The former chief executive of AFS Group has begun soliciting the dealer group’s 180-plus financial planners in a bid to bring them across to Yellow Brick Road (YBR).
On Friday, Peter Daly emailed AFS advisers to not only confirm his move to the listed wealth company, but also offered them an invitation to join him at YBR.
In the email, a copy of which was sent to InvestorDaily, Daly outlined 11 opportunities for AFS advisers if they moved across to YBR, including that of equity participant, succession funding, franchise opportunities, diverse income streams, institutional independence and open architecture when it came to approved product lists.
The other options available to the AFS advisers were “innovative” products and services, commercial compliance, proactive practice management, lead generation, and brand and reputation, the email said.
“I am exceptionally excited about the opportunity YBR represents. [YBR chairman] Mark Bouris’s success and his public recognition speak for itself,” Daly said in the email.
“I value our relationship and enjoyed working for AFS, I never considered an alternative until now, but what an exciting opportunity YBR represents.”
He said YBR provided advisers with an “opportunity for you to build your business though innovative, customer-focused products, diverse income streams, lead generation and tailored practice management”.
“With YBR backing and employing my skill set we will achieve rapid expansion and growth of your business,” he said.
“I invite you to join me on this exciting journey, together let’s build an independent dealer group we will all be proud of.”
AFS acting chief executive Philip Burke told InvestorDaily he was aware of the email and of Daly directly approaching AFS advisers.
“We’re aware of it. We have been sent the email by quite a number of advisers,” Burke said.
“I’m aware of quite a number of advisers who have met with him.”
He said he was also aware of quite a number of advisers who informed Daly not to contact them again.
“I have no indication that advisers are planning to leave . most have told us we are quite happy with how things are going,” he said.
Asked whether AFS would step up its communication and retention of AFS advisers, he said he had been in constant contact with the advisers since taking on the acting chief role in May.
AFS had quite a number of projects underway that would have a direct focus on the advisers, he said.
Daly’s interest in the AFS advisers comes less than a month after he urged AFS financial planners considering breaking away from the dealer group to halt their plans.
At the time, he told InvestorDaily that advisers thinking about leaving the group should wait until the AFS board made a decision on the future direction of the group.
“I have no knowledge of any breakaway group. I can confirm I haven’t been speaking to any practices about breaking away,” he said.
“They shouldn’t do anything rash. They should wait to see what the AFS board does and then make an informed decision.”
According to the 2011 IFA Dealer Group Survey, AFS has around 85 practices, 186 financial advisers and around $4.8 billion under management.
Daly was forced out of AFS Group on 21 May after he and the company’s non-executive directors failed to agree on the dealer group’s future direction.
Burke has been installed as acting chief while the dealer group seeks Daly’s full-time replacement.
Daly is in the process of filing an unfair dismissal case against his former employer.
Calls to Daly were not returned by InvestorDaily‘s deadline.
