Australian wealth management firm AMP has expanded its presence in New Zealand by adding four new Kiwi financial planning practices to AdviceFirst network, in which it holds majority stake.
AdviceFirst has acquired Grogan Insurances, Advice 4 U, Bob Edwards Insurance and Investments and Colin Strang Financial Services bringing the total number of qualified advisers to 39 across New Zealand.
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AdviceFirst has qualified financial advisors in Auckland, Hamilton, Palmeston North, Kapiti, Lower Hutt, Wellington, Canterbury and Otago providing insurance, investment, lending and superannuation advice to clients throughout New Zealand.
All AdviceFirst advisors are members of AMP’s Quality Advice Network (QAN).
As a part of the deal, advisors from Advice 4 U and Colin Strang Financial Services are joining AdviceFirst, while advisors from the other two businesses acquired are voluntarily exiting.
AdviceFirst executive chairman, Peter Chote, said clients of those businesses will benefit from the scale and security provided by AdviceFirst.
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By GlobalData"As a result of these acquisitions, we’re excited to welcome a significant number of new clients and demonstrate our unique value proposition to them. We’re particularly pleased to be opening a new office in Dunedin as we continue to grow our presence nationwide," Chote added.
AdviceFirst director and AMP head of QAN and advisor sales, Nick Scarlett, said: "The QAN provides an exceptional support model to benefit our network of Advisers. They can utilise an extensive range of essential support services contained within a series of nine valuable modules to delivery of quality financial advice for our expanding client base."
