The LodeStar Group, which includes many of the high profile names of the financial planning industry, has about $240 million under management.
That would mean they are probably about the fourth biggest financial planning network in New Zealand behind Money Managers, Spicers and New Zealand Financial Planning.
LodeStar general manager Paul Simmonds says the group differentiates itself in the way it approaches financial planning. Instead of pushing product, planners put together a package which is focussed on achieving a client's life style objectives then work backwards.
He says the group is research driven, plus it is New Zealand owned and operated.
A distinguishing feature of the Strategic Investment Service is that it is made up of portfolios which are designed to met specific risk profiles and client objectives.
Each of the eight planning firms in LodeStar retains their independence and can recommend whatever products they like, Simon Hassan of Stewart Hassan and Associates says.
The planners continue to own their businesses, but each one owns a stake in LodeStar, as does NZ Funds.
There are no quotas on the group: "We are not constrained," says Hassan. "We can invest our clients' money where we see fit."
Hassan says the group has been talking about getting together for a number of years. He says forming the group is an acknowledgement of the trend for aggregation within the financial services industry.
He compares the LodeStar concept to that used by the Amcal network of chemists and the Mitre 10 hardware stores group.
Another member, Craig Myles of Myles Financial Planning says one of the key benefits of the group is that it will be able to build up a strong national brand.
"I think branding is going to be one of the biggest determinates of who is going to succeed in the maketplace," he says.
The group is made up of eight offices representing 17 advisers.
Members of the group are: Stewart Hassan & Associates (Auckland), McLay & Co (Auckland), Nigel Tate Financial Planning (Hamilton), Imperial Investment Services (New Plymouth), Financial Fitness (Wellington and Masterton), Sparks Erskine Financial Planners (Christchurch), McFarlane Hornsey Simpson (Timaru), and Myles Planning (Dunedin).
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