Australia’s Clime Investment Management has joined forces with Brisbane-based non-bank financial advisory group Futuro Financial Services to extend its wholesale client offering into a broader retail advisory service.

Futuro caters to about 50 offices and over 80 individual independent advisers. The firm recently developed its own funds management range that include the provision of managed discretionary accounts as well as separately managed accounts.

Clime said it will draw upon Futuro’s licence, operating and compliance services to promote its investment, marketing, product development and investor education services.

The partnership will also result in setting up a new financial advisory network, which will operate under the name Clime Private Wealth. The network will begin operations in March with its first office in Brisbane.

The companies also plan to launch at least three offices in key capital cities by end of 2017.

“The Board of Clime believes this strategic development is an exciting initiative that utilises its extensive marketing, product development and investment capability to facilitate the expansion of its operations and broaden the company’s market reach and earnings profile,” Clime said in a stock exchange filing.

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