Murray Hills

Murray Hills has announced the launch of two Perth headquartered financial advisory businesses dedicated to providing professional advice and services to Western Australian SMEs, business professionals and HNW clients.

PFP Financial Services and Personal Financial Planners will operate as individual businesses and will seek to build separate and unique state-based advice brands in WA.

PFP Financial Services is the AFSL and provider of B2B services to financial services businesses and advisers in WA.

Personal Financial Planners is the group’s B2C and will operate as a financial planning firm and a Corporate Authorised Representative of the AFSL.

Commenting further about the announcement and decision to focus the businesses solely in WA, Executive Chairman and CEO of both groups, Murray Hills said it was based on two factors:

1. the strong and stable West Australian economy; and
2. the state’s wide range of primary, secondary, technology and professional service industries that were predominantly SME owned and operated businesses.

Murray Hills said the new venture was developed in response to growing demand from locally based advise practitioners for a licensee administered by a lean management structure of industry professionals that understood and could personally relate to their issues, challenges and aspirations for the future.

“The Western Australia economic landscape post COVID-19 is evolving at an unprecedented rate and the need for professional dedicated financial services is emerging as a marketplace necessity,” affirmed Murray Hills.

“We identified the need for our two specialist brands in which financial advice professionals could work together in a clearly defined operational structure to service and address the needs of West Australian clients and business owners.”

Furthermore, the dual business model has been structured with specific service offerings to reflect a growing demand for a specialist boutique advice only proposition and is completely aligned to its financial advisers and their clients.

Assisting financial advisers to operate within a compliant framework whilst maximising business efficiency, capacity and grow by delivering leading edge systems and processes will underpin the PFP Financial Services adviser network offering.

In addition, Murray Hills sees the future as one where the two groups will work closely with fellow advice professionals such as accountants, lawyers and brokers to achieve the best outcomes for clients.

“I am very excited about the future and by the challenge of building, managing and growing a new West Australian based financial advice enterprise to address wealth creation, risk protection and retirement aspirations of WA based clients and business owners”, concluded Murray Hills.

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Murray Hills is acknowledged as a financial services industry stalwart.

He has an exceptional leadership track record, deep strategic expertise, a unique ability to forge long-standing adviser relationships and industry alliances, and proven experience of managing and growing national financial services advisory businesses.

Until recently, Murray had been Chairman (and founder, MD & CEO) of Perth based Sentry Group Pty Ltd.  He stepped down from the role in June on the 15th anniversary of the group.

Prior to Sentry, Murray was MD & CEO of the DKN Financial Group.  He was also an inaugural and past associate member of the FPA and a fellow, life member and past National President of the AFA.

Commenting on his appointment, Murray Hills said he was excited and looking forward to driving PMM’s strategic and growth objectives.

“PMM is about to embark on a new chapter and is positioned positively to seize opportunities in a changing and evolving financial services landscape”.

“I’m delighted to have this opportunity to head PMM at a time of exciting change and disruption in financial services”.

PMM has been operating for ten years and currently comprises four advisory practice subsidiaries.  It is a full service national financial advice business offering comprehensive and integrated solutions to individuals and business clients.

The group is acknowledged for working in collaboration with accountants, finance brokers, GI brokers, real estate agents, lawyers and professional consulting businesses to provide comprehensive financial advice and solutions for clients.

PMM is self-licensed through its wholly owned subsidiary, Badge Financial, and has state offices in Perth and Melbourne with plans to open in Sydney in 2021.

“PMM has developed an innovative and unique marketplace offering for SMEs and HNW clients that will resonate with many advisers and clients in the new financial services era”, said Murray Hills.

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Murray Hills

Sentry Group Chairman and Managing Director Murray Hills said irrespective of the digital age, increased regulation and compliance, the bar has irreversibly changed for what it means to be a successful professional financial adviser and Sentry’s Aspire Partner practices are leading the way.

Our Sentry Advice Aspire Partners program emerged after Sentry reviewed its business model and moved away from being just a licensee to a holistic business and professional services firm.

Commenting further Murray Hills said Sentry’s high-performing Aspire Partner advice businesses standout for their client focus and growth mindset.  “They are using a range of strategies, systems and initiatives to improve productivity and deliver benchmark client experiences that in turn are the source for new business growth, referrals and alliance opportunities”.

Head of Advice and Senior Financial Adviser Shane Light of Melbourne based The Hopkins Group is a firm believer in the holistic provision of advisory services by including programs that improve financial literacy, mentoring and career development of clients.

Although it can come with many challenges, Shane admits he is personally and professionally thriving improving the understanding of clients on ways they can protect and achieve their financial aspirations.

Shane started his financial services career in Wollongong as a mortgage broker / accountant in 2002.  Five years later he became an adviser before relocating to Melbourne in 2010 and in July 2015 joined The Hopkins Group.

Promotion to partner was achieved in December 2017 and more recently he received distinction as a semi-finalist in the 2018 AFA Adviser of the Year Award.

The one-dimensional traditional advice practice model of client-in / advice-out is all but gone said Shane Light.  Staying relevant to the times and the changing needs of clients is paramount and the foundation for a strong vibrant practice of the future.

“Financial literacy is the cornerstone of any good financial strategy and helping each demographic, especially Millennials and Gen X and Ys, break down the jargon and get excited about their finances is an incredible opportunity”, added Shane Light.

“The Hopkins Group invest heavily in client engagement and experience strategies with constantly evolving programs at their core that are designed to educate and generate conversations”.

“Money Master, Bubbles Beers Budgeting and Future First Homeowners are examples of creative programs and campaigns developed to entice and engage a new generation in good financial behaviour”.

Talking Sport is another initiative where Shane presents at sporting clubs on the impact and consequences an on-field injury can have on a professional athlete.  Relatively short careers are made even shorter when earning capacity ceases from an injury catastrophically putting an end to the potential for a financially secure future.

As the result of the financial education programs and privileged position as trusted financial adviser Shane is called on by clients to help them gain clarity and perspective on their lives and careers.

Shane continued, “Coaching and mentoring on career progression, overcoming the hurdles to first home ownership, starting a business and other life challenges was an inevitable evolution to come out of the client-facing relationship-focused activities.

“Demand is definitely going to grow for this as an integrated offering within the ongoing adviser-client journey”.

Looking to the future beyond FASEA and the Royal Commission, Shane is confident The Hopkins Group is more than ready.  The practice has an appetite for adviser growth and expansion including acquisition where appropriate provided they can be managed and are a cultural fit within the group.

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The winners for 2016 include:

• Practice of the Year Award: PMM Financial Advisors (WA)
• Adviser of the Year Award: Andrew Halliday from AdviceOne Financial Services (QLD)
• Senior Adviser of the Year Award: Graham Greenaway from Geraldton Greenough Financial Services (WA)
• Rising Star Adviser of the Year Award: Steven King from  YV Financial Services (VIC)
• Life Risk Practice of the Year Award: Lifecover Australia (QLD)
• Regional Practice of the Year Award: Byfields Wealth Management (WA /NT), Creative Wealth Ideas (VIC /SA), JSK Wealth Solutions Pty Ltd (NSW /ACT) and Wealth Connexion Pty Ltd (QLD)

Speaking in Perth last Tuesday, where the final presentations were made, Sentry Group CEO and Chairman Murray Hills said the awards recognised and rewarded excellence within its national network of financial services advice business.“Sentry prides itself on its commitment to help advisers achieve the best they can and there were some absolute front runners this year,” Mr Hills said.

“Sentry prides itself on its commitment to help advisers achieve the best they can and there were some absolute front runners this year,” Mr Hills said.“The Practice of the Year, PMM Financial Advisors, demonstrated outstanding client service, best-practice professional development of advisers and staff, and an efficient, productive and profitable business. Their practice is an outstanding example within the profession.”

“The Practice of the Year, PMM Financial Advisors, demonstrated outstanding client service, best-practice professional development of advisers and staff, and an efficient, productive and profitable business. Their practice is an outstanding example within the profession.”Mr Hills said the Adviser of the Year and Rising Star Adviser of the Year winners were also particular standouts.

Mr Hills said the Adviser of the Year and Rising Star Adviser of the Year winners were also particular standouts.

“Andrew Halliday from AdviceOne Financial Services, is very client focused, embraces technology in the efficient running of his business, and by choosing to specialise in retirement and pre-retirement planning, can focus his service on delivering the very best client outcomes within his specific market,” Mr Hills said.

“Steven King, winner of the Rising Star Award, is an upcoming young financial adviser in a family business, who has learnt from his father the absolute importance of client service. “This has resulted in a firm in the Yarra Valley in Victoria, YV Financial Services, that offers that friendliness and knowledge about clients that you often find in regional areas – where clients and advisers have a mature and successful mutually beneficial relationship.”

“This has resulted in a firm in the Yarra Valley in Victoria, YV Financial Services, that offers that friendliness and knowledge about clients that you often find in regional areas – where clients and advisers have a mature and successful mutually beneficial relationship.”Mr Hills said “It is no coincidence that the majority of winners are also participants in the Sentry Optimum Better Business program where practice leaders are invited to join a roundtable consisting only of their peers.

Mr Hills said “It is no coincidence that the majority of winners are also participants in the Sentry Optimum Better Business program where practice leaders are invited to join a roundtable consisting only of their peers.“Each roundtable group is independently facilitated and completely tailored and specific for its particular members to assist each other in solving their most pressing business issues and concerns. Members can count on their peers to provide fresh perspectives and new ideas at roundtable meetings”.

“Each roundtable group is independently facilitated and completely tailored and specific for its particular members to assist each other in solving their most pressing business issues and concerns. Members can count on their peers to provide fresh perspectives and new ideas at roundtable meetings”.“The unique concept has been met with great excitement within the network, and received critical acclaim by industry observers”

“The unique concept has been met with great excitement within the network, and received critical acclaim by industry observers”

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Murray Hills

Sentry Group has announced an exclusive joint venture arrangement with Intiger Asset Management Pty Ltd a wholly owned subsidiary of Intiger Group Limited, an ASX listed company specialising in software development and offshore processing platform solutions dedicated to reducing the back office and operational costs within the Australian financial planning industry.

Under the HOA and stage 1 of the arrangement, Intiger will provide a framework for the development and delivery of a centralised back office administration and para planning solution.

Commenting further on the announcement, Sentry Group CEO and Chairman Murray Hills said, it was an exciting opportunity to provide bespoke solutions to the national licensee’s adviser network. “We are constantly seeking advances in technology and process solutions for our advisers that they can utilise to improve operational efficiency, productivity, profitably and the provision of the very highest standards of compliant financial advice and client service”.

“Advice practices and licensees must transform their operational models to reflect the post FoFA LIF era that requires consumer / client best interests are firmly at the centre of everything they do.

“With significant margin pressures being experience throughout the industry I’m confident our advisers will benefit immensely from the Intiger offering which will future proof their businesses by significantly bolstering their back office operational frameworks and in doing so enhance their positions as professional client focussed advice practitioners”.

An additional benefit for Sentry is that national licensee will have exclusivity in the marketplace as Intiger’s ‘preferred Licensee’ in the non-aligned independent sector during the period of the HOA.

Headquartered in Perth, Intiger was established by Mark Fisher an experienced executive specialising in large scale global change programs, offshore processing and cost reduction strategies.

The organisation has developed and launched proprietary software platform LiLLY’, which digitises and automates core components of the financial planning process, including the production of automated SoAs.

In conjunction with ‘LiLLY’, Intiger’s online practice management system ‘KLIP’ tracks key performance indicators of a financial planning practice and delivers oversight and control to both licensors and financial planning practices nationally.

Commenting on the HOA with Sentry, Intiger Chairman Mark Rantall said: “Intiger is excited at the prospect of working with Sentry to develop efficiencies, management data and cost savings to Sentry practices. Sentry is a large dealer group and this enables Intiger to demonstrate how we can industrialise back office efficiencies to enable financial advisers to deliver advice in a more efficient and cost effective way to more Australians”.

Sentry Group Executive Director and Head of Business Solutions David Newman said the first deliverable will be the establishment of a para planning service which will be priced competitively and designed to dovetail seamlessly into the operational frameworks of advisers. “This will be followed by a pilot program with a number of key practices to develop and fine tune the back office administration processes.

“Most importantly, all these new processes and work flows will be integrated into the overarching IRESS customised technology solution that was developed specifically for Sentry and branded SENTRAK (a copy of the June 14, 2016 announcement is attached).

David Newman expects the pilot program will be completed by early New Year with roll out to the entire Sentry adviser network to begin thereafter.

Murray Hills concluded, “Over the next few years, many advisers and licensees will exit the advice sector unable or unwilling to adapt as the era of professionalism gains momentum. In this environment, the advice practice that will benefit the most will be characterised by non-institutional alignment utilising modern processes, technology and resources to ensure positive client engagement and service outcomes.

“I am confident Sentry’s compelling marketplace offer together with Intiger’s technology and operational offering will play a key role in future proofing the businesses of Sentry advisers as they capitalise on opportunities brought about in response to evolving consumer expectations and demographic, legislative and economic changes”.

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Commenting further on the role, Murray Hills said it involves B2B, one-on-one consulting with the group’s practices and advisers across Australia. “Karen’s role will involve coaching and training advisers in portfolio structures and construction, in-depth product comparisons, asset allocation and investment strategies, and related products and services to address the needs of their clients.”

Sentry constantly surveys its advisers to ensure that its products, services and processes are keeping pace with marketplace changes and their practice management, client service and professional / personal development needs. Practice management was identified as a priority in the most recent survey with a focus on integrated wealth solutions as a priority. As a result, the position of Head of Wealth Solutions was established.

“Based at Sentry’s Perth Head Office, Karen will also be responsible for working closely with our advisers’ to develop and fine tune their client value propositions, practice productivity and efficiency, as well as assistance to identify and grow new business opportunities”, said Murray Hills

“In addition, Karen’s appointment is a reflection of Sentry’s commitment to our network of advisers to support them in the delivery of tailored, independent investment solutions and wealth management advisory – including the latest approaches to investment offerings”.

Karen has more than 20 years’ experience in the superannuation and financial services industry, including insurance, corporate superannuation, self-managed superannuation, administration platforms and funds management. Prior to joining Sentry, Karen was State Manager for Grant Samuel Funds Management and has also been a State Manager for Challenger Limited.

Karen holds a Diploma of Superannuation Management, Macquarie University, Bachelor of Commerce, UWA, and a Bachelor of Psychology, UWA.

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Murray Hills

The current low return outlook places a new urgency for dealer groups to help their advisers find new and innovative ways to reduce costs and improve performance for clients, says Sentry Group CEO Murray Hills.

With historically low cash rates, subdued share market returns and a slow Australian economy, it remains a challenging time for investors.

Sentry prides itself on offering advisers choice in best practice platforms and has been an early adopter of managed portfolios through platform partner HUB24.

“We specifically partnered with groups like HUB24, because we wanted our advisers to have the best tools available to deliver great after-tax returns for the client”.

“As an accountant by training, I have always been acutely aware of the need to get advisers and accountants collaborating together to make investment decisions that are informed by the potential individual tax impacts to a client,” Mr Hills said.

“We are strong believers in managed portfolios and have constructed 10 of these as part of the Compass Funds offering, which provides access to both Australian and diversified strategies via FPI Investments.

“This allows our advisers to outsource asset management and portfolio construction to specialist investment managers while still benefiting from the transparency, tax efficiency and portability provided by the exposure to direct assets.”

Mr Hills said Sentry chose HUB24 due to their sophisticated modelling tools to estimate CGT when switching from one managed portfolio to another or when selling assets.

“The system nets any assets at the account level, potentially reducing transaction costs and CGT by as much as 50 per cent when moving between managers, if they have substantially the same assets in their portfolios.” he said.

“This ability to model before a transaction is effected, allows advisers to use tax as one of their decision points between managers. The system also projects out 28 days to see if the tax position changes if the transaction was delayed for a month.”

The Compass Funds platform powered by HUB24, can dynamically select which tax parcels to trade based on the tax methodology of your choosing (ie, minimum gain, maximum gain or FIFO). This applies to any parcels within an account, whether they are held in discretionary portfolios or those managed by the adviser.

“We think that being a dealer group of choice is more than just delivering stability, training and compliance. It is about helping clients work with their accountants and advisers to achieve improved outcomes.

We must be innovative and accordingly we need client-focussed innovative partners,” Mr Hills said.

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Murray Hills

Financial planning group Sentry has broadened its range of investment options by partnering with OneVue Platform Services to deliver a new series of separately managed accounts (SMAs) to Sentry advisers.

The Sentry Group’s network of 250 non-aligned professional advisers will gain access to a suite of seven FPI SMAs on the OneVue platform. The Sentry Group of adviser services about $5 billion of client funds under advice.

Sentry Group Executive Chairman and CEO, Murray Hills says that by expanding its Compass private label range of platforms, Sentry is providing more choice in practice solutions to its advisers and their clients.
“Our SMA service continues to gather momentum and the combination of this with our platform partner OneVue represents a compelling and different proposition for advisers and their clients alike, while still delivering value for money,” Mr Hills says.

Sentry chose OneVue as a partner to develop the new Compass Fund products, which includes the seven FPI SMA Model portfolios on both its IDPS and Super offering.

OneVue, which delivers superannuation investors true choice and control by creating digital gateways between investors and their financial community, has a track record in developing contemporary solutions for advisers and their clients.

“We are pleased to have developed a bespoke range of SMA portfolios for Sentry advisers which will deliver value and transparency to their clients,” said OneVue Head of Product and Transactions Brett Marsh. The new range of SMAs aims to provide practice efficiency benefits for its advisers and reduce their compliance burden.

“We are seeing increasing demand from our white label business partners to create managed account solutions that reduce paperwork advisers are required to undertake in ongoing management of investment portfolios for client risk profiles,” Mr Marsh says. “Adviser interest in SMAs continues to increase over time as investors demand asset classes that are clearly visible within their portfolios.”

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Craig West

Sentry Group CEO and Chairman Murray Hills and Succession Plus founder Craig West have announced that the national licensee group and leading business succession and exit planning specialist have teamed together to assist the rapidly escalating need by SMEs for assistance with their retirement and exit objectives.

Recent surveys and studies by Swinburne University of Technology Melbourne, Melbourne University and Succession Plus have confirmed that succession planning continues to be a major challenge and concern for Australian SMEs, especially Baby Boomer business owners.

“The depth of challenges facing Baby Boomers seeking to retire in the coming years is enormous with the greatest being trying to sell a business in a buyers’ market”, said Murray Hills.

“For many of these business owners, their retirement nest egg is tied up in the enterprise and if they are unable to maximise the value and then extract it on sale will face the prospect of a very gloomy existence in their twilight years”.

Adding his voice, Craig West said that it basically comes down to poor preparation on the part of business owners who fail to commence the retirement journey while time is still on their side.

“As a result, business owners are walking into retirement with far less than they could have – and in the worst case scenarios simply switching off the lights and entering into retirement with nothing from years of hard work, dedication and exertion in their businesses”.

Commenting on the alliance with Succession Plus, Sentry Executive Director and Head of Business Solutions, David Newman said the purpose was to support the licensee group’s advisers assist their small business clients to effectively deal with protecting the value of their enterprises and extracting value upon exit.

Succession Plus has developed an extensive program for Sentry advisers that comprise workshops, training and development, visits and consulting with adviser SME clients. The first program to be rolled out as part of the Sentry Succession Plus alliance focuses on Employee Share Ownership Plans (ESOPs).

Craig West continued, “For the hardworking business owner who has dedicated many years to his / her business and seeks to exit and retire, ESOPs can be the answer with benefits including a succession solution for the proprietor and certainty for the employees, customers and suppliers.

“The thought of a business being sold, merged or closed often fuels disquiet among employees with disgruntlement, insecurity and potential for key employees to jump ship heightened”.

“ESOPs allow for an orderly transition of ownership, the owner can scale back his / her involvement whilst employees are motivated to go the extra mile through increased morale that increases productivity, performance and engagement”.

Last week Craig West embarked on a national roadshow event that is sponsored and supported by Sentry and promotes ESOP as business succession and exit planning solution.

The roadshow will visit all mainland capital cities with the program divided to accommodate maximum participation:

• Part A – for business owners will delve into ESOPs, their benefits and why they should be considered as an exit and succession option
• Part B – for financial planners and professional advisers (accountants, lawyers, etc.) of the legal and taxation considerations for the effective implementation of ESOPs

“We are proud to support and sponsor the Succession Plus ESOP national roadshow and confident that the event will be of immense benefit to SMEs and advice practitioner attendees”.

“In addition, we are excited about the long term prospects the alliance with Succession Plus will provide as the Sentry advisers that focus on servicing the needs of the SME sector will benefit with increased clients and enhanced relationships with accountants, lawyers, finance/mortgage brokers etc.”, concluded David Newman.

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OneVue is an independent wholesale platform and managed account provider who has a track record in developing contemporary solutions for advisers and their clients.

This new service follows a similar partnership recently finalised with Netwealth which extended the group’s existing range of services it receives from the platform provider.

Both new arrangements will be launched under the Compass private label and under these partnerships, the Group’s network of non-aligned advisers will get access to a suite of separately managed accounts (SMA’s) solutions managed by FPI Investments.

The Compass private label suite of platform solutions now totals four and compliments the existing arrangements with HUB24 and Asgard which have been in place for some time. It is an important extension of the existing services and solutions provided to the broader Sentry Group of 250 advisers servicing approximately $5 billion of client funds under advice.

Sentry Group Executive Chairman and CEO, Murray Hills said he was delighted with the new partnerships and by expanding its Compass private label range of platforms was now one of the few licensee groups in Australia offering a genuine choice of platform solutions to its network of advisers which catered for the broad spectrum of their client needs. In addition the suite aimed to provide practice efficiency benefits for its advisers and reduce the compliance burden required in managing client accounts.

Mr Hills said the partnerships have been established based on a strong alignment to what we want to achieve for both our advisers and their clients. Our SMA service continues to gather momentum and the combination of this with our platform partners represents a compelling proposition for advisers and their clients alike.

The new service with OneVue is planned to be rolled out in the coming months.

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