Moves a foot at Broadbase
Friday, June 15th 2007, 8:36PM
It seems things are moving along at Broadbase with the retirement of founder Marshall Garrett.
Broadbase is one of the longer standing advisory firms in New Zealand and also one of the bigger medium sized firms. Because of these factors and its success it has been a group many of the fund managers have wanted to get their hands on. AXA has sniffed around the business and about 18 months ASB nearly bought the business.
Broadbase has an unusual set up. Broadbase Consulting, run by Marshall Garrett, provided marketing and other services to the advisers. However all the Broadbase offices have been individually owned by the advisers, rather than run as a group with a common shareholding.
It looks very much like Marshall's business has been taken over by the advisers, and a new company Broadbase New Zealand has been established which is owned, equally, by each of the advisers.
Maybe with a new structure the group will become more "corporatised" (an industry buzz word I hate), and no doubt will look far more attractive to potential purchases. (Some people in the industry even suggest that the $52 million MFS/Northplan deal may be a catalyst for change!)
A change may also help the group grow. Because of its structure Broadbase has over the years had a habit of calving, a bit like icebergs. Every now and then a group of advisers decide to break-off and form their own groups.
The most recent was Colin Austin in Auckland and a bunch of other upper North Island advisers which formed Decisionmaker.
Other to leave in the past include Fiona Judd, and the people in the Capital Financial Planning Group in Christchurch.
No doubt there will be more news from Broadbase soon.
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