Sydney-based dealer services company Paragem Partners has opened a Melbourne office, following increasing demand from Victorian planning practices.

New recruit Terrence Snape will run the CBD office, on Collins Street, and will be joined by another person shortly. Four more people will be recruited in Melbourne over the next six months, according to Paragem chief executive, Ian Knox. Knox said yesterday that about 40 per cent of the firm’s clients were already based in Victoria and their servicing needs would be better suited by Paragem having people on the ground in Melbourne. The latest group to come under the Paragem umbrella is one of the largest practices within the Winchcombe Carson dealership, owned by IOOF. This group, renamed Investorwealth, decided last year to apply for its own licence, using Paragem’s licensing service, and to sign up with Paragem’s other dealer services including compliance, research and software. Knox said Paragem was averaging one inquiry per week from planners and other advisers, including mortgage brokers, looking to have their own AFSL. “This is a reflection of the disintermediation taking place in the industry,” he said. “It suggests that the fear of FSRA has settled down and IFAs are comfortable being responsible officers under the law.” Paragem acquired DBOS, the dealer services arm of Zurich, last year as well as the planner compliance business formerly owned by Tribeca Learning. It packages Lonsec research for managed funds, which uses Morningstar data feeds, and Aegis research for direct shares.

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