Powered by MOMENTUM MEDIA

Fitzpatricks targets Newcastle high net worths

By Columnist
 — 1 minute read

Boutique dealer group Fitzpatricks Australia has opened a branch in Newcastle to cater exclusively for high net worth clients.

Boutique dealer group Fitzpatricks Australia has opened a branch in Newcastle to cater exclusively for high net worth clients.

The office was established in December by Forum Financial Services director and financial planner Glen Reilly and fellow selfmanaged super fund specialist Philip Barnard.

Advertisement
Advertisement

Reilly joined Fitzpatricks Australia from dealer group Australian Financial Services. Barnard was formerly at RM Super.
Fitzpatricks Newcastle has 30 clients, mainly small to medium businesses, with up to $15 million to invest. The minimum is $3 million. It specialises in asset protection, estate planning and wealth growth.

"This is another piece of the puzzle and consolidates our east coast position. The office was formed in December and has had a successful take up. It's quite amazing the amount of high net worth clients in Newcastle," Fitzpatricks Australia principal Scott Fitzpatrick said.

Forum, based in Taree, in country New South Wales, has $120 million in funds under advice for 350 clients. Reilly employs adviser Jenny McConnell, paraplanner Jenny Lawson and head of client services Lee Brassell.

Reilly, who has 14 years' experience, said he was attracted by Fitzpatricks' unique offering. Boutique financial advisory firm Morrison Carr has continued its recruitment drive with the appointment of two financial planners.

Wembo Huang, formerly of MLC, and Tina Fung, from Choice Super, have joined as franchisees. Both planners have over 10 years' experience in the industry.

"Experienced advisers are looking for more of a boutique flavour. They don't want to be tied up to the bigger institutions and some are looking to break away from that mould," national compliance manager Geoff Last said.

The Sydney-based firm has expanded the number of planners to 15 to date and expects to triple its headcount by early next year. "In the next 12 months we are looking to expand the number of planners to 50," Last said.

Prosperity Advisers has appointed former Brisbane-based lawyer Owen Griffiths of Abbott Tout and Freehills as an estate planning specialist. Griffiths has specialised in estate planning and succession in the past five years and will focus on providing asset transfer solutions against the backdrop of changing superannuation rules and taxation laws.

He has been admitted as a solicitor in New South Wales and Queensland.

 

Fitzpatricks targets Newcastle high net worths

Boutique dealer group Fitzpatricks Australia has opened a branch in Newcastle to cater exclusively for high net worth clients.

investordaily image
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.