AXA makes a quantum change
AXA New Zealand has decided to take total control of the Quantum group, rather than sell down its holding as originally intended.
Monday, June 12th 2000, 12:00AM
The Quantum Group was established about 18 months ago as a company that would provide services to advisers including comparative analysis of insurance products and a wrap account for investments.
Most of the advisers who joined the group had to stump up $25,000 each for a stake in the business. The idea was that more advisers would be brought into Quantum over time and AXA would sell down its stake.
However that hasn't happened.
Originally Quantum aimed to have about 40 advisory firms involved in the business, however currently there are only 24 firms, 4 of which are just non-shareholding associates.
AXA New Zealand chief executive, and Quantum director Ross McEwan says the group has had difficulty attracting advisers other than those who have previously been National Mutual/AXA advisers.
One of the key services offered by Quantum was the comparative risk analysis software provided by Boss in Australia.
Quantum, until recently, has had exclusive rights to the Boss package.
On the risk side Quantum added wrap account QISL last year, however it is understood the take-up of this product has been low as some shareholders already used Aegis and others had opted to use competing products.
McEwan says Quantum will continue to operate as it has previously, the only difference will be the corporate structure. He says the group has reached service agreements with all the former shareholders.
McEwan also expects that more advisers will sign up to use the service now that the shareholding structure has been changed.
A quantum step for adviser-kind
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