Boutique financial planners Arnheim Gillard has dumped long-standing dealer group Godfrey Pembroke and taken up with Tasmanian-based Shadforths Limited.
Arnheim Gillard said Shadforths is one of the few remaining larger financial planning groups in Australia that is not owned by a large financial services institution.
Godfrey Pembroke is a subsidiary of the National Australia Bank. Arnheim Gillard, which has $300 million in funds under management, has been an authorised representative for the dealer group for 20 years since the boutique's establishment in 1986.
"We have had a very long and productive relationship with Godfrey Pembroke and this is not a decision we made lightly," managing director Rick Arnheim said.
He said Arnheim Gillard was looking for a licensee that could offer the firm a better alignment with the new direction it is taking. After an extensive review and the consideration of many other licensees, it decided Shadforths offered the best fit.
"Shadforths is a great match for us - they share our corporate vision and can give us the greater degree of independence we were looking for in order to pursue our growth plans," Arnheim said.
He said the alliance will allow the firm to offer its clients access to an improved portfolio service and direct access to a strong stockbroking firm.
Shadforths views the deal as a further expansion into the competitive Sydney market, having last year entered into a joint venture, Taylor Shadforths.
Arnheim Gillard has 10 employees including two principals. It services high income clients from its office in the Sydney CBD.
Shadforths has 90 employees and has $3 billion in funds under management.
The move is expected to be completed by March 1.
