Growing demand for risk management, compliance support and practice management systems by independent financial advisers has seen Paragem Dealer Services boost its business with two existing clients increasing the services they use – Affinity Wealth Services and Carnbrea & Co Limited.
Another planning practice is set to roll out Paragem’s customised practice management system, Model Office, Affinity Wealth Services has engaged Paragem to improve the back office efficiency of its expanding planning practice.
A former Hillross practice, Affinity obtained its own AFSL with Paragem earlier this year and is now one of the fastest growing private client firms in NSW with $250 million funds under advice on behalf of 300 clients.
Paragem Managing Director, Ian Knox, said 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,” Mr Knox said.
Managing partner of Affinity Wealth Services Keith Jones said the partnership with Paragem was a complement to Affinity’s independent and professional advice offering.
“We wanted to make sure our strong advice and investment service offering was supported by reliable operational systems and it was important that those systems enabled us to focus on the part of the business that is most important, providing advice and managing risk for clients,” said Mr Jones.
Advisers focus on risk management support
Melbourne-based, 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 Chief Executive Officer, Robert Lyon said risk management had 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. 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,” said Mr Lyon.
Mr Knox said Paragem was well placed to support Carnbrea as the practice sought to capture a slice of the rapidly growing family office sector in Australia.
“Outsourcing part of the compliance programme but linking it to internal requirements enables Carnbrea to access independent, high quality support and establish the necessary level of governance it demands,” concluded Mr Knox.
