Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Restructure establishes large investment advisory group

April 2, 2019

Restructure establishes large non-aligned investment advisory group

Milestone Financial and Kepler Group practices, two well established national brands, have joined to form one of New Zealand’s largest non-aligned investment advisory groups.

Trading under the existing Milestone Financial brand, the joint venture will have offices in Auckland, Whanganui, Wellington, Christchurch, Timaru, Dunedin and Queenstown, providing client advice for over $1.4 billion of investment funds and $6 million of insurance annual premium.

Richard Holden, board member for the restructured entity and principal of Milestone Financial in Canterbury, said that with the impending implementation of the Financial Services Legislation Amendment Bill (FSLAB) and changes to the Financial Advisers Act, firms now need both size and depth to accommodate the changes.

Milestone Financial is already developing a central servicing facility which will enable advisers to tap into compliance services, governance, marketing, technology and much more. The scale of the entity will also allow for adviser career progression, succession opportunities and the purchase of businesses from those advisers wishing to retire.

Fellow board member Ricky Bennett and principal of Milestone Financial in Queenstown said that the JV concept differs from the corporatisation model in that it is a collaborative or co-operative approach, which allows individual practices to benefit from the scale of the corporate but not be culturally swamped by it.

“We’re bigger and stronger, but we haven’t lost the personal, individual, touch.

“We recognise that advisers know clients and their preferences better than a board of directors and this new JV recognises and supports the unique value offered to clients by non-aligned, autonomous, advisers spread throughout New Zealand,” he said.

Holden said that the restructure will be good for both clients and advisers and will herald new options for advisers who may want to join a Financial Advice Provider (FAP) and not be constrained by the straight jacket approach of a large corporate.

“This is also a natural lead into the new legislative era where skill sets are pooled and used to put client interests first. This provides the ability to service all client demographics from high nett worth clients to large corporates and mums and dads to those just starting out with a KiwiSaver scheme.

“The new network offers an holistic advice solution to clients rather than focussing on one product, service or demographic type,” he said.

In total, the newly restructured Milestone Financial has a total of eight Discretionary Investment Management Services (DIMS) licencees.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>

REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>