Affinity Group is completing the next stage of its expansion agenda, opening a Brisbane office and increasing its funds management to more than half a billion dollars with the 50 per cent purchase of Brisbane-based Hillross financial planners.
Affinity Wealth founder and senior partner, Keith Jones said the Sydney-based boutique was in a strong position for growth off the back of its 50 per cent purchase of Brisbane-based Hillross which would see Affinity expand to Queensland.
“Hillross agency was well established under Paul Hocking, a long time and highly respected affiliate,” Jones said.
“Paul has grown an impressive business in Brisbane with a very loyal client base and when the opportunity came to move to Affinity, it was a natural progression for both businesses.”
Affinity said Hocking would remain with the business, with Sydney-based partner, Kate Golder, to manage operations in the Brisbane office from January.
Commenting on the growth of Affinity as a boutique, Jones, who has held his position with Affinity since 1993 said prior experience in a dealer based model had affirmed his view on the “onerous” nature of compliance.
“By operating under our own licence, Affinity…has the flexibility to recommend products to our clients and provides a far more streamlined service while operating under the same rigorous compliance measures,” he said.
“While there are advantages to being aligned with institutional dealer groups, we found these arrangements were often inflexible and the administration and compliance burden was often onerous.”
In addition, Jones said dealer groups had less flexibility and limited offerings for clients.
“These are opportunities which are simply not available through retail investors, including large bank-owned dealer groups,” he said.
“It gives us greater access to wholesale investments and preferential treatment for share placements.”