Two members of ex-Tynan McKenzie boss Tony Fenning's Best Advice project have demonstrated their high calibre, ranking in the top 10 dealer groups for funds under advice (FUA) per advisers. Heraud Harrison was ranked fourth based on FUA per adviser, while Perth-based Gannon Growden Schonell and Associates ranked seventh on the same list.
Launched in mid-March, the Best Advice project is made up of seven privately-owned dealer groups: Douglas Wenck, Ellwood Barry McPherson, Gannon Growden Schonell and Associates, Guest McLeod, Heraud Harrison, Kilkenny Rose and Associates, and Shadforths. All are well-established and reputable financial planning businesses. The group is currently conducting a feasibility study on becoming a listed independently-owned advice firm in the next year. The Best Advice Project is designed to deliver member groups greater cost effectiveness and competitive advantage.
The businesses' aim is to reduce cost inefficiencies for all members by restructuring their back and middle-office systems and processes, and streamlining their technology services. Members of the project have a combined base of 20,000 clients and manage over $7.5 billion in FUA. These numbers are expected to give the project members the bargaining power to achieve wholesale rates, which will ultimately mean lower fees for all clients.
