by David Chaplin
Clayton Coplestone, principal of Heathcote Investment Partners and head of the prospective dealer group, told Good Returns at least 10 financial planning businesses have expressed interest in joining the as-yet unnamed network.
He said the group was aiming for a total of about 35 members.
Coplestone preferred not to name any of the parties involved but it is believed many of the 34 ING-associated advisory firms have been approached with an offer. Last year David Greenslade, head of the ING-linked dealer group services business Strategi, told Good Returns he was about to launch two advisory networks backed by ING – including one under the 'Milestone' banner – but it is understood the process has since stalled.
Coplestone said the new dealer group offering, which was close to being formalised, was targeted at the “high end” of the market.
“We're talking to a lot of financial planning practices but they have to meet certain criteria -for example, they need at least $100 million of funds under management,” he said.
According to Coplestone, the proposed advisory network would source services from a range of different suppliers, including an Australian dealer group. “We want to provide premier dealer group services – we want to set the bar high,” he said.
The new group would offer services such as investment research, asset allocation advice, compliance, training, marketing, technical expertise and practice management support.
Coplestone, who returned to New Zealand in 2007 after 15 years spent working in the Australian and Asian financial services market, said there was a “golden opportunity” to establish a full-service dealer group here.
“Many of the things that are taken for granted in the Australian [dealer group] market just haven't hit New Zealand yet,” he said.
The new group is expected to be operational by this May.
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