NAB-aligned practice goes self-licensed

05-Dec-2017

By Sarah Kendell

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A practice aligned to National Australia Bank-owned dealer group Godfrey Pembroke has announced it will transition to its own financial services licence.

In a statement, Victorian advice firm Scholten Collins McKissock (SCM) confirmed it would obtain its own financial services licence, a move the practice called “a natural next step”.

SCM executive director Matthew Scholten said the transition would be an exciting time for the 30-year-old advice firm, which had been licensed under Godfrey Pembroke since its establishment.

“SCM Wealth Management has evolved over more than three decades into a diversified financial services business and we are looking forward to the next step in the journey as we move to our own Australian financial services licence,” he said.

“Godfrey Pembroke and the broader MLC/NAB group are and will remain very important strategic business partners going forward. We have been delighted with their support and assistance.”

A NAB spokesperson told financialobserver that Godfrey Pembroke and SCM were collaborating on the transition, which would see the bank continue to provide licensee and adviser education, research and technical services to the practice.

“We are working closely with them to identify a broader range of value-add services, particularly in the technology space,” the spokesperson said.

Godfrey Pembroke general manager Alan Logan said the bank was open to partnering with other advice firms to help them make similar transitions.

“We believe there is an opportunity to take a fresh look at this space and work closely with key businesses to shape an offer that helps them leverage resources in the most effective way so they can achieve their goals,” he said.

“We see this as a natural evolution for SCM after 31 years with Godfrey Pembroke and we are proud to partner with them as they transition into their own AFSL.”

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