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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."

Tags: Newpark Share

« Newpark sold to a surprise buyerBNZ to shut 38 branches »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 ▼2.45 ▼2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 ▼3.09 ▼3.15
SBS Bank Special - 2.49 ▼2.59 ▼2.65
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 3.07 2.80

Last updated: 27 November 2020 3:57pm

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