Become Wealth is reviewing its investment approach as the boutique advisory firm just passed the $1 billion threshold for funds under advice (FUA).
The review will cover both broad product recommendations and Become’s $100 million plus discretionary investment management service (DIMS) “including portfolio construction”, according to a spokesperson.
Become, which has a cornerstone contract to provide advice to NZ Defence Force (NZDF) staff, typically uses a range of external fund managers such as Kernel, Coolabah, Nikko, Russell, Schroders, Harbour, and Dimensional.
In a release, Become chief, Joseph Darby, also said the financial advice provider was looking to grow both organically and via acquisitions as regulatory “and technological changes” drive consolidation across the sector.
“… our phonelines are open for ethical self-employed advisers who might be looking to exit the industry on good terms by selling their books to someone they know will take care of their clients.” Darby said. “Plus, there might be an opportunity for those experienced advisers who might want to fold into a larger organisation so they can focus on advising clients and have someone else handle corporate and back-office functions.”
Currently, Become hosts six financial advisers under its licence with a couple of “promising discussions” already underway.
“While nothing is finalised yet, we’re optimistic about the opportunities ahead,” the spokesperson said.
NZDF represents just under three-quarters of Become FUA but the group has relationships with a further half-dozen or so employers as well as a number of company prospects in the advice pipeline.
Milestone Direct – which merged with niche medical industry advice practice, Become.nz to become Become in 2022 – first won the NZDF contract in 2015, renewing the agreement in 2023.
The defence department also selected Mercer to manage its new KiwiSaver scheme in 2015.
Milestone Direct, a 2012 spin-off from the wider Milestone advice network, was co-founded by industry luminary, David Greenslade, who retains a quarter share of the business.