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Baillieu adviser bolts with $350m book as merger kickers expire

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Less than a month since EL&C Baillieu adviser’s merger incentives ran out at Ord Minnett, Street Talk’s spotted the first defection among the ranks.

Tony Langford, a long-time Baillieu adviser servicing Bendigo’s wealthy families, has jumped ship to Melbourne-based advice boutique Seneca Financial Solutions and will set up the latter’s Bendigo office.

Langford is understood to have advised on about $350 million in client assets at Ord Minnett, which he would take with him to his new employer. His move, while miles away from Collin Street, is a sign Baillieu’s 70 odd advisers would be thinking hard of their future. in a bid to keep them in their seats. The last of these paid out two weeks go.The Baillieu advisers also negotiated to keep the ownership of their clients, instead of Ords owning their books.

Those two things put together, have industry rivals watching the Baillieu ranks for departures in the coming weeks.

 

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