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JMIS, which bought Select Wealth Management from Sovereign, had until December 1 to move funds across to a new platform to meet DIMS licencing requirements.
staff will be relocated to JMIS offices, and the discretionary investment management service offered will only be available to clients who have transitioned to the JMIS-managed service.
JMIS said the firm had been working hard to support advisers and their clients to complete the required documentation to navigate the transition from the Sovereign-administered service.
Director Andrew Kelleher said the move was likely to result in more than $500 million of funds joining the new service.
Advisers representing more than 90% of the funds under administration have signed agreements with JMIS.
“It’s been an exciting period. The response to the change has been overwhelmingly positive, exceeding our expectations and reinforcing the trust and confidence advisors have in our investment advice. Advisers have been working really hard to complete client documentation, which has been particularly impressive.”
Kelleher said JMIS looked forward to using the DIMS license, the Select Model portfolios and investment research and management expertise, to ensure sophisticated investing was easy for advisers and clients.
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