Former St Laurence ceo buys financial planning firm

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Monday, April 26th 2004, 11:54AM

Former St Laurence Mortgages Ltd chief executive Wayne McCarthy has bought Lower Hutt-based financial planning firm the MONEY $HOP.

Money $hop founder David Edwards says that it has been his goal to exit the business within two years. He will be working with McCarthy to transition existing clients to him.

Edwards says he intends to concentrate on brokerage based transactions through a new enity, from the existing premises, while remaining associated with his old business.

McCarthy says he was attracted to the business as it is a member of The Portfolio Group – a nationwide collective of 32 independently owned financial planning companies that represent over $1.5 billion of funds under management.

It has recently adopted a new level of ‘best practice’ standards that are based on systems and procedures adopted by many of the highly regulated western economies and not yet regarded as being standard here in New Zealand. These ‘best practice’ standards involve stringent check and balance methodologies, guidelines, templates and systems designed to enhance the quality and professionalism of the advice we provide to our clients.

The rest of the team of three full time advisers and their support staff will continue business as usual.

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