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Philip Macalister
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Moves a foot at Broadbase

Friday 15th of June 2007

It seems things are moving along at Broadbase with the retirement of founder Marshall Garrett.

Broadbase is one of the longer standing advisory firms in New Zealand and also one of the bigger medium sized firms. Because of these factors and its success it has been a group many of the fund managers have wanted to get their hands on. AXA has sniffed around the business and about 18 months ASB nearly bought the business.

Broadbase has an unusual set up. Broadbase Consulting, run by Marshall Garrett, provided marketing and other services to the advisers. However all the Broadbase offices have been individually owned by the advisers, rather than run as a group with a common shareholding.

It looks very much like Marshall's business has been taken over by the advisers, and a new company Broadbase New Zealand has been established which is owned, equally, by each of the advisers.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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