Avenue branch forms joint venture firm with MK Nominees & Associates
Avenue Capital Management ’s Cumberland branch has formed a joint venture with Bankstown accountancy firm MK Nominees & Associates to create a financial planning company, MKM Financial Services Pty Ltd.
Ben Maw, an authorised representative with Avenue Capital Management, will also be the authorised representative of MKM Financial Services, which already has over $3m in funds under advice.
Avenue has worked with MK Nominees in the past to provide financial planning advice and services to their client base. The joint venture effectively formalises this relationship.
According to Avenue Capital Management, it agreed with Kirk Maynard and Peter Kearns, MK Nominees partners, that by forming a joint venture, both parties could build equity in the business, ensuring a long term commitment and involvement by both groups in the interests of the firm’s client base.
And the strategy adopted by MK Nominees provides long term growth opportunities for financial planning businesses.
Although such arrangements with accountants are not new, Avenue Capital Management believe that creating these kinds of relationships with accountants is going to be a development area for financial planning as accountants recognise the need for a holistic approach for their clients, particularly their small business clients.
Many small business owners have all their assets in the business and need advice on protecting these assets as well as ensuring diversification to make them less reliant on the well being of their business activities.
3-May-2007