Kepa looks for more groups to catch
Kepa may have only just been formed through a merger of TNP and Ginger, but it is already looking at taking over other groups.
Friday, July 4th 2014, 7:21AM
Kepa managing director Jeff Page says the group, which has 710 advisers, is already talking to other groups about joining the new entity. While he wouldn't name any, discussions were on-going, he said.
Chairman David Johnstone, agrees further consolidation is likely within the advice sector, and Kepa wanted to be a home for independent, non-aligned adivsers.
He has been involved with groups in Australia says Kepa supports the idea of holistic advice businesses, which are essentially a one-stop shop for clients.
While Kepa is strong in the life insurance space it is light in mortgage broking and wealth management.
Page says the Ginger/TNP deal made sense as both groups were quite similar, especially in the way they dealt with commission. The additional commission groups receive from life companies, called over-rides, is distributed to members, while other groups use the money to develop services for members.
Page says Kepa wants to make sure it has representation across the country, however it is unlikely to go down the corporatisation model route, like Share has, and have branded offices.
However, he doesn't totally rule it out as on option for some advisers in the future.
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