The firm said it will operate a fee-based advisory firm from its new offices in Cape Town, run by a pool of directors consisting of locally-based qualified advisers as well as well-known Aisa adviser, Christopher Lean.
Lean is a UK Chartered Financial Planner, specialising in cross border international advice and is a former examiner for the Chartered Insurance Institute.
Aisa International, which alongside network OpesFidelio is part of the Aisa Group, recently set up a branch in the Czech Republic following its registration as a Mifid tied agent. The firm also holds an SEC license in the US.
Clive Tutton, Aisa Group’s finance director, said the firm was attracted to South Africa due to its fast-changing financial services industry, which is currently going through a Retail Distribution Review (RDR) similar to the UK.
“The upcoming introduction of the RDR in 2017, which aims to overhaul the South African financial services sector, meant that the proposed regulations fitted in well with Aisa’s fee-based business model,” he said.
“It is the intention of Aisa and OpesFidelio to continue to monitor those geographical areas whose regulators apply legislation that lead to better client outcomes through transparency and, ideally, fees and which require new model business strategies to succeed.”
Group chief executive, James Pearcy-Caldwell, who has been involved in fee-based transparent advice for a number of years, said the firm had been planning the expansion for over a year, but had to wait for the regulators to make clear their plans.
Meanwhile, Lean said: “South Africa is home to many UK expats and returning South African nationals who have accrued pensions in the UK.
“Aisa Group are well-versed in the provision of RDR style advice, based on a transparent fee – basis, and our UK office has the relevant UK permissions to advise on safeguarded benefits (final salary schemes) and we intend to focus on this area to improve client outcomes.”
