Fitzpatricks Financial Group managing director John McMurdo has been elected to the position of chairman of advisory organisation Moneywise Group.
The Central Coast-based advisory group, who has no links to embattled group Moneywise Wealth Management, named the former Centric Wealth chief as chair last week.
Moneywise director Brett Gilday told InvestorDaily the company engaged the help of McMurdo in the months following the death of the company's founding managing director David Loadsman.
"A meeting was arranged [following] the passing of the MD and we found a very strong cultural alignment," Gilday said.
"I think we share a common vision that we'd like to have a non-banked owned financial planning network for clients."
In line with McMurdo taking over as chairman, Fitzpatricks Financial Group and Moneywise have formed a new partnership.
"We've had an emotionally tough six months as a group after the death of founding director David Loadsman, but we knew that we had the right strategies in place and the strength of our key staff to keep us going," Gilday said.
"We were fortunate that, through personal contacts, John was available to guide us through some of the emotional hurdles."
Gilday said the partnership would also create one of the "largest co-operative" of privately owned financial planning businesses in the country.
He said since the sale of Count Financial to the Commonwealth Bank of Australia last year there have been few non-institutional options for investors.
"The key staff of Moneywise remains the same, as well as the core values and core services. This relationship can only enhance what is already on offer to our clients," Gilday added.
The Fitzpatricks Financial Group has around $2 billion in funds under management.
On 12 January, Ferrier Hodgson representatives Brendan were appointed to the Wollongong-based Moneywise Wealth Management after it defaulted on its banking facilities with National Australia Bank.
