Pembroke picks up Collins as recruitment slows

Godfrey Pembroke has added another adviser firm to its network and expects to attract two more before July this year. Tasmania-based Collins SBA, a financial planning firm with an accountancy arm, is the ninth practice to join Godfrey Pembroke in the pact 12 months but the first in 2013.

It takes the number of practices licensed through the dealer group to 115 and the number of advisers past 200 for the first time.

General manager of Godfrey Pembroke, Peter Smith, told Professional Planner Online the company was in discussions with “a couple of other practices” with a view to expanding further in coming months.

Smith said there was no “ideal number” being targeted but that slow organic growth based around “quality opportunities” was the general strategy.

“2012 was a year of growth for Godfrey Pembroke, with a number of quality practices joining the network,” he said.

“I’m delighted to see this trend continue in 2013 with Collins SBA coming on board.”

Smith added that the recruitment market remained active as practices consider their licensee options ahead of the arrival of Future of Financial Advice (FoFA) from July 1.

However, he expects activity to taper off slightly in the latter half of the year.

In 2006, Godfrey Pembroke announced it would move to a fee-for-advice model for all new investment clients.