A number of RBS Morgans advisers have jumped ship to join financial services firm, Investorfirst.
Haydn Froggatt and Rod Peters joined the group earlier this week as authorised representatives under the company’s Investorfirst Securities brand.
The Gold Coast-based pair joined the group, along with their advisory and support teams, on Monday, Investorfirst said in a statement to the Australian Securities Exchange.
“The team join [Investorfirst Securities] from stockbroker RBS Morgans’ Gold Coast practice and bring 20 years of experience in financial markets,” Investorfirst said.
It is not known whether the adviser movement is in response to the decision of Royal Bank of Scotland, an RBS Morgan shareholder, to sell off the Australian financial services division.
The addition of Froggatt and Peters expands Investorfirst Securities’ presence into Queensland.
As well as rolling out its superannuation product, Investorfirst continues the software development for the wholesale stockbroking side of the business.
Last month, Investorfirst executive chairman Otto Buttula said the company plans to focus on a wholesale stockbroking offer in the second half of the year.
“Then probably the second half of the year as a white label, similar to that of IWL, a wholesale stockbroker offering that could be used by larger financial services organisations,” Buttula said at the time.
Buttula said the firm will also concentrate on completing its strategic business review, and staffing reshuffle that resulted in the company’s former chief executive Darren Pettiona stepping down.
In April, Pettiona announced he would relinquish his position to focus on the company’s investment platform, HUB24.
