Avenue Capital Management’s North Sydney firm has rebranded as MC2 Wealth following a smooth transition to IOOF-owned dealer group, Lonsdale Financial Group.
Avenue comprised nine branches, which will each create their individual corporate identity under Lonsdale. All 30 advisers associated with the group have joined Lonsdale.
“So far so good and, touch wood, it’s gone relatively smoothly,” MC2 Wealth partner Greg Moore told InvestorDaily.
“Lonsdale has been effective in their communication to us from Monday which was officially the first day we were trading under the new license. So they’ve been helpful and from Avenue’s perspective it’s been well planned.”
Moore is not concerned that any of its advisers or clients will depart the MC2 branch following the changes.
“There wasn’t an overwhelming response that we’re changing,” Moore said.
He explained that clients were made aware of the changes two weeks ago.
“They were pretty prepared and informed what was going to happen and their main concern was [are we] still going to be around. Yes we are, and we will continue doing what we have been doing, more-or-less in the same way but under a new licence,” he said.
MC2 hopes that the move to Lonsdale will mean it can benefit from access to IOOF’s greater recourse space, which will in turn, manifest into benefits for clients.
However, MC2’s current main focus is to settle into the changes and ensure the business fits into Lonsdale’s compliance requirements.
“I would imagine the next 2 months, including getting our website up and running, is really just a matter of dotting I’s and crossing T’s in the transaction and ensuring that we are compliant under the new regime,” Moore said.
“That is our main focus at this point in time, but further on in the year, business as usual and hopefully growth,” he said.
The move to Lonsdale and rebrand will have no impact on client investments or relationships with accountants, share brokers, mortgage brokers and estate planning solicitors, he said.
