Tower FAS advisers set up own group

A group of Tower Financial Advisory Service advisers have broken away from Tower to form their own advisory group called Goldridge.

The new group is the result of a partnership between a number of financial advisers and Tower and will operate nationwide as an independent financial planning company.

The group will begin operations with 13 principal advisers who currently managed more than $270 million. Tower will initially own 85% of the group but intends to sell down its stake.

Goldridge managing director Daryl McAlinden says the planners wanted to work within their own group but also maintain the close links they had with Tower.

As a result of this McAlinden says Goldridge will make use of Tower's size and scale for support and services. It has also set criteria for new planners joining to be highly successful planners with extensive industry experience.

However, the group will limit its planner intake to six newly qualified planners in the next twelve months and all new planners will be required to take a shareholding interest in the group.

Goldridge is being chaired by well-known industry Australian figure John Godfrey. Godfrey is best known for founding the planning group Godfrey Weston in 1981 which then went on to become Godfrey Pembroke. There he held the posts of chairman and managing Director from 1981-1998 before the business was sold to MLC in 1999.

Godfrey, acting as the independent chair, will join co-directors Peter Hawes and David Samuel representing the advisers while Ralph Stewart, and Stuart Fish will represent Tower.

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