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Kiwi Adviser Network lures experienced advisers

New aggregator Kiwi Adviser Network has secured the membership of two experienced NZFSG advisers as it looks to take on the bigger groups in the market.

Jeff Royle

KAN, launched by the team behind Trail CRM earlier this year, has lured two well-known advisers from NZFSG as it builds its presence.

The technology-driven group has taken on advisers including Jeff Royle, of iLender, and Hamish Patel, of Mortgages Online, in recent weeks.

The duo have joined KAN as advisers consider their group membership under the FSLAA regime, and the transition to full licensing. 

Royle, a non-bank lending specialist, said his business model "did not really fit with NZFSG", particularly with regard to being able to charge fees when using a lender that also paid commission.

He said: "Most non-bank lenders pay around 30% less than a bank, hence we charge a nominal fee to make up the shortfall."

Royle said other factors influenced his decisions, such as the inability to use off-panel lenders at the G, and the group's "prescriptive personal disclosure statement": "The wording around clawback also gave us concerns," he added.

Royle cited KAN's Trail CRM as a big pull. 

"To us, this is a more user friendly CRM, particularly for the customer experience which is paramount in our business. The transition was pretty seamless and so far we have found KAN to be responsive and positive in our dealings."

Patel said his decision was down to his preference of CRM, and his choice to take on his own FAP licence.

"Moving from the shelter of industry gurus like Brian and Bruce of NZFSG is not easy, they have placed the individual adviser business at the forefront, and been innovative in balancing interests of suppliers, the G, and small business," Patel said.

"Trail has been serving up an amazing user interface in terms of software. With less suppliers in some ways they are similar to the infancy of NZFSG. KMM, which some of the old timers will remember, started as the underdog with the best software in class. Trail has been aggressive in support for the advice process while still allowing freedom for a small business like me who is going for full licence," Patel added.

KAN launched in March this year and plans to win more advisers over with its tech-led offering. 

Speaking to TMM Online earlier this year, Slogrove said "advisers feel like existing groups in the industry have shown a lack of leadership on the things that really matter". At launch, Slogrove said more than 60 advisers had applied to join the group.

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