SHARE confirms Newpark acquisition
SHARE NZ has sealed a takeover of rival business Newpark Group in a deal that will transform the insurance and mortgage advice industries.
Wednesday, November 18th 2020, 1:14PM
Darren Gannon
Following an exclusive report by TMM Online this morning, the two adviser groups confirmed their tie-up in a statement.
SHARE's takeover will create a group with more than 500 advisers across investments, insurance and mortgages.
SHARE chairman Richard Thomas said: "The collective strengths of both organisations ensure clients will continue to receive quality financial advice. It represents a fantastic opportunity for advisers to leverage the scale of the organisation to realise their growth aspirations while safely navigating through new industry regulations."
Newpark founder Darren Gannon, who is selling his controlling stake and stepping down from the board, said: "The combined business brings together a vast array of knowledge and expertise from across the sector to give advisers access to integrated advice and CRM platforms, training, practice development tools, regulatory compliance systems and succession planning.”
Newpark members will have the option of keeping their current regulatory structure and settings, or moving to one of SHARE's operating models.
SHARE operates two models. Its 'corporatised' model allows advisers to lock in capital value and sell their assets in a trail income stream to SHARE NZ Services, taking a share in 'SHARE', and remaining in their role as an adviser.
The second model, the distribution agreement model, sees adviser businesses come under the SHARE FAP umbrella.
Advisers at Newpark have been told it is "business as usual" and will be allowed to be their own FAP under the new regime.
SHARE chief executive Tony Dench said: "We look forward to working with our Newpark colleagues, business partners and advisers to a build an organisation focused on delivering choice, independence, support and doing the right thing for clients...because advice matters."
| « Newpark sold to a surprise buyer | BNZ to shut 38 branches » |
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