Boston Private Wealth of Sanctuary Cove switched in June while Sydney-based Premium Financial Advisers completed its transition last week. Both firms were licensed under Premium Wealth Management.
According to AdviceIQ director Angus McLeod, the addition of these two firms will bring the group’s funds under advice to over $900 million.
Further, “the new additions complement our existing partner firms who wish to avoid institutional control or influence,” Mr McLeod said.
Speaking to ifa, Boston Private Wealth co-owner Neil Heriot said he decided to leave Premium Wealth Management after it was acquired by Australian Unity Personal Financial Services last year.
“We were with Premium and we were very happy but they were sold to [Australian Unity],” he said.
“We want to be non-institutional and non-aligned.”
I get the non institutional part but its the non-aligned part that I don’t.
No licence provider is going to give their representatives carte blanche.
The fact that both additions complement the existing partner firms means there has to be an alignment.
Surely the only way to be non institutional and non aligned is to have your own licence.
This is a fantastic display of advisers committing to, and standing by their morals. Let their feet do the talking against insto integration. Congratulations to both of you!