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Plan B looks for FAME in NZ

Plan B, the West Australian-based financial services firm which lists on the ASX today, is introducing a new adviser platform into its New Zealand planning practices this week.

Thursday, July 12th 2007, 3:29AM

by David Chaplin

According to Denys Pearce, Plan B chief executive, its New Zealand financial advisory business will first adopt the new front-end software system before the Australian advisers follow suit in the next six months.

Pearce said the Financial Advice Made Easy (FAME) system is based on Xplan software with the addition of further proprietary Plan B tools.

"It's like Xplan on steroids," he said.

Xplan, the financial advisory software business owned by listed Australian firm IRESS, first entered the New Zealand market in 2006 in a joint venture with the Aegis platform.

Last year Plan B bought the Tauranga-based Strategic Asset Management (SAM) and the Rutherford Rede Northland practice and further New Zealand acquisitions are expected as the group will have a reported A$80 million to fund expansion after it floats on the ASX.

Plan B will join the ASX later today after an IPO offering 30 million shares at A$1. Pearce said the offer was over-subscribed "which indicates our value proposition has been endorsed by the market".

After listing he said just over half of Plan B shares would be owned by directors and staff with the remainder almost evenly split between institutional and private investors. As well, Pearce said its shareholding would be diversified into Australia's eastern seaboard. Until now the group's owners were all based in WA.

While Plan B is the first cab off the rank at least three other Australian dealer groups have indicated a desire to list this year, including Professional Investment Services (PIS) - the country's largest financial advisory firm by number of planners. PIS also has an established New Zealand financial planning subsidiary.

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
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BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
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First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
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ICBC 3.69 2.25 2.35 2.65
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Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
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Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

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