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: Tuesday, November 26th, 6:38PM

News

rss
Latest Headlines

AXA plus four in new advisory JV

AXA's new joint venture advisory group, AdviceFirst will deliver a business model “often talked about but seldom achieved”, according to AXA New Zealand CEO, Ralph Stewart.

Thursday, April 2nd 2009, 5:01AM

by David Chaplin

Stewart said AdviceFirst, which is skewed to insurance-based advisers, differed from aggregator groups in that “it is clearly based around equity”.

“This is a group of like-minded advisers who will collectively own the revenue,” he said.

The group is also developing common franchise, reporting and marketing strategies.

Under the AdviceFirst structure, AXA owns 51% of the company with the remainder currently split between four firms: two Wellington-based practices, Cameron Chote Financial Services and Charter Financial Planning; The McKibbins Group of Hamilton, and; Auckland's Financial Solutions (owned by ASC Financial Services).

Rangiora firm Canterbury Financial Services was also in the original AdviceFirst line-up but recently pulled out of the group.

After AXA, Cameron Chote retains the largest shareholding in the firm with one of its advisers, Jeff Franks, named as general manager of the combined group, which claimed some 9,000 clients, 33 advisers and 49 staff.

In statement AdviceFirst said that its new “one-stop-shop” arrangement would provide clients with “better access to financial advice, life and property insurance packages and investment programs from AXA and other leading investment, insurance and banking organisations”.

Stewart said AXA has not imposed any sales quotas for its own products on the group.

While AdviceFirst went public with the news yesterday, Stewart has been working on the project for at least two years, first under the 'Newco' working title and later as 'Charter Financial Solutions'.

AXA Australia also operates an unrelated financial advisory group under the Charter brand.

The New Zealand firm changed its name to AdviceFirst at the end of February this year.

“It's taken longer than I thought it would to put together,” Stewart said.

He said the group would not be a logical fit with the 100% AXA-owned Spicers advisory firm, which is heavily focused on investments.

Stewart is currently touring the country with Gould Wealth Management (GWM) executives meeting clients of that group to explain its merger with Spicers.

“The feedback has been very good so far,” he said.

Last month, Gould Holding – which bought the rump of the former MFS-owned Vestar group mid 2008 - confirmed it would sell-out GWM to AXA.

Gould executives, Richard Austin and Jeff Staniland, resigned as GWM directors two weeks ago.

« New non-bank rules due this yearSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

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 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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