Financial planning collective the Best Advice Project has increased its funds under advice to $9 billion following the new signing of Melbourne's Haintz Financial Services.
Haintz becomes the collective's 10th group and second in the past two months. In June the project's funds under advice was $8.5 billion.
The privately owned financial adviser group joins its Melbourne-based peer Heraud Harrison as well as Planners Alliance from Brisbane, Guest McLeod and Arnheim Gillard from Sydney, Gannon Growden Schonell and Keysbrook Financial Services from Perth and Shadforths from Tasmania.
Best Advice Project chief executive Tony Fenning said the project continues to gain momentum, with the collective looking closely at the possibility of merging the groups into one entity.
"We've started looking at merging the firms at the head office level and it's proving to be an attractive proposition to the groups," Fenning said.
"If the proposal to merge the groups proves to be a fruitful one, and we're taking very active advice, then the next obvious step if that was to occure would be to see if listing the combined private companies would make sense.
"At this stage it looks like it would make sense. It's of reasonable size and scale, though we're not committed to listing just yet."
Commenting on the decision, Haintz Financial Services managing director David Haintz said it was a natural move for the group.
"We have known many of the firms participating in this project for many years and have great respect for them," Haintz said.
"We are very happy to have the opportunity to work with Heraud Harrison here in Melbourne to share ideas and practices which can benefit our respective clients."
Haintz Financial Services won IFA's Australian Financial Planning Business of the Year award in 2004.
