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Advice firms merge

One of Canterbury's longest standing financial advisory institutions is merging to become one of the largest independent financial advisory firm in NZ.

Monday, October 16th 2017, 7:40AM

Jacob Wolt

Bradley Nuttall has agreed to merge with IQ2, and has renamed the business Cambridge Partners.

The merged firm has around $540 million of funds under management on platform, Bradley Nuttall director Jacob Wolt says, and also provides advice on a further $200 million.

He says Cambridge Partners see itself as different to a lot of financial advisors as they offer a holistic package for planning for retirement looking at all areas.

Also it is a fee-based business. Bradley Nuttal was also instrumental in setting up the Consilim group and embracing what they call "evidence-based" funds management. 

IQ2, while largely unknown in the financial advice, is an accounting business which operates in the wealth management area. It has two principal, one, Richard Austin is a past President of Chartered Accountants Australia and New Zealand (CAANZ). The other, Steve Mander is a member of the international Society of Taxation and Estate Practitioners (STEP).

Nuttall says IQ2 brings some new services to the firm, including specialities in dealing with immigrants from America, governance and experience dealing with high bet worth families.

As the compliance burden increases on financial advisers, many of the smaller firms are going to struggle, Wolt predicts. That doesn't mean they will all disappear, but it encourages mergers like this one. 

Cambridge Partners will look to grow its footprint outside of Canterbury and Auckland is the most likely place for expansion

Wolt says he would like the firm to be "the national independent firm of choice."

As part of their holistic approach they have co-written a book on retiring in New Zealand in an effort to forge themselves as experts in retirement planning. The book is written with world leading expert in retirement Barry LaValley.

LaValley is in New Zealand this week to launch the book.

Tags: Bradley Nuttall

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Last updated: 15 November 2017 9:40am

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