A Sydney-based advice practice has parted ways with AMP after 14 years to join Fortnum Financial Advisers, saying it wanted a licensee that was not part of a financial institution.
According to a statement, Cardena Private Wealth - previously trading as Arrive Wealth Management Sydney - had been authorised by AMP’s Hillross dealer group for the last 14 years.
The firm’s director, Jonathan Kilborn, said the move to Fortnum came as the business looked to grow.
“We considered all our options, including applying for our own AFSL, and conducted an extensive review of the market before deciding to partner with Fortnum,” he said.
“We wanted a licensee that was not part of a financial institution and had a long proven track record of successfully running a dealer group and overseeing the provision of client-centric financial advice.
“Fortnum will support us to focus on growing the business while doing what we do best, which is look after our clients.”
Managing director of Fortnum Financial Advisers Joel Taylor said, “We are extremely pleased to have a high quality professional services firm like Cardena join Fortnum.
“We are very selective of the practices we take on and our advisers set a high bar in terms of professionalism. Cardena is a great fit.”
Mr Taylor added that Fortnum is experiencing strong momentum and is well positioned for future growth.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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