Financial services firms Milestone Financial and Kepler Group have joined together and will trade under the Milestone Financial brand.
Said to be one of New Zealand’s largest non-aligned investment advisory groups, the restructured entity will provide client advice for over $1.4 billion of investment funds and $6 million of annual insurance premium. It will have offices in Auckland, Whanganui, Wellington, Christchurch, Timaru, Dunedin and Queenstown.
With the impending implementation of the Financial Services Legislation Amendment Bill (FSLAB) and changes to the Financial Advisers Act, both firms now need both size and depth to accommodate the changes, Milestone Financial board member Richard Holden said.
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Milestone Financial said a central servicing facility is being developed to enable advisers to tap into compliance services, governance, marketing, technology and much more. This will also allow for adviser career progression, succession opportunities and the purchase of businesses from those advisers wishing to retire. Holden claims the restructure will herald new options for advisers who may want to join a Financial Advice Provider (FAP).
“We’re bigger and stronger, but we haven’t lost the personal, individual, touch,” Milestone Financial board member Ricky Bennett said. “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.”
“The new network offers a holistic advice solution to clients rather than focussing on one product, service or demographic type,” Holden added.
The newly restructured Milestone Financial has a total of eight Discretionary Investment Management Services (DIMS) licences.
