Tony Dench (pictured), CEO of SHARE, says its amalgamation with Newpark Group – announced in November – gives the combined enterprise an opportunity to “leverage the collective strengths of the two businesses” and provide Newpark’s advisers an option to operate under a company FAP license.
In a company video (below) to Newpark’s staff and advisers, Dench said both firms have strong reputations in the market.
“Share has a comprehensive governance, infrastructure, and extensive systems and advice processes,” he said. “While Newpark has built an impressive and active network of advisers throughout the risk and mortgage sectors of our industry.”
He said it will be business as usual at Newpark with its team remaining “as before” the merger. And in addressing advisers, Dench indicated that more choices and options are on the horizon.
“We will continue to champion the independence of advisers, and will offer you support to run your business as you choose,” he said.
“There will be no requirement to change your brand, your CRM, or the way that you operate, other than to meet the requirements of the legislation and the regulations.
“We intend to provide the opportunity for Newpark advisers to operate under a Newpark FAP license if you wish.
“I believe that this choice, independence, and support can help to provide the certainty advisers are seeking as we move into a new regulatory regime.”
We will continue to champion the independence of advisers…
He described SHARE, launched 12 years ago, as a cooperative that passes all commission revenue to the adviser – including overrides without deductions – and charges a flat fee to advisers to be part of the group.
“This is based on a philosophy of advisers keeping what they earn and paying what they cost, and will be one of the options that we will be able to offer a Newpark advisers,” he said.
Dench says SHARE has a corporatized wing to its business that buys books of business from advisers.
“This can be a very flexible way for an adviser to either plan a staged succession, or equally to fund further growth in their business,” he said.
“SHARE has more than $40 million in books of business and that provides a powerful financial foundation for the group’s future ambitions.”
Dench says Newpark advisers will have the opportunity to join the SHARE model.
See our story: SHARE and Newpark Group Join Forces