tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, May 22nd, 3:05PM

News

rss
Latest Headlines

Booster invests into financial advice business

Booster's private investment arm Tahi has bought a stake in Christchurch financial planning business Lifetime.

Wednesday, August 18th 2021, 6:04AM 2 Comments

Wellington-based Booster Tahi has taken a 15.4% stake in Lifetime making it the second largest shareholder behind the Rothbury Group.

The directors of Tahi, Booster's managing director Allan Yeo and its chairman Paul Foley have been appointed directors on the Lifetime board.

Some concerns have been aired around related party transactions and conflicts of interest.

However, Yeo told Good Returns this issue was addressed when the investment was made.

Tahi recognised there was potential for concern and the transaction was done with "a lot of extra scrutiny" on an "arms length" basis.

"We were very careful about any potential conflict of interest."

"Booster Tahi cannot have any position in operational matters," he says.

He says Booster has "never set up quotas" with the advisory business. Advisers will use Booster funds when they are appropriate for clients and they can use other funds too.

Booster has had a long relationship with Lifetime. When Booster was called Grosvenor Financial Services it helped establish the Camelot financial planning group which was run by Peter Cave. Several years ago Camelot merged with Lifetime and Cave became the managing director of the enlarged group.

Yeo says Tahi sees a good future for Lifetime, and the group produces good recurring income. However, the business needed capital to grow hence the Tahi investment.

"Tahi is a really good option for Lifetime to grow," he says.

He also said that some of Lifetime's shareholders were wanting to exit and this investment provided an exit strategy for them.

Yeo says criticism of the deal is "the price for being innovative."

He says there is an attitude: "If it doesn't fit in the box they must be trying to trick us."

Tags: Allen Yeo Booster camelot Tahi LP

« AMP's New Zealand renovation continuesMann on a mission to diversify financial advice »

Special Offers

Comments from our readers

On 17 August 2021 at 3:23 pm John Milner said:
It seems our government is hell-bent on building the carriages of a future train wreck, when Australia is dismantling their VIO's as fast as they can.

And please don't quote ex-ANZ CEO David Hisco - "We're different here in NZ."

I prefer Charlie Munger's quote: "Show me the incentive and I'll show you the outcome."
On 20 August 2021 at 10:26 pm NicMcleod said:
No more an independent financial advisory firm as Cave & Co. used to portray themselves as! Is it?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 ▼6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 ▼6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.79 - -
Co-operative Bank - Owner Occ 8.40 ▼6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 ▼6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 ▼7.74 7.29 6.59
SBS Bank Special - ▼7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 ▼6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

Last updated: 20 May 2024 10:01am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com