TNP hooks up with Aussie firm

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Dealer group, TNP, has formed  a strategic alliance with Australian financial services firm Pharos Financial Group which will allow it to draw on its knowledge and expertise.

Thursday, August 30th 2012, 7:13AM 1 Comment

by Niko Kloeten

The alliance follows changes to the Trans-Tasman Mutual Recognition legislation announced by the Australian Securities and Investments Commission (ASIC) and the Financial Markets Authority (FMA) last month.

Pharos operates a range of different businesses in the Australian market including boutique dealership Madison Financial Group, which has more than 80 advisers who provide advice on nearly A$3billion of funds and over A$45m of recurring risk premiums.

TNP managing director Jeff Page said the alliance with Pharos was a “natural fit” for TNP.

"The Australian market has already been through many years of compliance and legislative changes and we feel we can all learn a lot from working with Pharos.

"It's a great opportunity to be able to have them share their experience and knowledge (particularly in the risk and wealth management areas) with the members of TNP in New Zealand."

Pharos managing director Mark Perry said:  "Whilst the two parties have informally shared IP (intellectual property) between each other previously for a number of years, the strategic alliance recognises a formal commitment to extending this into focused joint product and services development initiatives.

"TNP in New Zealand was a natural fit for Pharos to partner with as there was close commonality in the vision of the two groups, which was something shared by the executives of each group."
The two groups had already identified a number of initiatives they would start work on later this year, Perry said.

As part of the mutual-recognition agreement the FMA has granted an exemption for Australian qualified advisers, allowing them to apply to be authorised financial advisers (AFA) in New Zealand based on their existing Australian qualifications.

Meanwhile ASIC has given recognition to AFAs and qualifying financial entity advisers to enable them to practise in Australia in certain areas.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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