Govt changes blamed for educator's downfall
Adviserlink is blaming its demise on the government’s decision to create two tiers of financial advisers.
Tuesday, June 19th 2012, 6:00AM 12 Comments
Adviserlink general manager David Cairns said the company had invested on the basis there would be more than 7,000 authorised financial advisers.
However with the split to AFAs and RFAs the business changed and currently there are just under 2,000 AFAs.
IRD petitioned to put Adviserlink into liquidation and was successful on Friday. The amount was owed is unknown at present.
However, two days earlier Melbourne-based Mentor Education acquired the business.
Prior to that Mentor’s principal Mark Sinclair was the sole director of Adviserlink and was the major shareholder.
Under the ownership structure Sinclair’s Melbourne company, Kieran Investments Pty had a 61 percent and the balance owned by Palmerston North domiciled Adviserlink Learning Ltd.
Adviserlink Learning had many 18 shareholders including three Goldridge board members; Bernie Long, Bill DAHLBERG and Peter Hawes, a number of Goldridge advisers including Derry Kevin McLean; former Adviserlink manager Leonie Wallwork and well-known industry figure Kevin McLean.
Adviserlink Learning’s main shareholder was Australian financial planning figure John Godfrey who previously acquired Adviserlink from the Institute of Financial Advisers and has been involved
Paul Sargison and Simon Dalton from Gerry Rea Partners, has been appointed as administrators.
Cairns says Mentor Education has agreed to take over all existing Adviserlink students and has retained all student records as required.
Students with assessments in the pipeline will receive their results, however have to complete their study within the allotted period.
Existing service, license, training and CPD contracts/agreements will continue until their anniversary
Adviserlink’s Auckland-based staff Kate Tomlinson and Lloyd Albiston have been employed by Mentor Education.
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