by David Chaplin
According to Jeff Page, TNP managing director, the business has grown from zero to 70 advisers in just over a year with annualised premium income of more than $6 million.
Page said with the addition of the Advice Financial systems and processes the group now has the ability to add on other services such as full financial planning, mortgage broking and KiwiSaver.
He said the newly-acquired systems would also enable TNP's risk-based advisers to run their businesses more efficiently by providing services such as centralised commission management.
"This acquisition allows us to expand and to further deliver to our advisers a far greater range of support and services. It also gives us the staff, systems and processes to really differentiate The National Partnership in the market," Page said in a letter to TNP members.
Coltman, who has been named as TNP director of operations, has received equity in the dealer group in exchange for Advice Financial's back-office systems. He has also joined the TNP board, replacing John Smeed who was recently appointed as Asteron company actuary.
Coltman said the two businesses were "a logical fit" with the Advice Financial systems completing the TNP dealer group model.
"I'm excited by the partnership," he said. "Jeff and I will make a good team." Page said within a month TNP would also finalise an equity offering to all of the group's members.
TNP joins a growing list of insurance-based advisory firms that are attempting to develop a national brand including Triplejump, Newpark and Share (which officially launched last week).
However, Page said TNP was unique to New Zealand.
"There are lots of dealer groups out there but no one else has a true full-service offering," he said.
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