Two AMP practices join Shartru
Shartru Wealth has continued on its war path to recruit advice practices from institutionally-aligned licensees, picking up two new authorised reps from AMP’s networks.
In addition, Shartru has brought on another Melbourne practice, 10-adviser-strong Australian Superannuation Pty Ltd, which trades as MySuperMan, formerly an authorised representative of AMP’s Charter licensee.
MySuperMan financial advice strategist Stuart Arnold-Levy told ifa the decision to switch licensees was driven by the desire for product and advice provision flexibility.
“When you meet the principal of a dealer group that gets what you are trying to do, that is to provide appropriate advice to your clients taking into account their needs, goal and objectives, and they are not busy just trying to push managed funds but look holistically at those clients' needs, then it is a breath of fresh air,” Mr Arnold-Levy said.
“Philosophically, professionally and personally, Shartru Wealth appears to respect both the adviser's and the client's best interests and within compliance and legal guidelines are supportive of us exploring ways to provide the greatest benefit to our client base.”
Shartru’s Mr Coyte said the firm was particularly attracted to being able to provide direct property investment advice services.
“Because we don’t have any vested interests, there is flexibility for them to provide the advice they need to provide rather than fit them and their clients into a particular product model,” Mr Coyte said.
“For us, as long as the advice is appropriate and in line with law, we don’t prescribe the types of asset classes they can provide advice around or tell them what to do; we allow them to do what they need to do.”
As well as the philosophy of “for advisers, by advisers” at Shartru, Mr Coyte said new authorised reps have also been impressed by the involvement of former Liberal Party leader John Hewson as chairman of the firm, which he said added credibility.
While all of the acquisitions so far have been sourced via organic means, particularly social media platforms, Shartru is considering hiring staff focused on authorised rep recruitment, Mr Coyte said.
The announcement follows the move of former CBA-aligned practice Ethical Financial Advice to Shartru, revealed by ifa in June.