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Kepa seeks investment advice support

Kepa is forming strategic alliances to provide more support to its wealth management advisers.

Friday, October 23rd 2015, 6:00AM 1 Comment

by Susan Edmunds

Jeff Page said the plan would be launched at the group's November conference.

He said an alliance had been formed with Grosvenor and Consilium.  "Some of our wealth management advisers use Grosvenor, some use Consilium and some use nothing. We don't tell our wealth management advisers who to use or what platform but we give them the choice of what they want to do."

He said Grosvenor and Consilium had put together development plans for the next 12 months that advisers could be involved in.

Consilium's head of partner growth Ben Brinkerhoff said it was not a financial deal but Kepa had identified it needed more support in terms of education, tools and resources for its advisers who were operating in investment advice.

"Kepa wants to keep its advisers so they don't leave Kepa to get that support," he said.

He said the group had approached Consilium and Grosvenor to ask them to plug the gap.

"We'll show up at their conference and the events they do and provide useful stuff to read and to look at. If you look at who's in their office, there is no one who is strong on the investment side."

The agreement was open-ended, he said.

Grosvenor chief executive David Beattie said: “We’re talking to Kepa about potentially offering support and will be going to their conference and doing a presentation on markets and the solutions out there in a broad sense.”

Grosvenor is also believed to be considering a new acquisition, funded by a mixture of rights issue and debt.

Details of what will be acquired have not yet been revealed but it is believed that if it goes ahead, it will likely be completed by Christmas or very early in the new year.

Beattie said he could not give details but believed more decisions would be made before the next board meeting.

Grosvenor’s last big move was when it bought the Fidelity Life KiwiSaver scheme in 2013.

It has many adviser shareholders who have held shares in the company for almost 20 years and now would like to be able to sell them.

Last month, about 16 sold their stakes. They were picked up by the holding company Asset Custodian Nominees.

Managing director Allan Yeo is currently in Singapore.

Tags: Consilium Grosvenor Financial Services Kepa

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Comments from our readers

On 29 October 2015 at 11:13 am gavin austin adviser business compliance said:
A great move by Kepa. Having strong strategic alliances with the likes of Consilium and or Grosvenor will definitely lift the standards for Kepa’s wealth management advisers. From my experience working with a number of Consilium partners over the past 2 years the standards are very high. Kepa’s wealth advisers (I must confess I don’t know any of them) will find that the Consilium people are a team of highly motivated professionals and this filters down into the individual partner practices. It will be interesting to watch how the relationships develop as the Wealth Adviser going forward will need to beef up their back office support and this is where the likes of Grosvenor and Consilium will be able to add value. A lot better that getting into bed with a QFE.

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