Smee pulls brokers from Kepa
Kevin Smee has pulled 70 brokers from adviser group Kepa.
Saturday, September 26th 2015, 6:00AM 
4 Comments
by Susan Edmunds
Kepa was formed as an amalgamation of TNP and Ginger Group – Ginger included Smee’s Brokers Independent Group.
Kepa chief executive Jeff Page said he did not want to comment on Smee’s move because Smee was “building his business” and it was not appropriate for him to comment on that.
But he said he was “100% happy” and it was “absolutely business as usual” for Kepa.
“We’re just flat out trying to get the conference organised.”
He said 200 people had been registered for Kepa’s upcoming conference.
“It’s a very busy time of year.”
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Comments from our readers
On 1 October 2015 at 9:50 am The Oracle said:
Mmmmm. I hear it is not only the "Smee" lot leaving, I hear many of their top advisers are joining the likes of NZFSG, Newpark and others. Maybe there are good reasons for it too....? On 1 October 2015 at 3:01 pm Donald said:
Belonging to a producer group is all about choices of to whom an adviser wishes to be affiliated, but wow 70 advisers "jumping from the frying pan in to the fire" is a choice that surprises or perhaps it is the chance of a referral to Smees tailor that is the attraction. On 2 October 2015 at 11:23 am Broker said:
Compulsory matching purple dinner jackets for members? On 2 October 2015 at 11:28 am Majella said:
(Donald - pretty lame crack that...)
As it was, Solutions Group was inside Kepa but receiving 50% of the over-rides being paid. Now they'll have 100%.
Solutions provides internally as much as (if not more than) Kepa does to the rest of the group. So, that's quite a chunk of cash flow leaking away from Kepa.
As to talk of others leaving, Oracle, from what I could gather, they seemed to have an 'entitlement' mentality about the override commission, and some resentment of what could be seen to be a 'jet-setting' Kepa management style.
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