A JOINT venture between BankWest and Precedent Financial Services is to be launched in September.
BankWest managing director Terry Budge said the joint venture was part of the bank’s plan to expand in the advisory and funds management market.
The joint venture will bring together the funds management and financial planning services of the bank’s wholly owned subsidiary, TrustWest, with Precedent.
In addition, TrustWest’s majority owned financial planning firm Terrace Counsellors will continue to specialise in self-managed superannuation and retirement planning.
The Precedent, Terrace Counsellors and TrustWest businesses will retain their individual brand identity and continue to trade but administration and support services will be integrated.
Precedent managing director Bryan Taylor will be CEO of the joint venture. Mr Taylor said Precedent had been developing its approach to financial planning and client strategy management through the 1990s.
“The Precedent way is to work with clients in a disciplined plan to achieve their financial objectives with greater control and certainty,” he said.
“For many people, their financial planning has a short-term focus on results in chasing the best performance. This often leads to substandard performance over medium and longer terms.
“The Precedent approach is designed to negate costly regular transactions and help people focus on their lifestyle objectives,” he said.
