Regulation pushes firms to vertical integration

Fisher Funds has been growing its advice team, now at about 15.

Milford Asset Management is expanding its private wealth offering, planning offices around the country. Pie Funds is also building up its wealth team.

McLachlan said there were a couple of factors driving the growth. He said there was now less delineation between fund managers, wealth managers, product managers and investment advice.

“The new world of regulation means product manufacturers have increased obligation to ensure clients get the right outcome. It’s easier to manage a client outcome when you have got your own employees selling the product.”