A shared philosophy on private ownership has seen Premium Wealth Management and RI platform The Emerald Club form a strategic alliance.
Premium chief executive Paul Harding-Davis concedes that the link between the financial planning licensee and a responsible-investment (RI) solutions group, which launched the Emerald Wrap earlier this year, may not be immediately apparent.
However, he identified the fact that neither wish to be owned or influenced by an institution as common ground.
“We identified a very strong philosophical alignment between Premium and The Emerald Club,” he says.
“We both have a strong commitment to remaining free of institutional ownership, to professional standards and ethics and concur on how businesses should operate.”
As part of the alliance, Premium has taken a 25-per-cent stake in the group.
Harding-Davis and Melbourne-based adviser of Ethical Investment Services, Michelle Brisbane, have also been appointed to The Emerald Club’s Board.
He told Professional Planner Online that Premium would not be looking to raise its ownership stake but expects other licensees will “take a seat at the table”.
It’s a Wrap
In a separate deal, Premium has been selected as a preferred licensee for advisers wanting to recommend The Emerald Wrap.
In August 2011, Tim Xirakis and Justin Medcalf teamed up to create The Emerald Club, with the aim of closing the gaps they saw in the RI industry.
Earlier this year they launched the Emerald Wrap, a RI-dedicated and non-aligned platform for advisers.
Harding-Davis believes the alliance will strengthen the adviser and investor offerings of both groups.
“We also have a strong commitment to private ownership and diversity of investment choice,” he says.
“This is against the backdrop of an industry that is increasingly dominated by large groups with their own agendas at the forefront, rather than those of their clients.
“We are actively recruiting advisers who identify with this philosophy, so this provides us with another channel to form relationships with like-minded firms and individuals.”
Co-founder and managing director of the Emerald Club, Justin Medcalf, said the platform would now be able to offer a more holistic solution to advisers.
“Now we not only have a platform solution for advisers, but also a preferred dealer group that will provide premium back-office business support as well as licensee services,” he says in a statement.
“We know there are many dealer groups that limit advisers and inhibit best product availability to the client. This partnership will help make our offering more complete and more attractive.”
