The Aurora Financial advisory group founded by entrepreneur Simon Rolland has been rebranded as Enva following a sale to interests associated with the Haven insurance and mortgage network last month.
With more than 80 advisers operating under its umbrella, Enva is now majority owned by the HBTC entity, which also has a 100 per cent stake in Haven. FT Principal Holdings – a company Rolland has a small piece of and serves as sole director – owns a quarter of Enva.
Craig Baldwin, who co-founded Haven with brother Geoff in 2008, has a more than 90 per cent share of HBTC.
Rolland established Aurora in 2018 with the group rapidly expanding to become one of the largest life insurance and mortgage financial advisory chains in NZ. In 2021 the firm added a home-branded KiwiSaver scheme to the mix, operated by the sister company, Aurora Capital.
The Aurora scheme was the fastest-growing KiwiSaver provider over the next couple of years, hitting $100 million under management and 5,000 members barely 18 months from launch on the back of its youthful advisory franchise.
Earlier this year Aurora breached the 10,000-member threshold with current funds under management of about $260 million.
As reported elsewhere in this week’s issue, Aurora Capital has built up its own advisory network with nine advisers under tow.
Aurora remains the only KiwiSaver product offered by Enva advisers, according to disclosure documents.
“Due to their focus on long-term sustainability and environmentally friendly investment, we have chosen to work exclusively with Aurora Capital when helping our clients with KiwiSaver,” the Enva disclosure statement says.
“We offer generalised KiwiSaver advice and do not offer investment planning or retirement planning services. This means that when we make a recommendation, it is limited to the best Fund choice for you, within the Aurora KiwiSaver Scheme list of investment portfolios.”
Aurora will pay Enva commissions for KiwiSaver sales. Enva also has a 20 per cent stake in Aurora.
However, new sister company for Enva, Haven, sells funds from three KiwiSaver schemes – Booster, Generate and NZ Funds – on a commissioned basis.
Haven has almost 40 advisers listed under its financial advice provider licence.