Paragem Expands Contracts with Affinity and Carnbrea
Posted: 05 Oct 2011-
Paragem Dealer Services, a non-aligned provider of dealer services and wholesale licence to the financial advice industry, has announced that two existing independent financial adviser clients have increased their contracts with the firm.
Affinity Wealth Services will use Paragem’s practice management system, Model Office, after obtaining its Australian Financial Services Licence (AFSL) through Paragem earlier this year. Model Office will focus on increasing Affinity’s back-office efficiency.
Paragem Managing Director Ian Knox says Model Office provided planning practices with process improvements, which lowered compliance and back-office costs.
"The growing list of clients now using Model Office reflects growing demand from planners to streamline their businesses with simple and effective practice management tools," Knox says.
The NSW-based Affinity has AU$250 million funds under advice on behalf of 300 clients.
Meanwhile, Carnbrea and Co. Limited has appointed Paragem to implement and maintain its risk management and compliance needs for its wealth management arm with a focus on governance and process improvement.
Carnbrea CEO Robert Lyon says risk management has been a priority for the wealth manager, which has a well-established presence dealing with family offices.
"Having previously used Paragem for our licence review, they were the natural choice to meet our broader compliance requirements,” Lyon says. “We're looking forward to growing our business with the support of Paragem and the experience it brings dealing with complex and compliant advice models.”
(RA)
If you have any comments about this story or news tips, contact Christopher Gohlke in New York at cgohlke@globalcustodian.com or Janet Du Chenne in London at jduchenne@globalcustodian.com.
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