Kevin Bailey's Money Managers advice group has finally joined with old mates in Tony Fenning's Best Advice project taking the total number of businesses participating to 11.
Bailey had been talking to the group since its launch in mid-March and said that his business had been closely involved with many of the other participating firms, with whom there was great mutual respect.
"In Melbourne I have worked regularly with Ian Heraud and David Haintz though various FPA committees and have shared ideas for many years on how to improve service to our respective clients," Bailey said.
"This project is the culmination of a history that goes back to the early 90s, in the case of Ian and myself, where we have participated in a peer group together and looked for ways to increase our cooperation."
The Money Managers brings more than a billion dollars on its wrap accounts for its own clients and a number of affiliated advisory practices.
Best Advice has more than $10 billion funds under advice with about $5 billion in wraps.
There are offices in Brisbane, Sydney, Melbourne, Hobart, Perth and regional centres.
The group comprises Arnheim Gillard & Partners, Gannon Growden Schonell & Associates, Guest McLeod, Heraud Harrison, Keysbrook Financial Services, Douglas Wenck, Ellwood Barry McPherson, Kilkenny Rose, Shadforths, Haintz and Money Managers.
Project chairman Sam Gannon said he was pleased with its progress and said it was likely the firms would have even closer ties in the future, possibly by becoming a listed national independently owned advice firm.
According to Gannon, the group has spoken to other parties interested in joining but it is not searching for new members.
The project is now entering its second phase where the firms are undergoing due diligence to enable them to be merged into a single entity.
