On Wednesday, 13 April, Akambo Financial Group and First Financial confirmed a merger, saying the main advantage will be its advisers can use services across both firms including accessing specialist professionals in private wealth managers, investment teams, dealer services and licensing solutions and compliance and governance.
“CEO of First Financial, Ben Rossi and myself saw a clear opportunity to excel as market leaders in the new post-Royal Commission environment, where licensing and advice is under increased challenges and pressure,” Akambo managing director, Anthony Kapetanovic, said.
“Under the new structure, our 3,000 clients across Australia which make up 1,500 client groups and comprise in excess of $3 billion of funds under management for both Akambo and First Financial.”
The consolidation of services available to Akambo and First Financial staff is offered effective immediately.
“We are all trying to solve the same issues, as the landscape is quickly evolving, with the likes of technology playing a big role in how advisers are looking for and consuming information both locally and internationally,” Mr Rossi added.
“We are thrilled by the opportunities for further growth in the advisory space as advisers needs and wants are now changing in not only a post-Royal Commission but also a post-pandemic world.”
There are about 600 retail clients in the Sunbury area that have all been sold SMSF’s over the past 10 years and found themselves invested in the Akambo MDA. Interestingly this is the only investment solution that was presented to them. Would be prudent for all clients to look into the ownership structures of these entities.
I just hope the team at first financial have done their DD on the performance of the Akambo MDA and the Akambo investment process. Regardless of what each client looks like – they will all end up in the MDA.