Sydney financial advisers Rick Arnheim and Phillip Gillard have become the second business owners in less than a month to join a powerful privately-owned buying group.
The move by Arnheim Gillard and Partners increases the number of boutiques within the group, known as Best Advice project, to nine.
On March 2 the fee-for-service advisers terminated their 20-year partnership with MLC-owned Godfrey Pembroke to come under the license of independent dealer Shadforths.
Perth practice Keysbrook Financial Services became the second Western Australian firm to join on June 2.
They join Perth firm Gannon Growden Schonell and Associates, Brisbane firms Douglas Wenck, Ellwood Barry McPherson and Kilkenny Rose and Associates, Melbourne firm Heraud Harrison, Sydney's Guest McLeod and Tasmanian-based Shadforths.
The addition swells funds under advice within the project by around $1 billion to $8.5 billion.
About $3 billion is badged through white label arrangements with BT and Macquarie Wrap.
The group is using the weight of their client base to receive generous pricing from fund managers, professional indemnity insurance and back-office providers.
Run by ex-Tynan Mackenzie boss Tony Fenning, the businesses are planning to come under one licence and list within 12 months.
All those involved in the project are trying to achieve best practice outcomes, said Shadforths chief executive Nick Bedding, who is running the national dealer side of the project.
"We're all working together in streamlining processes," he said.
"We're just looking for who does what in the best way."
