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Tucker to lead new-style private wealth firm
(Pictured: Steve Tucker)
When Steve Tucker ran MLC he fought the good fight for transparency on fees and fee-for-service advice, with a certain amount of success. Now, with the launch today of the new dealer group of which he is chair, Koda Capital, he gets to oversee a firm which is able to adhere to its ideals.
Tucker, who is also a director of boutique fund manager WestOz, has joined Paul Heath, a former CEO of JB Were, who is managing director of the new firm, and several experienced financial services executives including Brigette Leckie, from Perpetual who is head of research, and Jason Coggins, formerly of the CIO’s office at ANZ. Non-executive directors include Andrew Rothery, a private equity manager, and Lisa Gay, who was general counsel at JB Were.
Tucker said today: “We will charge clients transparent fees for our services, without any commissions for selling them into products that may or may not suit them. This enables us to genuinely put our clients’ interest first at all times.
It is understood Koda is close to signing several prominent financial planning practices and is in negotiation with others.
Today’s announcement said: Koda Capital will provide a complete wealth management solution for high net worth individuals, families, and not for profit organisations.
The four main areas of activity for Koda Capital will be in creating investment strategies for clients’ needs and aspirations; financial planning, including advice on appropriate structures; providing advice for various generations of wealthy families; and advice within the philanthropic space.
Paul Heath said: “A major benefit for our clients is that Koda Capital is not aligned with or owned by a financial institution, as opposed to the vast majority of other wealth management firms in Australia. We will have access to the best investment solutions available without any of the structural conflicts of interest, which has caused many clients to question the impartiality of the advice they receive.
“Our key professionals will own equity in the new business. We believe that a culture founded on the principle of partnership, combined with an opportunity to be an owner of the business, will be very attractive to those advisers who want to be at the vanguard of a new, respected direction for the profession.”
In addition to being independent, Koda Capital will focus solely on private wealth management – and will not have corporate or institutional clients. Given this exclusive focus, Koda believes it is in a better position to put the best interests of clients ahead of any other considerations, the announcement said.
