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Adviser groups come together as one

The newest dealer group in New Zealand, Camelot, was launched in Tauranga on Friday night. Camelot is described as a group which has taken years to come together, and one which will grow quickly.

Tuesday, August 19th 2008, 7:10AM
At its start up Camelot brings together 12 advisory firms, around 50 advisers, $1 billion in funds under management and 50,000 clients.

Each of the groups received plaques at the launch function and a number of other firms which are in the process of joining Camelot attended too.

Camelot's vision is to provide an authoritive story and advise in a low trust world and become financial partners with clients for life.

Chairman Anthony Ractliffe says Camelot is founded on traditional values such as being "honest, noble, loyal and chivalry."

Camelot has been established by Wellignton-based Grosvenor Financial Services, and its Australian Stock Exchange listed subsidiary Tranzact Financial Services, has been acquiring non-controlling interests in adviser firms.

Grosvenor's business is about supplying services to independent advisers such as Bondwatch, and its investor psychology tool Risk Print.

Ractliffe says the group came about after Grosvenor's advisers wanted to form closer relationships with the company.

Grosvenor experimented with various services and ideas on an ad hoc basis several years ago to find tangible evidence of proof of concept, once that was achieved it the process was formalised.

Ractliffe says firms were hand-picked to join Camelot and he says they ones chosen were in the "top quartile of financial planning firms in New Zealand."

He says these firms had to meet a number of criteria including the principals having a strong desire and commitment to get strong growth in their business in the next three to five years.

Most of the initial firms joining Camelot have acquired or merged with other firms since joining the group.

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