Top MLC adviser jumps ship

In a statement released on Wednesday, Haywood Financial Management’s Scott Haywood said the practice had resigned from MLC-aligned dealer group GWM Adviser Services, following “long consideration” around the impacts of the dealer group’s sale to IOOF.

“This sale has been in the works for some time, which has given us time to reflect on what we might do,” Mr Haywood said.

“We have made this decision because we feel IOOF is not a good fit for our business or our clients in the long term.”

Mr Haywood, who is known as ‘The Finance Guru’ from his appearances on radio stations 2GB and 3AW, said his practice would move to non-aligned dealer group Interprac Financial Planning, owned by listed financial services firm Sequoia Financial Group.

Sequoia’s wealth arm has had a strong year of acquisitions in the advice space, having picked up Yellow Brick Road’s wealth business as well as the advice arm of stockbroking group Phillip Capital.

Sequoia managing director Garry Crole told ifa Mr Haywood was expected to come on board at Interprac within the next two months.

“On being approved he has resigned from his previous AFSL, so now the process is for them to release him and arrange the transfer of his customer base to us after the normal opt out provisions that take place,” Mr Crole said.

“I expect given the other NAB/MLC advisers that have joined us in recent months that will take one to two months in transition, so he is still at the current AFSL until then.”

He said Sequoia was aiming to fill a similar role in the non-aligned space to fellow listed dealer group Centrepoint Alliance, and was targeting “premium planning practices” such as Mr Haywood’s.

“We want to provide advisers a licensee that can support their business in all areas of their self-employed positioning,” Mr Crole said.

“This includes employing high level compliance staff, high level practice development staff, administration support, paraplanning access, IT and technical support as well as offering access to SMSF administration, outsourcing support, legal document establishments, general insurance and ASX equity clearing.”