went on to become Godfrey Pembroke. There he held the posts of chairman and managing Director from 1981-1998 before the business was sold to MLC in 1999.

Godfrey, acting as the independent chair, will join co-directors Peter Hawes and David Samuel representing the advisers while Ralph Stewart, and Stuart Fish will represent Tower.

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Latest Comments
  • Naylor: Time to rename advisers
    “Thanks Mike. I wonder if the extensive consultation process involved consumers - who still lump all industry components into...”
    5 hours ago by Pragmatic
  • Naylor: Time to rename advisers
    “@keith: agree, that was suggested to the then minister, simon power. @m naylor: think outside the box. my suggestion then...”
    5 hours ago by w k
  • Naylor: Time to rename advisers
    “Would it be out there if we had a designation "Insurance Adviser". I know this might be a radical departure from AFA & RFA...”
    6 hours ago by Ron Flood
  • AMP: Concern over advice quality
    “Hi Mike Thanks again for all that. On your last points perhaps the best way of ensuring “professional, client first advising”...”
    7 hours ago by Brent Sheather
  • Naylor: Time to rename advisers
    “Pragmatic - the current system of regulation was the product of an excellent, extensive process of consultation. One conclusion...”
    8 hours ago by Mike Naylor
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AMP Home Loans $200k+ 7.14 5.69 6.29 6.55
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